1. Inventory has fallen under the 3 month supply line yet again (it’s only happened one other time in the last decade or ever that I know of).
2. Closings are WAY up, accounting for the inventory shortage.
3. Active listings are up, but not able to meet the demand of active buyers.
4. Listing prices are up all the way around. The average price of a 3 BR home in May 2018 was $198,531. In 2019 it was $213,176.
5. Interest rates are actually slightly down and there are a lot of good loan programs out there.
6. My crystal ball is not always reliable. If you had asked me last year if the market could hold this long, I would have said no. It appears that all anything is possible this summer. Enjoy that magic seller’s market while it lasts!
*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.