Home Prices

Knoxville Home Sales Report: August 2019

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DEEP THOUGHTS:

1. Inventory remains under the 3 month supply line for the second month in a row and the third time in the last three years.
2. Closings are up almost 20% year over year.
3. Sales prices are up across the board almost 20% (sense a theme yet?). The average price for a 3 BR house in August 2019 was $181,449 vs $225,555 this August.
4. Active listings were up month over month, but down 16% year over year.
5. Interest rates are still low and still helping to drive this train.
6. Y’all. For real. Look at those other lines. August is usually kind of slow. We should be winding down for the year, but we’re not. I’m thinking I’m not booking a non-refundable vacation any time soon, because we house slingers gotta make hay while the sun shines.

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: July 2019

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DEEP THOUGHTS:

1. Inventory has fallen under the 3 month supply line for the second time in the last three years.
2. Closings are WAY up, especially for July.
3. Active listings are still mostly flat, and certainly not helping our inventory problems.
4. Sales prices are still BOOMING. Average sales price for a 3 BR home was up almost 21% in 2019 from 2018. That’s a big increase, in case you were wondering.
5. Interest rates are still well below 4%, so money is still super cheap.
6. Y’all are going to ask me what this all means and I’m going to tell you I simply do not know. Every time I think we have yee hawed the last of the wild west out of this market, it just seems to get a little wilder. Hold on tight, because this bronco ain’t stopped buckin’ yet!

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: April 2019

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DEEP THOUGHTS:

1. Inventory hit a new 10 year low (OMG YOU GUYS HOW LONG CAN THIS LOW INVENTORY THING LAST?).
2. Closings are up (OMG SPRING SELLING SEASON IS ON LIKE DONKEY KONG).
3. OMG YOU GUYS WHY ARE ACTIVE LISTINGS NOT GOING UP?
4. Prices are booming (OMG WHY AREN’T YOU GUYS LISTING?).
5. Interest rates are low and down payment assistant programs are still available (BUT OMG I CANNOT FIND A HOUSE TO BUY).
6. Real estate agents everywhere are trying to find houses for their well qualified buyers to buy. it’s going to be a long summer (OMG SERIOUSLY PLEASE LIST YOUR HOUSE).

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: March 2019

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DEEP THOUGHTS:

1. Inventory just got even lower #justlistit
2. Closings were slightly down year over year, but low inventory and active listings may have something to do with that. #justlistit
3. Active listings also went lower. Again, #justlistit
4. Prices are the only thing that are continuing to go up, all across the board. #sellersmarket
5. Interest rates are still very low and financing is easy to come by. If you can find a house, #justbuyit
6. It’s still a seller’s market, and we need more sellers. Call me, we’ll talk.

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: February 2019

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DEEP THOUGHTS:

2019 is definitely still a seller’s market so far. How long will it last? Let’s break it down:

1. Inventory is still super low and the good houses and deals are going super fast.
2. Closings are still in line with 2018 and 2009, meaning they are very strong.
3. Active listings were flat, but still very historically low.
4. Prices are WAY up. How up? In 2018, the average price of a 2 BR or smaller home was 124,770 and in 2019 the average price was 141,254 . Wowza!
5. I repeat: interest rates are holding steady and down payment assistance programs are still available.
6. The sun is finally out and and so are the buyers. Sellers, start your listing engines!

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: March 2018

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Deep Thoughts

  • It's still a strong sellers market. Don't worry, buyers, this too shall pass. 
  • I have 99 problems, and only 1 listing. Seriously, there are no listings and that's making a lot of problems.  
  • The Fed bumped rates, but are still pretty low. However, they are saying they are going to get more aggressive raising them as the year goes on. Like I said, buyers, this too, shall pass. 
  • Prices are up across the board: supply, demand. You know the drill. 
  • Appraisers haven't quite gotten the supply/demand memo, and even though the market will bear higher prices, some appraisers are saying no.
  • All I know at this point is to expect the unexpected and anything goes. Should be a pretty fun Spring!

 *All information provided by KAAR (Knoxville Area Association of Realtors). My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: February 2018

Knoxville Home Sales Report: February 2018

It's still cold outside, but the Spring Selling Season is upon us! Before we get excited about spring sales numbers, we still have to get in our Way Back Machine and take a look at what was happening in the greater Knoxville area in the recently released February 2018 home sales numbers from the Knoxville Area Association of Realtors (the kids call it KAAR). To the charts!

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Knoxville Home Sales Report: Year End 2017

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2017 Year End Deep Thoughts

  • It was the best of times...well, at least for sellers.  
  • Inventory was the story in 2017, as there really wasn't much of it. 
  • Rates stayed low throughout 2017, but we're already seeing some bumps in them in 2018. 
  • Anything went in 2017: multiple offers, homes selling before they ever went on the market, sellers refusing to do repairs, buyers crying when they couldn't find anywhere to live. 
  • Lower price ranges benefited the most from this bonanza, but some micro-markets were on fire in 2017 (I'm looking at you downtown/Parkridge). 
  • 2017 was one of the craziest markets I've ever lived through. Don't take that as a challenge, 2018. 

 *All information provided by KAAR (Knoxville Area Association of Realtors). My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: September & October 2017

Knoxville Home Sales Report: September & October 2017

It's beginning to look a lot like...Christmas? How did that happen? Well, it's almost the end of the year, but we still have a lot of 2017 home sales news coming up. Today, let's get in the Way Back Machine and look at the September and October numbers while we wait for the November numbers to come out. To the charts!

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