Home Sales

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: June 2018

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DEEP THOUGHTS:

It's been a minute since June, and we've all felt the market cool a bit. However, June was hotter than July (possibly). 

1. Inventory was still historically low, if flat month over month. 
2. Closings were still historically high, if flat month over month. 
3. Prices were WAY up in June. The average price for a 3 BR home went from about $173,000 to $199,000 year over year. 
4. So far closings have closely tracked just above 2017. It will be interesting to see if we have that somewhat seasonal July dip and that HUGE August jump this year as well.

 *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: May 2018

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Deep Thoughts

  • It's a sellers market.  Remember when we thought that would never happen again? #neverforget
  • Inventory is still at record lows and sales are still at record high, making it a race to get to the next new listing. 
  • The Fed just raised rates by a quarter point and the rumor is that the THDA $15,000 money could run out at any moment. We will see in June and July if those two factors affect this crazy market. 
  • Prices are way up across the board once again, meaning a lot of these listings are selling for at or over list price.   
  • Appraisals are starting to catch up with the market value wise, which is giving agents a chance to breathe a little. Just a little. 
  • Yes, the market is hot. Yes, Knoxville is growing. And yes, bubbles have burst before. The question is: is this a bubble or is this solid ground. Stay tuned...

 *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: 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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Knoxville Home Sales Report: May 2017

It's officially summer and the home sales are hot! That's right, the May Homes Sales Report numbers from the Knoxville Area Association of Realtors (my people call it KAAR) are here and the lines on those charts are interesting indeed. Want to see how the greater Knoxville area is besting national real estate trends? Let's go!

What's Hot

  • Sales : Holy dotted line, Batman! Those sales are busting out of the chart!
  • Prices: Up, up, and away! Prices are still on the rise. 
  • Appraisals: Keep the nerve pills coming: prices are rising faster than is normal and appraisers aren't always having it. 
  • Rates: Still under 5% for now, but the Fed is gonna do what the Fed is gonna do. 
  • THDA Grant Money: Still out there, still waiting for you first time buyers. 
  • Impulse Buying: Get it before it's gone.  

What's Not

  • Inventory: Again, keep the nerve pills coming. We are currently under a 4 month supply of housing stock. 
  • Affordable housing stock: OK, maybe I should switch to chamomile tea. It's hard to find, y'all. 
  • Overpricing: It's happening and it's not pretty. 
  • Waiting to list/make an offer: The time is now. Strike while the iron is hot!

Deep Thoughts

  • National sales may be up 1.1% month over month, but sales in the Greater Knoxville area were up 23% (twenty three percent). Talk about holy guacamole, that's a lot of avocados!
  • However...inventory in the greater Knoxville area was down 19% month over month vs. the national average of 8.4%. Again I say, sales can't keep going up with inventory going down even faster. Oh, June, you will be interesting, won't you?
  • Speaking of low inventory... Yes, it's a seller's market. Yes, home prices are up. No, homes will STILL not sell at irrational prices because of those factors. Trust me. There are homes sitting on the market because of pricing. 
  • We're in uncharted waters, you guys. And from the looks of these charts, we might need a bigger boat by July. 

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: April 2017

Knoxville Home Sales Report: April 2017

We're almost halfway through the year, but the April home sales numbers are just now out for us to take a gander at, and boy howdy, do they tell a mighty interesting story! Let's all gather round Grandma Trotta while she tells the tale of the KAAR Greater Knoxville Area home sales numbers from April 2017!

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Knoxville Home Sales Report: September, October, & November 2016

Knoxville Home Sales Report: September, October, & November 2016

Hey, girl, hey! Hey. Yeah, so... I'm a little behind on this here home sales stuff. And yeah, I'm kind of embarrassed about it. But the good news is this: I'm gonna catch you up in a jiffy! First let's take a look at the charts (with info courtesy of the Knoxville Area Association of Realtors, secret service code name, "KAAR." Ready? Set. Go!

