I have some good news and some bad news. The good news is that 2010 has started out with quite a bang —  I honestly can’t say that I’ve ever been this busy in the first quarter. And I love being busy, trust me. The (not so) bad news is that I’m a little late in getting you the January 2010 Home Sales Report numbers from the Knoxville Area Association of Realtors. To make up for it, I’m putting together a special chart post that will (hopefully) be coming up later this week. Stay tuned!

There’s also some good news and bad news to report on the national and local home sales. The bad news is that nationally, sales of previously owned homes were down 7.2% in January. Boo. The good news is that national sales were still up 11% this January from January ‘09. And the even better news is that 0verall Knoxville home sales were up 18% last month over January ‘09.  Can I get an amen?

While this might not signal the bottom of this roller coaster ride we’ve been on for well over two years, it’s certainly not a bad way to start off 2010.

So, what else happened in Knoxville home sales last month? Well, here’s the skinny on Knoxville area home sales in January, broken down for you , as always, AAKT style. Enjoy!

I love, love, love me some good news! Here’s a lot of it -

Median sales price for 4+ BR homes is (slightly) up.
Jan ‘09 – $227,500
Jan ‘10 – $229,000

Average sales price for 2 or less BR homes is (slightly)  up.
Jan ‘09 – $76,100
Jan ‘10 – $77,300

Median sales price for 2 or less BR homes is (slightly) up.
Jan ‘09 – $64,000
Jan ‘10 – $66,500

Total number of condo units sold is (slightly) up.
Jan ‘09 – 39
Jan ‘10 – 46

And then there’s that not-so-good news. I gotta break that down too -

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

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

Median condo sales price is down.
Oct  ’08 – $146,000
Oct  ’09 – $132,600

—

Days on market is up.

…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-

1. Knoxville residential and condo sales continue to show signs of life after months and months in the ICU.
2. That $8000 tax credit has definitely helped boost home sales and has also continues to help smaller home sales prices.
3. FHA is lending money like crazy right now. Let’s just hope they don’t run out.
4. 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.
5. 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.
6. 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.

 September has come and gone and now that it’s safely behind us, it’s time to take a look at the Knoxville Area Association of Realtors’ Home Sales Report numbers to see what went down in the Knoxville area housing market in the month that was.

Now, if you’re not sitting down, I want you to go ahead and do so. Why? Because for the first time in a long, long, long, long, very long time, there’s honest to goodnesss GOOD news in the breakdown this month! Not only were sales up, but sales prices were also up for some price ranges. Up! As Josh Flory reported last week:

Total sales of single-family, MLS-listed homes and condos added up to 993 units in September, compared to 931 units in September of 2008. That was the first year-over-year increase in the MLS numbers since June of 2006.

OK, now you can get up out of your seat and do your happy dance. I’ll wait.

Done? OK. Just so you understand why I’m so excited about this, here’s a visual aid to show you where we’ve been over the last few years.

See how every single year is slowly going down, down, down in terms of closed units? Now see that little gray line at the bottom? That’s 2009. Kind of sad for most of the year huh? Now look at how it crossed up over the little green line, aka 2008. THAT’S what I’m talking about.

Yes, it’s a small victory. And yes, it’s most likely due to the infamous $8,000 First Time Home Buyer Tax Credit. And no, I don’t know if this upward trend will continue after the end of November when the tax credit is set to expire. But my guess – and my broker’s guess as well – is that we will see continue to see healthy sales numbers into October and November as a result of that tax credit. Hey, I’ll take what I can get.

And just in case you’re curious, here are charts showing both active listings and months of inventory by month from 2005 to the present:

As you can see, active listings have been mostly down this year over last year, probably because many sellers chose not to list their homes during this market. However, active listings  have risen slightly over the past two months. A possible sign of increased seller confidence in the market? You decide.

Here, you can see that inventory started spiking around  August 2008 and after rising quite sharply, has more or less been dropping steadily all year. And yes, that’s a good thing .

Now, if you’ll excuse me I’m getting ready to break down the September 2009 Home Sales Report, using the word “up”  more than I’ve ever gotten to in a while. And you know I’m lovin’ that.

