September 2008 Knoxville Home Sales Report
It’s time for the numbery goodness that is the monthly Home Sales Report – the monthly sales stats that come from the Knoxville Area Association of Realtors. It’s fun stuff.
September was an ugly month for the financial market. I know you’ve been busy trying to keep up with all the global economic insanity that October has brought us, but it was just over a month ago that Fannie and Freddie were taken over by the governmet, Lehman Brothers collapsed, AIG was bailed out by the government, and Washington Mutual was seized by the FDIC. Those were the days, huh?
So how did all of that financial turmoil affect the housing market right here in good old Knoxville? There’s only one way I know to find out and that’s to breakdown the September Home Sales Report All Around K-Town style. Aw, yeah.
You know i like to start with the good news first. Except there isn’t any. Well, not about the home sale numbers, anyway. That’s right, NONE of the sales numbers went up. Go ahead, digest it and suck it up, because it’s time to move on to the not so good news. Ready? OK, here goes:
Average sales price for 2 or less BR homes is down.
Sept ’07 – $107,400
Sept ’08 – $88,600
Median sales price for 2 or less BR homes is down.
Sept ’07 – $80,000
Sept ’08 – $78,000
The number of homes closed using conventional loans has shrunk by 50%…
Sept ’07 – 991
Sept ’08 -480
…while the number of homes closed using FHA loans has ballooned over 400%.
Sept ’07- 46
Sept ’08- 208
Finally, here’s the “seller’s are still hoping that price conquers all” news -
The average list price for new listings went down about 4%.
Sept ’07 – $238,300
Sept ’08 – $228,100
- The Knoxville housing market is not doing so hot right now.
- Residential and condo sales are still super duper soft.*
- FHA loans are totally keeping me in a job.
- Sellers are cutting their list prices, but are still having a hard time selling, probably due to fear, high inventory and a lack of qualified buyers.
- Buyers are still making out like bandits. Closing costs and new appliances and repairs, oh my!
- Realtors are still eating ramen. I’m partial to the spicy shrimp flavor myself.
If you’re interested in looking at both reports yourself, here is ’07 and here is ’08. Enjoy and please let me know if you notice anything interesting that I missed. I do occassionally miss things.
And yes, the 3rd quarter numbers are out too, so look for the breakdown on those some time next week.
Author: Suzy
Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night.
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