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Knoxville Home Sales Report: March 2016

Knoxville Home Sales Report: March 2016

I never meant to cause you any sorrow. I never meant to cause any pain. I wanted one time was to see you laughing. I only want to see you laughing about the dotted purple line on these charts for the March 2016 Home Sales Numbers from the Knoxville Area Association of Realtors (the real estate board formerly known as KAAR). 

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Knoxville Home Sales Report: January 2016

Knoxville Home Sales Report: January 2016

Hellooooo, 2016! My, you're looking fine! Inventory's low, sales are....well, you need to take a look a these charts for yourself and then read the breakdown of the Knoxville Area Association of Realtors (the artist formerly known as KAAR) January 2016 sales numbers for the greater Knoxville area.  Go!

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The Top 5 Most: Expensive Home Sales in North Hills

The Top 5 Most: Expensive Home Sales in North Hills

John Dudley showcases the five most expensive recent sales in the North Hills neighborhood. 

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The Top 5 Most: Expensive Home Sales in Cumberland Estates

The Top 5 Most: Expensive Home Sales in Cumberland Estates

The first post in a new series about the top five "most" homes in various neighborhoods. Upcoming neighborhoods include North Hills, Sequoyah Hills, and West Hills. Enjoy!

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Knoxville Home Sales Report: August 2015

Knoxville Home Sales Report: August 2015

Hey, hey, hey, it's Fall, y'all! And before you get your pumpkin spice EVERYTHING (I know, too late), we have to reach back into the very last part of the summer to see what the Knoxville housing market was doing.  How do we do that? By looking at the Knoxville Area Assoicatin of Realtors (pumpkin spice latte up for KAAR!) Home Sales Report numbers. Let's put on a hoodie and do this thing!

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Knoxville Home Sales Report: March 2015

Hey, May! How you doin'? You sure are looking and feeling pretty good. And as much as I hate to think back on colder, less flowery months, it's time to take a look back at the month that was March. What for, you ask? Why to check out the March 2015 Home Sales Report numbers from the Knoxville Area Association of Realtors (chemical element symbol, KAAR). Let's spring right into it (see what I did there)!

Wasn't nothin' lower than months of supply in March, y'all. Take a look at that royal blue dotted line that's taking a nose dive all the way down to March 2006 home inventory levels.  That's right, our months of supply (or the number of months it would take all current homes on the market to sell at the current rate of sales) is now down below 8 months. BELOW EIGHT MONTHS. That's the lowest it's been in pretty much forever, or at least in about 9 years. Stay tuned to the wrap up to see how this is affecting the market, because it is DEFINITELY affecting the market. 

This chart shows active listings, and while they are still also at a nine year low, they were up in March over February, probably as a seasonal adjustment. It was the start of Spring Selling Season, after all. But wait... if months of supply is DOWN and active listings were UP.... that much mean....

It's a bird! It's a plane! Wait...is that...IT'S THE MARCH CLOSED SALES GOING THROUGH THE ROOF! Holy macaroni, you guys, talk about starting the Spring Selling Season off right! Sales in March 2015 were the highest they've been since 2007, AKA Ye Goode Olde Dayes. And that's the biggest March jump we've seen since 2006, AKA The Really Goode Olde Dayes. So how are all these sales affecting the market? I'll give you one guess and it's starts with a "P" (not pork chops, although they are delicious). Keep reading on down to the break down for the answer. 

What's Hot

  • Inventory - Greater Knoxville area housing supply is now officially the lowest we've seen in it 9 years. 
  • Pricing - Here's your big "P." Average and median sales were up all the way across the board in March. I belive the fancy explanation for this is "supply and demand." 
  • SALES! - Sales continue to be up year over year and month over month. With the activity I'm seeing in the market, I'm not thinking this is a one month thing, either. 
  • Rates - They're still below 4% and that's what's driving a lot of the above (sales). 
  • http://drunkjcrew.tumblr.com/ - Seriously, it's so funny. 

