April 2009 Knoxville Home Sales Report
It’s Home Sales Report time! It’s Home Sales Report time!
We’re well into the spring buying and selling season, and last month I had predicted that sales numbers might be up this month due to all the activity I’ve been seeing as well as the $8,000 first time home buyer tax credit and super low rates. Well, I was kind of wrong. It happens.
But don’t lose hope yet! While the actual number of sales is still down, there actually is some good news buried in the numbers this month, and it’s a lot more good news than we’ve seen in a long, long time.
So let break down the April home sale numbers the only way that I know how — AAKT style – and tell you all about it.
First let’s start with …OMG look at all this good news!
Average sales price for 2 or less BR homes is (way) up.
Apr ’08 – $90,900
Apr ’09 – $123,800
Apr ’08 – $283,700
Apr ’09 – $296,000
Apr ’08 – $240,000
Apr ’09 – $249,000
Apr ’08 – $142,900
Apr ’09 – $149,000
And, of course, there’s the inevitable not-so-good news -
Median sales price for 2 or less BR homes is (slightly) down.
Apr ’08 – $79,200
Apr ’09 – $74,700
Average sales price for 3 BR homes is (way) down.
Apr ’08 – $163,600
Apr ’09 – $151,300
Median sales price for 3 BR homes is down.
Apr ’08 – $149,000
Apr ’09 – $139,600
Average condo sales price is down.
Apr ’08 – $164,300
Apr ’09 – $160,300
Apr ’09 – 830
Apr ’09 – 78
Apr ’08 – 100
Apr ’09 – 109
Conventional loans were once again way down…
Apr ’08 – 753
Apr ’09 – 395
…while FHA loans were only slightly up from this time last year.
Apr ’08 – 162
Apr ’09 – 182
And here’s the “whoa, what’s up with condo owners” news-
The number of new residential listings was – not suprisingly -down...
Apr ’08 – 3,053
Apr ’09 – 2,725
…but the number of new condo listings was way, way down.
Apr ’08 – 435
Apr ’09 – 285
Finally there’s the “that sound you hear is me beating my head against the wall” news*-
Apr ’08 – $184,300
Apr ’09 – $192,600
- Knoxville residential and condo sales are still soft as little baby chicks.*
- Small home prices are still rallying, possibly due to the wealth of first time buyers in the market right now.
- Larger home prices also made a surprising rally this month, maybe because the “move-up” buyers are jumping on the low rates and high inventory.
- Condo prices also cret up last month, but summer is, after all, UT student condo buying time in east TN.
- FHA loans are here to stay.
- All this inventory isn’t going anywhere fast until sellers start reducing their prices. Sorry, Mr. & Mrs. Seller.
- Since overall sales are down, but all the agents I know are busy, busy, busy, I’m wondering if that means: the greatly reduced number of Knoxville real estate agents = a lot more business for the ones of us left standing.
If you’re interested in looking at both reports yourself, here is ’08 and here is ’09. Enjoy and please feel free to share your thoughts and observations.
Author: Suzy
Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night.
Seems like a modest reflection of this effect.
[...] enough backward movement to be worried about, but it sure would be nice to have a double dose of good news this week. Oh [...]