Introducing Knoxville Foreclosure Watch
It’s no secret that there’s a little bit of trouble in the housing market. As positive as I feel about the Knoxville housing market, I also know that sticking my head in the sand is not going to make the foreclosures and short sales I’m dealing with go away. Heck, I don’t even think I knew what a short sale was last year, and I’m almost positive I never used the phrase, “I guess the bank is just going to have to eat it” on a daily basis then either.
Since I believe knowledge is power and forewarned is forearmed, I’ve decided to educate myself and bring you along for the ride. As a totally non-scientific experiment, I’ll be doing a weekly tally of the on-market, pending, and closed foreclosures in Knox County as listed in the Knoxville MLS. And while these stats will not include pre-foreclosures or short sales, I think it will be interesting to see how the numbers change in the coming weeks.
So, without further ado, I give you the very first Knoxville Foreclosure Watch.
Knox County Foreclosure Property Statistics as of 4/9/08 *
Current On-Market Listings - 162
Average Asking Price: $134,453
Median Asking Price: $84,500
Most Expensive Listing: $799,900 (5BR, 4 1/2 BA, approx 5000 sq ft in River Club)
Least Expensive Listing: $14,900 (2 BR, 1 BA, approx 675 sq ft in Powell)
Current Pending Sales -86
Average Asking Price – $94,259
Median Asking Price – $80,900
Closed Sales April 2, 2007-April 8, 2007 – 4
Average Sales Price – $61,743
Median Sales Price – $61,200
Average Days on Market – 109
Closed Sales April 2, 2008-April 8, 2008 – 3
Average Sales Price – $94,200
Median Sales Price – $64,900
Average Days on Market – 49
*Data taken from KAARMLS on 4/09/08 for Knox County single family residential properties only, and does not include condos or PUDS.
Stay tuned for more updates…
Author: Suzy
Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night.
Wonder if the bank would let me trade my little fixer-upper for the place in River Place? It’s a fair trade, for me anyway. Seriously, this is interesting stuff. I am of the opinion that we aren’t anywhere near the bottom yet. We shall see what happens next.