Knoxville Foreclosure Watch 1/7/09
Welcome to the first 2009 installment of Foreclosure Watch, Watchers! In honor of the new year, I’m starting fresh with the new and closed listings by zip codes charts. If you think that’s a horrible, terrible, very bad, no good idea, please let me know and I”ll reconsider – I still have all of my 2008 data tucked safely away in a spreadsheet somewhere.
This week active foreclosure listings continued the climb they started in Sept ’08, finally breaking the 200 mark for the first time in FW history. Ouch.
One thing that might be contributing to this increase, other than the fact that more homes are going into foreclosure, is that more and more agents are starting to list pre-foreclosure sales in the MLS as foreclosures. And yes, that’s totally legal to do. In fact, there have always been some pre-foreclosures or “short” sales in the foreclosure stats. There just seem to be a lot more of them lately. And just in case you’re wondering, no, there’s no good way for me to weed them out, but if I ever spotlight one of them in the breakdown, I’ll always make sure to let you know.
Meanwhile, pending and closed foreclosures were down. So, overall not the greatest way to start the new year, but hey, it was a holiday week after all.
This week I also noticed a good sized discrepancy between list price and sold price for the 3 foreclosure listings that closed last week. On average, they closed about 16% lower than their last listing price. Not horrible, but definitely something to keep an eye on in the future.
There were 20 new listings last week: 5 each in 37918 and 37921, 3 in 37920, 2 each in 37914 and 37917, and 1 each in 37922, 37924, and 37934.
There were only 3 closed listings and they came from 3 separate zip codes – 37721, 37920, and 37922.
Now for the breakdown -
Knox County Foreclosure Property Statistics as of 1/7/08 *
Current On-Market Listings - 203
Average Asking Price: $138,618
Median Asking Price: $109,000
Most Expensive New Listing: $246,000 (3 BR, 2 1/2 BA, 2700+ sq ft in Governors Mill)
Least Expensive New Listing: $22,000 (2 BR, 1 BA, 1000+ sq ft bungalow in North Knox)
Notable New Listings:
North: $119,900 (3 BR, 2 BA, 1300+ on Adair in Ftn City)*
South: $74,900 (3 BR, 2 Ba, 1400+ sq ft off Chapman Hwy)
East: $119,900 (3 BR, 2 BA, 1300+ sq ft in Carter)
West: $74,900 (4 BR, 2 BA, 1400+ sq ft off of Pleasant Ridge)
*This is a pre-foreclosure or “short” sale.
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Current Pending Sales -97
Average Asking Price – $83,461
Median Asking Price – $71,500
Closed Sales December 31, 2008 – January 6, 2009 - 3
Average Asking Price – $217,933
Average Sales Price – $184,000
Median Sales Price – $142,000
Average Days on Market – 107
*Data taken from KAARMLS on 1/7/09 for Knox County single family residential properties only, and does not include condos or PUDS.
As always, if you need more information on any of these properties, just drop me a line.
If you’d like to receive new foreclosure listings automatically, send me an email with “Foreclosure List” in the subject line, and I’ll do the rest. Save the spammy for your mammy.
Why take the chance of ever missing out on Foreclosure Watch? Make sure you get all your foreclosure goodness every week by subscribing to All Around K-Town today, either by RSS or email!
Author: Suzy
Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night.
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