April 2010 Knoxville Home Sales Report
OK, so I’m really, really behind in getting these April Home Sales Report numbers from the Knoxville Area Association of Realtors to you this month. Sometimes the day job kinda gets in the way.
April 30, 2010, as you may remember (yeah, I know it was a long time ago), was the deadline for buyers to be under contract in order to take advantage of the First Time and Move-Up Buyer Tax Credits. And yes, as you’ll shortly see, sales were definitely up as a result of this. But also keep in mind, that there’s another deadline involved with those tax credits: June 30, 2010. That’s the date by which all of those houses that were put under contract will have to close. So, while sales numbers may not be quite as high in May and June as they were for this month, my guess is there still going to be fairly elevated.
But I’m getting a little bit ahead of myself. Before we can speculate on what will happen later in the summer, we need to take a look at what just happened in the spring. So join me as I break down the March Home Sales numbers the only way I know how: AAKT style. Enjoy!
You know I like to start with the good news, and thankfully there is some -
Total number of condo units sold is (way) up.
Apr ’09 – 78
Apr ’10 – 111
Average sales price for 4+ BR homes is (way) up.
Apr ’09 – $296,000
Apr ’10 – $319,000
Median sales price for 4+ BR homes is (ever so slightly) up.
Apr ’09 – $249,000
Apr ’10 – $249,900
But there’s also some of that nasty not-so-good news -
Average sales price for 2 or less BR homes is (way) down.
Apr ’09 – $123,800
Apr ’10 – $91,700
Median sales price for 2 or less BR homes is (slightly) down.
Apr ’09 – $74,700
Apr ’10 – $73,500
Apr ’09 – $151,300
Apr ’10 – $145,600
Apr ’09 – $139,600
Apr ’10 – $132,000
Apr ’09 – $160,300
Apr ’10 – $155,900
Apr ’09 – $149,000
Apr ’10 – $141,000
Apr ’09 – 109
Apr ’10 – 119
Conventional loans were once again up…
Apr ’09 – 395
Apr ’10 – 455
…and so (of course) were FHA loans.
Apr ’09 – 182
Apr ’10 – 266
And here’s the “No, seriously. Let’s list before the tax credits expire” news-
The number of new residential listings was up...
Apr ’09 – 2,725
Apr ’10 – 3,092
…and the number of new condo listings was (way) up.
Apr ’09 – 285
Apr ’10 – 389
Finally there’s the “will we ever get this pricing stuff straight” news -
Apr ’09 – $376,700
Apr ’10 – $239,700
Apr ’09 – $285,000
Apr ’10 – $380,000
- Knoxville residential and condo sales are still chugging along like the little engine that could, although prices of mid-size and smaller homes are still falling.
- Higher end homes, somewhat surprisingly, actually bounced back price-wise last month. Huh. Didn’t see that one comin’.
- The market enjoyed the final month of the magical combo of home buyer tax credits,low interest rates, and availability of FHA financing. Stay tuned to see whether the latter two will sustain us through the summer.
- Conventional loans continued the comeback they started last month. This makes me wonder if qualified buyers (especially those buying in the upper ranges) who have been waiting for a good low point to jump into the market have finally taken the plunge.
- That sound you don’t hear is agents and home sellers all over Knox County holding their collective breath to see where the market is headed now that these tax credits have expired. Hey, at least the rates are still super low…right?
If you’re interested in looking at both reports yourself, here is ’09 and ’10. 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.
Enjoyed this Post? Share it!
Share on Facebook Tweet This!