What's Not

  • Listings - The good homes are selling about as fast as they're going on the market, ususally with multiple offers. 
  • Rentals - Everybody's trying to find a good rental (because there aren't any). 
  • Fence Sitting Buyers - Ain't nobody got time for that this spring. 
  • Movie Franchise Reboots - I'm looking at you, Mad Max #overit

Deep Thoughts

  • You guys, this is a HOT market: prices are still good, rates are still low, and lenders are making it easier to borrow. Now if we just had more homes to sell...
  •  Sellers, are you thinking about selling your house? May I suggest right around NOW to be a good time?The tipping point into a Seller's market could easily come sometime this summer. COULD. 
  • Investors, why not take advantage of low rates to build a rental inventory? Renters need places to rent. I'm just sayin'. 
  • Agents, enjoy this market while it lasts. Trust me: I lived through 2008-2012.

All information provided by KAAR (Knoxville Area Association of Realtors). My opnions 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 2015

Knoxville Home Sales Report: February 2015

Remember back when it was cold? And there was lots of snow on the ground? And ice and stuff? Yeah, me neither, but that was the month that was February. And for an ice cold month, home sales in Knoxville, at least according to the Knoxville Area Association of Realtors (street name: KAAR) ,February Home Sales Report, were pipin' hot.  Check out these toasty charts!

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Knoxville Home Sales Report: January 2015

Forget December. THIS is the most wonderful time of the year. Why? Because this is the time when we get to see how the new year is going to start out in terms of home sales. Wait...does getting excited about that make me a nerd? Oh, well. Let's be nerds together and jump into the January 2015 home sales report numbers from KAAR. Pretty pictures first!

Royal blue is the color of 2015, and this royal blue dot represents months of supply in January 2015. As you can see, although inventory was up from December 2014 in the greater Knoxville area, it's still the lowest it's been in any January since 2006. This means we're most likely looking at more price correction starting out in 2015 due to less competition. We've talked about this before, yes? Yes. 

This royal blue dot represents active listings, and as you can see, they are WAY down, which is one reason for the continuing low inventory. Now, I know what you're asking. You're asking, "Suzy, why are these listings down?" And I'm going to say, 

  1. It was January. Don't nobody want to list in January. 
  2. A lot of folks chose to rent their homes when the market was down, which equals fewer listings now. 
  3. A lot of folks aren't in a financial position to sell their homes now and are waiting another year or so. 
  4. Have you looked outside lately?

But that's just my guess. It could be a vast government conspiracy. If you have any information on that, please message me directly. At any rate, I would expect these listings to go up in March and April, as the ice and snow has made listing a home in February pretty tough too (see #4 above). 

This final blue dot is our favorite blue dot of all! Here you can see that January 2015 home sales were on par with 2013 and 2008 and way above where they were in January 2014. So, this too, is our second reason for lower housing inventory. It also happens to be a helluva way to start the year. Holla! Of course, there's no way to know what's going to happen as we thaw out and the year goes on, but I'd rather start out with a bang than a whimper. 

What's Hot

  • Inventory - The only thing lower right now are the temperatures outside.  
  • Most Pricing - Average & median prices for 3 & 4 bedroom homes and condos were WAY up year over year. I wish those prices would get on the streets and melt this dang snow! 
  • SALES! - It's gettin' hot in here, and that's because of sales! This a great way to start off the year. But just turn your heat down and keep on all your clothes for now. It's more energy efficient.
  • House of Cards - JUST START SEASON 3 ALREADY.

What's Not

  • Listings - Still low, still not hot. My guess is they will warm up with the Spring weather. 
  • 2 BR Pricing - Average prices were down, but I'd call this more luke warm than ice cold.  
  • Renting - The rental market remains tight, but things should get very interesting now that rentals are allowed in the MLS.
  • FHA Loans - With new 3% conventional loan products with fewer fees, FHA is is starting to get the cold shoulder from a lot of borrowers. 
  • Kanye - Seriously. Stone cold stupid. 

Deep Thoughts

  • After these last two correction years, it will be VERY interesting to see how 2015 plays out in terms of inventory, sales, and pricing. 
  • Interest rates remain low, which should help the Spring Sellig Season start off with bang.  
  • Low inventory and climbing prices may mean that 2015 could be the year of The Return of the Sellers' Market. Stay tuned...

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