June 2010 Knoxville Home Sales Report
Previously on Home Sales Report… you may recall that last month when we looked at the Knoxville Area Association of Realtors Home Sales Report numbers, sales were way up in April thanks to the Home Buyer tax credits that expired April 30th and that they remained nicely elevated into May. And *SPOLIER ALERT* the June sales numbers from Knoxville Area Association of Realtors Home Sales Report show that sales were also up year over year last month, which was not surprising, given that there were a whole lot of those home buyer tax credit closings still closing.
And not that I want to be a total bummer or anything, but before we get into the rest of the breakdown, I want to share a little chart with you. Trust me, it’s for your own good.
You see that line with the red dots at the very top of the chart? That represents the number of current active listings in the Knoxville area MLS. And yeah, if it looks like it’s really high, that’s because it is. In June 2010, there were about 17,000 single family and condo listings on the market in the Knoxville area (including not just Knox County, but Blount County, Loudon County, Anderson County and a few other areas).
Now let’s look at what actually closed last moth.
Again, we’re looking at the line with red dots, this time the second from the bottom. There’s two pieces of good news here: first that June sales, as previously mentioned, were up over ’09 and second that so far this year we’re tracking ahead of 2009 altogether. Yay, 2010!
So that’s good. But when you think about the fact that they were 17,000 homes for sale last month and roughly only 1,000 sold, you start to see the challenge facing sellers in this market. Yeah, location, pricing and condition just got a whole lot more critical, huh?
There is no doubt that homes are selling in the Knoxville market. But with that much selection to choose from, it’s the well located, very attractive, or sometimes just very attractively priced homes that are actually selling. Now, you can’t move your home, but you sure can spit shine it and price it right, can’t you?
Again, not showing this to bum you out, but simply to give you some perspective if your home has been on the market for a while with little activity or if you’re thinking about going on the market anytime soon. Forewarned is, after all, forearmed.
But enough of all that serious chart and lecture business. Let’s get down to the business at hand and start breaking down the June 2010 Knoxville Home Sales numbers the only way I know how: AAKT style. Enjoy!
You know I like to start with the good news, girl!
Total number of condo units sold is up.
Jun ’09 – 116
Jun ’10 – 123
Median sales price for 3 BR homes is (slightly) up.
Jun ’09 – $140,000
Jun ’10 – $141,000
Average sales price for 4+ BR homes is (way) up.
Jun ’09 – $268,800
Jun ’10 – $288,100
Median sales price for 4+ BR homes is (way) up.
Jun ’09 – $230,000
Jun ’10 – $248,500
Average condo sales price is up.
Jun ’09 – $159,200
Jun ’10 – $167,400
Median condo sales price is up.
Jun ’09 – $139,500
Jun ’10 – $143,000
Days on market is … exactly the same. (Yes, I’m counting this as good news.)
Jun ’09 – 113
Jun ’10 – 113
And then there’s some of that not-so-good news -
Average sales price for 2 or less BR homes is (way) down.
Jun ’09 – $96,500
Jun ’10 – $87,000
Median sales price for 2 or less BR homes is down.
Jun ’09 – $75,000
Jun ’10 – $76,600
Average sales price for 3 BR homes is (way, way) down.
Jun ’09 – $180,400
Jun ’10 – $156,600——————
Conventional loans were once again slightly up…
Jun ’09 – 459
Jun ’10 – 494
…but FHA loans were still up a little more.
Jun ’09 – 234
Jun ’10 – 293
And here’s the “Honey, maybe we’ll go ahead and take our chances after all” news-
The number of new residential listings was slightly up...
Jun ’09 – 2,689
Jun ’10 – 2,695
…as were the number of new condo listings.
Jun ’09 – 348
Jun ’10 – 355
Finally there’s the “one step forward, one step back” news -
Jun ’09 – $231,300
Jun ’10 – $235,700
Jun ’09 – $219,700
Jun ’10 – $193,400
- Knoxville residential and condo sales are still showing signs of life. Let’s hope they don’t have to go back to the ICU now that the home buyer tax credits are behind us.
- High end homes saw a huge price increase last month, while lower end homes — the ones most affected by the tax credits — took a hit price wise. Yeah, I’m kinda stumped there too, to be honest.
- Days on market is down, while not down, was at least flat. No news = good news.
- Condo prices are bucking national trends and holding their own, proving once again my theory that Knoxville is a condo crazy kinda town.
- Home sellers are trying to make me crazy with these “higher than 2009″ list prices. That ain’t no way to get rid of housing inventory, people!
- With record low interest rates (4.37% on a 30 yr fixed? What the what?) and record high housing inventory, the next few months are going to be very, very interesting.
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.
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