March 2010 Knoxville Home Sales Report
Whoa! Is it already Home Sales Report time again? I guess time flies when you’re having fun — and when you’re working 60-80 hour weeks trying to beat the clock on the looming April 30th home buyer tax credit expirations. And I don’t think I’m the only one who’s out there working hard: judging by the March 2010 home sales numbers from the Knoxville Area Association of Realtors, a whole lot of agents busted some serious booty last month.
Just how much booty you ask? Well, why don’t you stick around and find out as I break down the March Home Sales numbers the only way I know how: AAKT style. Enjoy!
You know I like to start with the good news and there’s plenty of it this month -
Total number of condo units sold is (way) up.
Mar ’09 – 66
Mar ’10 – 91
Average sales price for 2 or less BR homes is up.
Mar ’09 – $92,100
Mar ’10 – $94,100
Median sales price for 2 or less BR homes is (slightly) up.
Mar ’09 – $69,000
Mar ’10 – $70,000
Average sales price for 4+ BR homes is (way) up.
Mar ’09 – $265,900
Mar ’10 – $286,500
Median sales price for 4+ BR homes is up.
Mar ’09 – $220,000
Mar ’10 – $230,000
Median condo sales price is (slightly) up.
Mar ’09 – $138,000
Mar ’10 – $139,000-
And then there’s that durn not-so-good news -___
Mar ’09 – $145,400
Mar ’10 – $145,100
Mar ’09 – $134,000
Mar ’10 – $129,900
Mar ’09 – $161,800
Mar ’10 – $161,100
J————–__———-
Mar ’09 – 116
Mar ’10 – 123
Conventional loans were actually up…
Mar ’09 – 346
Mar ’10 – 384
…and so were FHA loans.
Mar ’09 – 152
Mar ’10 – 233
And here’s the “Home owners must have more faith in the tax credits than condo owners” news-
The number of new residential listings was (way) up...
Mar ’09 – 2,499
Mar ’10 – 3,045
…while the number of new condo listings was (slightly) down.
Mar ’09 – 396
Mar’10 – 372
Finally there’s the “well, at least 1 out of 2 ain’t bad” news -
Mar ’09 – $191,800
Mar ’10 – $174,700
Mar ’09 – $231,400
Mar ’10 – $238,600
- Knoxville residential and condo sales are alive! Alive! At least until the tax credits expire.
- Once again, the dream team of home buyer tax credits/low interest rates/availability of FHA financing was at least partially responsible for some of the best sales numbers we’ve seen in a very, very long time.
- FHA loans are still going strong, but conventional loans are suddenly making a comeback. Maybe just because there are more overall buyers in the market right now?
- Very small and large homes seem to be benefiting the most price-wise from all the activity in the market, perhaps due to the first time home buyer and the move-up tax credits, respectively.
- If other agents in town are anything like me, they’ve told their spouses/children/friends/loved ones that they’ll see them some time in early May. No sleep ’til April 30th!
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.
[...] lot of agents — and home sellers — are nervous that the increase in sales we’ve seen over the last few months will slow significantly once the tax credits expire.* Me, I’m not so [...]