July 2009 Knoxville Home Sales Report
It’s time to check in with how the home sales are doing by looking back on last month’s Home Sales Report from the Knoxville Area Association of Realtors, also known as KAAR.
While the July numbers don’t seem so great at first glance, when you look at them in context with the earlier part of the year, as Josh Flory recently did, they don’t look so bad. Flory pointed out that although overall sales are down 13% compared to July ’08, sales have been getting “less bad” as the year has progressed:
January — Down 36 percent
February — Down 33 percent
March — Down nearly 28 percent
April — Down more than 27 percent
May — Down more than 25 percent
June — Down 15 percent
July — Down less than 13 percent
And in the current market, “less bad” is pretty darn good.
And now it’s time to 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, and thankfully there is some -
Median sales price for 2 or less BR homes is up.
July ’08 – $74,500
July ’09 – $82,000
Average sales price for 3 BR homes is the same (yes, this counts as good new in this market).
July ’08 – $162,400
July ’09 – $162,400
Average sales price for 2 or less BR homes is (way) down.*
July ’08 – $146,100
July ’09 – $88,100
Median sales price for 3 BR homes is down.
July ’08 – $146,200
July ’09 – $137,300
July ’08 – $307,700
July ’09 – $267,000
Median sales price for 4+ BR homes is down.
July ’08 – $262,500
July ’09 – $239,000
Average condo sales price is down.
July ’08 – $178,200
July ’09 – $163,700
Median condo sales price is down.
July ’08 – $160,000
July ’09 – $144,500
July ’09 – 1,044
July ’09 – 111
July ’08 – 102
July ’09 – 118
Conventional loans were once again down…
July ’08 – 719
July ’09 – 502
…while FHA loans were once again up.
July ’08 – 209
July ’09 – 247
And here’s the “Honey, let’s just wait this whole thing out” news-
The number of new residential listings was down ...
July ’08 – 2,876
July ’09 – 2,618
…and so was the number of new condo listings.
July ’08 – 347
July ’09 – 348
Finally there’s the “Wow, when you guys finally get the ‘price conquers all’ thing, you really get it” news-
July ’08 – $290,400
July ’09 – $227,200
July ’08 – $201,500
July ’09 – $181,100
- Knoxville residential and condo sales are still soft, but maybe less soft than earlier this year.*
- Smaller homes continue to buck the falling price trend, most likely due to the $8,000 first time home buyer tax credit that’s coming to an end in a few short months.
- It’s a miracle! Not only are average list prices for houses and condos down, they’re down a lot. Better late than never, right?
- 2009 is proving to be the year of the FHA loan.
- With near record low interest rates, more home choices than you can shake a stick at, and the possibility of getting a big fat check back from Uncle Sam, this is one of the best buyer’s markets we’ve seen in quite some time. Renters say what?
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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