Knoxville Foreclosure Watch: April 8, 2009

Welcome back, Watchers! In this week’s installment of Foreclosure Watch, there were a few pieces of interesting news -

1. Active foreclosure listings are almost back up to their all time FW January ’09 high of 2009.
2. Pending listings are back up in the 120-130 range that first started getting my attention back in January.

This is starting to be a familiar pattern that’s popping up every few weeks. And while I can’t say for sure, I still think this is the result of  investors and other buyers who are slowly but surely starting to dip their toes into the distressed property market. And hey, why not? There’s good inventory to choose from, a lot of banks are playing ball price wise, and mortgage rates are at historic lows.

So what about closed foreclosure listings, you ask? Well,  they were down a good bit, but that figures since last week was the end of the month and all.

And here’s the kicker in the new listing news: 37914 had 8 new foreclosure listings this week. Yowsa. But it still wasn’t enough to knock good old 37917 out of its current lead with 53 new foreclosure listings so far this year.

Closed listing news was less exciting. There were 8 in all: 2 each in 37917 and 37921 and 1 each in 37914, 37918, 37922, and 37934. Is it any surprise that 37917 is still in the lead here as well with 20 closed foreclosure listings so far this year.

Now for the breakdown -

Knox County Foreclosure Property Statistics as of 4/08/09 *

Current On-Market Listings - 206
Average Asking Price: $116,104
Median Asking Price: $79,900
Most Expensive New Listing: $187,000 (3 BR, 2.5 BA, 2000+ sq ft in West Hills*)
Least Expensive New Listing: $19,900 (2 BR, 1 BA, 900+ sq ft on Riverside Drive)

Notable New Listings:

North: $99,900 (3 BR, 2 BA, 1200+ sq ft in Halls)

South: $79,100 (3 BR, 2 BA, 1600+ sq ft on Magazine Rd)

East: $84,900 (3 BR, 2 BA, 2000+ sq ft in Chilhowee Hills)

West: $172,000 (3 BR, 2.5 BA, 1600+ sq ft in Hundred Oaks)

*This is a pre-foreclosure or “short” sale

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Current Pending Sales -125
Average Asking Price – $106,777
Median Asking Price – $82,500

Closed Sales April 01, 2009- April 07, 2009 - 8
Average Asking Price – $128,288
Average Sales Price – $110,975
Median Sales Price – $81,900
Average Days on Market – 91

*Data taken from KAARMLS on 04/08/09 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 spam-o for your ma’am-0.

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Tags: Foreclosures, Knoxville Foreclosure Watch

Author: Suzy

Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night.