 Here’s all that good news -

Average sales price for 2 or less BR homes is up.
Sep  ’08 – $88,600
Sep  ’09 – $96,100

Median sales price for 2 or less BR homes is up.
Sep  ’08 – $78,000
Sep  ’09 – $80,700

Average sales price for 3 BR homes is up.
Sep  ’08 – $154,900
Sep  ’09 – $156,800

Median sales price for 4+ BR homes is up.
Sep  ’08 – $216,000
Sep  ’09 – $219,000

Average condo sales price is up.
Sep  ’08 – $162,700
Sep  ’09 – $168,300

  And yes, there’s also some not so good news. Just not as much:

Median sales price for 3 BR homes is down.
Sep  ’08 – $142,500
Sep  ’09 – $139,000

Median condo sales price is down.
Sep  ’08 – $147,400
Sep  ’09 – $139,900

 —

…while FHA loans were once again up.
Sep  ’08 – 208
Sep  ’09 – 259

And here’s the “Condo owners say sell, house owners say maybe later” news-

The number of new residential listings was down ...
Sep  ’08 – 2,553
Sep  ’09 – 2,401

…and the number of new condo listings was up.
Sep  ‘08 – 255
Sep  ’09 – 271

 And finally, there’s the “Honey, let’s just get this thing sold” news-

1. Knoxville residential and condo sales, while not rock hard, are showing some signs of firming. Think chilled butter as opposed to room temperature butter.
2.  The promise of getting an $8,0000 check after the closing coupled with still historic low interest rates is definitely pushing some first time buyers into the market and creating a rise in demand – and pricing – in smaller homes.
3. A good percentage of those first timers are going FHA either by choice or by necessity.
4. The continued trend in reduced listing prices tells me that sellers are getting serious about selling.
5. Larger, more expensive homes continue to suffer, partially due to an inventory glut, a lack of higher end buyers, and, let’s face it, lack of a higher end tax credit.
6.  Did you hear that? That was the sound of agents all over Knoxville breathing a collective sigh of relief. Aaahhh.

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.

What’s the time? No, it’s not time to get ill. It’s time to look at the monthly home sales report numbers from the Knoxville Area Association of Realtors! The August 2009 home sale numbers, to be exact.

 And be forewarned: there’s not a whole lot of uplifting news in the numbers this month. Sales are still down, sales prices are still down and days on market are still up. Just remember: like everything else, this too shall pass…right?

So come along with me as I break down the July home sale numbers the only way that I know how — AAKT style.

You know I like to start with the good news first. And well, there technically wasn’t any, but I’m going to go ahead and count the  following as a piece of good news, because it’s a positive sign and it’s my breakdown and I need all the positivity I can get right now.

So, please, give it up for the “sellers seem to have finally, hopefully, really & truly seen the pricing light” news-

 See, wasn’t that better than no good news at all? Moving on to the not-so-good news -

Average sales price for 2 or less BR homes is down.
Aug  ’08 – $98,100
Aug  ’09 – $88,200

Median sales price for 2 or less BR homes is down.
Aug  ’08 – $85,000
Aug  ’09 – $74,900

Average sales price for 3 BR homes is down.
Aug  ’08 – $167,400
Aug  ’09 – $151,900

Median sales price for 3 BR homes is down.
Aug  ’08 – $149,000
Aug  ’09 – $141,300

Median sales price for 4+ BR homes is down.
Aug  ’08 – $249,900
Aug  ’09 – $230,000

Average condo sales price is down.
Aug  ’08 – $164,900
Aug  ’09 – $156,100

Median condo sales price is down.
Aug  ’08 – $144,800
Aug  ’09 – $138,500

It’s time to check in with how the home sales are doing by looking back on last month’s Home Sales Report from the Knoxville Area Association of Realtors, also known as KAAR.

While the July numbers don’t seem so great at first glance, when you look at them in context with the earlier part of the year, as Josh Flory recently did, they don’t look so bad. Flory pointed out that although overall sales are down 13% compared to July ‘08, sales have been getting “less bad” as the year has progressed:

January — Down 36 percent
February — Down 33 percent
March — Down nearly 28 percent
April — Down more than 27 percent
May — Down more than 25 percent
June — Down 15 percent
July — Down less than 13 percent

And in the current market, “less bad” is pretty darn good.

And now it’s time to  break down the July home sale numbers the only way that I know how — AAKT style.

You know I like to start with the good news, and thankfully there is some -

Median sales price for 2 or less BR homes is up.
July ‘08 – $74,500
July ‘09 – $82,000

Average sales price for 3 BR homes is the same (yes, this counts as good new in this market).
July ‘08 – $162,400
July ‘09 – $162,400

Average sales price for 2 or less BR homes is (way) down.*
July ‘08 – $146,100
July ‘09 – $88,100

Median sales price for 3 BR homes is down.
July ‘08 – $146,200
July ‘09 – $137,300

Median sales price for 4+ BR homes is down.
July ‘08 – $262,500
July ‘09 – $239,000

Average condo sales price is down.
July ‘08 – $178,200
July ‘09 – $163,700

Median condo sales price is down.
July ‘08 – $160,000
July ‘09 – $144,500

It’s everybody’s favorite time of the month – Home Sales Report time! And there’s actually GOOD news this month! And no, it’s not great news, but it’s not bad, and I’m just not that picky any more.

