October 2009 Knoxville Home Sales Report
Remember October? The month we all wasted a good hour of our lives watching an empty mylar balloon on live TV? The month Dow Jones closed above 10,000 for the first time in year? Oh, and we also got a whole lot of candy for dressing up in funny costumes. Yeah, that October. Well, it’s time to take a look back at the month that was because the October Home Sales Report numbers are out from the Knoxville Area Association of Realtors. And they’re not lookin’ too shabby.
Now, remember all that good news we had last month from the September Home Sale numbers? Well, I’m happy to report that we have some more of it this month! Yes, folks, this is the second consecutive month that Knoxville area year over year home sales have trended upward after trending downward for three….long…years.
And as I mentioned last month, this upward trend no doubt has more than a little to do with that $8,000 First Time Home Buyer Tax Credit. And now that the tax credit has not only been extended, but also expanded to move-up buyers, I’m thinking we may see more healthy sales numbers all the way through the end of the year. And that would be the best Christmas present ever!
So, enough jibber jabber, let’s get down to what you really came here for. Join me while I break down the October 2009 Home Sales Report, the only way I know how: AAKT style. Aw, yeah.
You know I like to start with the good news and we have a good bit of it this month -
Average sales price for 2 or less BR homes is up.
Oct ’08 – $93,000
Oct ’09 – $98,000
Median sales price for 4+ BR homes is (slightly) up.
Oct ’08 – $240,800
Oct ’09 – $241,000
Oct ’09 – 1,023
Oct ’09 – 104
And yes, the market is still self correcting, so there’s still some of that pesky not so good news:
Median sales price for 2 or less BR homes is down.
Oct ’08 – $78,000
Oct ’09 – $75,000
Average sales price for 3 BR homes is down.
Oct ’08 – $162,700
Oct ’09 – $145,700
Median sales price for 3 BR homes is down.
Oct ’08 – $143,000
Oct ’09 – $135,000
Oct ’08 – $295,900
Oct ’09 – $264,700
Oct ’08 – $182,600
Oct ’09 – $165,700
Median condo sales price is down.
Oct ’08 – $146,000
Oct ’09 – $132,600
—
Days on market is up.
Oct ’09 – 117
Oct ’08 – 471
Oct ’09 – 423
…while FHA loans were (way, way, way) up.
Oct ’08 – 149
Oct ’09 – 298
And here’s the “last month’s home sale numbers must have given everyone some hope” news-
The number of new residential listings was (slightly) up ...
Oct ’08 – 2106
Oct ’09 – 2,135
…and the number of new condo listings was (way) up.
Oct ’08 – 228
Oct ’09 – 328
And finally, there’s the “Seriously, condo owners?” news-
Oct ’08 – $235,600
Oct ’09 – $208,300
Oct ’08 – $202,000
Oct ’09 – $205,300
- Knoxville residential and condo sales continue to show signs of life after months and months in the ICU.
- That $8000 tax credit has definitely helped boost home sales and has also continues to help smaller home sales prices.
- FHA is lending money like crazy right now. Let’s just hope they don’t run out.
- Prices continue to fall on mid-level and higher end homes as the market continues to self correct. And with inventory still at fairly high levels, this may be a trend that lasts well into 2010.
- The September sales numbers may have given some sellers the shot of encouragement they needed to take the plunge and go ahead and list their homes.
- If the market keeps going like this, local real estate offices may actually get to have Christmas parties this year.
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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