August 2009 Knoxville Home Sales Report
What’s the time? No, it’s not time to get ill. It’s time to look at the monthly home sales report numbers from the Knoxville Area Association of Realtors! The August 2009 home sale numbers, to be exact.
And be forewarned: there’s not a whole lot of uplifting news in the numbers this month. Sales are still down, sales prices are still down and days on market are still up. Just remember: like everything else, this too shall pass…right?
So come along with me as I break down the July home sale numbers the only way that I know how — AAKT style.
You know I like to start with the good news first. And well, there technically wasn’t any, but I’m going to go ahead and count the following as a piece of good news, because it’s a positive sign and it’s my breakdown and I need all the positivity I can get right now.
So, please, give it up for the “sellers seem to have finally, hopefully, really & truly seen the pricing light” news-
See, wasn’t that better than no good news at all? Moving on to the not-so-good news -
Aug ’08 – $232,800
Aug ’09 – $223,800
Aug ’08 – $213,300
Aug ’09 – $180,500
Average sales price for 2 or less BR homes is down.
Aug ’08 – $98,100
Aug ’09 – $88,200
Median sales price for 2 or less BR homes is down.
Aug ’08 – $85,000
Aug ’09 – $74,900
Average sales price for 3 BR homes is down.
Aug ’08 – $167,400
Aug ’09 – $151,900
Median sales price for 3 BR homes is down.
Aug ’08 – $149,000
Aug ’09 – $141,300
Aug ’08 – $292,300
Aug ’09 – $266,000
Median sales price for 4+ BR homes is down.
Aug ’08 – $249,900
Aug ’09 – $230,000
Average condo sales price is down.
Aug ’08 – $164,900
Aug ’09 – $156,100
Median condo sales price is down.
Aug ’08 – $144,800
Aug ’09 – $138,500
Aug ’09 – 970
Aug ’09 – 94
Aug ’08 -97
Aug ’09 – 105
Aug ’08 – 627
Aug ’09 – 437
…while FHA loans were once again up.
Aug ’08 – 237
Aug ’09 – 244
And here’s the “Condo owners are still wary, but hope springs eternal for residental homeowners” news-
The number of new residential listings was up ...
Aug ’08 – 2,479
Aug ’09 – 2,586
…and the number of new condo listings was down.
Aug ’08 – 343
Aug ’09 – 264
- Knoxville residential and condo sales are still as soft as (insert appropriately witty simile here. They’ve been soft so long, I’m having trouble coming up with any more).*
- Residential home listings are up either a) because sellers are trying to take advantage of the tail end of the first time home buyer tax credit period in order to sell their homes, or b) they were simply tired of waiting out the market and have to sell out of necessity. Or maybe it’s a combination of a and b. Hey, I’m just spit ballin’ here.
- For whatever reason sellers have chosen to market their homes now, they must indeed be motivated, as average list prices have dropped for the second month in a row.
- FHA loans still continue to dominate not just our market, but just about every other one in the country. In fact, they now make up 25% of the national mortgage market. Didn’t I tell you last year that FHA would be the new black?
- Seriously, if you’re makin’ bank, have good credit and aren’t planning on leaving Knoxville any time soon, why are you still in that apartment listening to your neighbors party all night long?
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.
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