This month was a flurry of activity as I worked with first time home buyers who were scurrying to find a house and get their $8,000 check from Uncle Sam. And it seems those first time home buyers and their home sales helped bump up smaller home sales prices last month from the same time last year. Those sales may also have been what gave us a teensy, tiny increase in sales from last month to this month. Yep, the kids love the first time home buyer tax credit, and I know a lot of agents – this one included – who will be mighty sad when it’s gone in just four short months.

But you didn’t come here for my philosophical waxing. You came here for the numbers. So without further ado,  it’s time to  break down the April home sale numbers the only way that I know how — AAKT style. Aw, yeah.

First let’s start with our 3 whopping pieces of good news -

Average sales price for 2 or less BR homes is up.
June ‘08 – $85,500
June ‘09 – $96,500

Median sales price for 2 or less BR homes is up.
June ‘08 – $78,200
June ‘09 – $82,000

Average sales price for 3 BR homes is up.
June ‘08 – $162,900
June ‘09 – $180,400

Median sales price for 3 BR homes is down.
June ‘08 – $145,000
June ‘09 – $140,000

Median sales price for 4+ BR homes is down.
June ‘08 – $254,000
June ‘09 – $230,000

Average condo sales price is down.
June ‘08 – $166,100
June ‘09 – $159,200

Median condo sales price is down.
June ‘08 – $147,000
June ‘09 – $139,500

If I’m posting on a Tuesday, that probably means it’s Home Sales Report time.

So, despite all the movement I saw in my own business and at my office last month, the May numbers are still way off the mark. Bummer. Still, I shudder to think what these numbers would look like without the $8,000 first time homebuyer credit and the still low, but slowly climbing interest rates. I guess we may get to find that out later this year…

Another thing I noticed this month is that the average days on market made a huge upward jump. This reminded me of something I’ve been meaning to talk about here for a while, and that is -

The average days on market is most likely much longer than the number you see here every month.

Why? Well, that’s because the “average” gets skewed by the fact that the Knoxville MLS doesn’t show cumulative days on market for expired or withdrawn listings. If a home expires or is withdrawn and relisted, the days on market count starts over.

Confused? Let me give you an example. Say I have a listing that’s on the market for 180 days, but doesn’t sell. I then relist it and it sells in 30 days. So, in reality, the home was on the market for 210 days before it sold. However, according to KAARMLS, that home would have only been on the market 30 days, since it only counts the last listing period. Pretty big difference, right?

So, not to be the bearer of more bad news here, but I do think it’s important  for folks to understand the reality when it comes to the time it will likely take to get a property sold in the current market.

And with that out of the way, it’s time to  break down the April home sale numbers the only way that I know how — AAKT style. Join me, won’t you?

First let’s start with our one lonely little piece of good news -

Average sales price for 2 or less BR homes is down.
May ‘08 – $88,100
May ‘09 – $83,000

Median sales price for 2 or less BR homes is (ever so slightly) down.
May ‘08 – $75,500
May ‘09 – $75,000

Average sales price for 3 BR homes is (way) down.
May ‘08 – $170,900
May ‘09 – $154,500

Median sales price for 3 BR homes is down.
May ‘08 – $151,000
May ‘09 – $143,500

Median sales price for 4+ BR homes is down.
May ‘08 – $249,900
May ‘09 – $246,000

Average condo sales price is down.
May ‘08 – $165,100
May ‘09 – $155,500

Median condo sales price is down.
May ‘08 – $143,200
May ‘09 – $138,000

It’s just past the middle of the month and you know what that means – it’s Home Sales Report time!

March is typically the height of the Spring selling season, but as you’ll see, things were still down quite a bit from this time last year. Bummer.

However, good news may be on the horizon: I’m hearing a lot of buzz from agents all over town that business is starting to pick up and I, for one, am absolutely slammed working with first time home buyers who are taking advantage of the $8,000 tax credit and killer rates. And I know that showings of listings at my office are way up from last month and we already have more pending sales for this month than the last.

And while that may not be hard evidence of a market turnaround, after months and months of hearing nothing but moaning and wailing from agents, I’ll take any positivity about the Knoxville real estate market that I can get.   We’ll just have to wait until this time next month to see if there’s possibly a light at the end of this housing slump tunnel.

But that will be then and this is still now, so, without further ado, allow me to break down the March home sale numbers the only way I know how, AAKT style. Enjoy!

Let’s start with just a little bit of good  news -

Average sales price for 2 or less BR homes is up.
Mar ‘08 – $84,600
Mar ‘09 – $92,100

And one day – hopefully not to long from now – we’ll have more good news than that, but for now let’s look at the not-so-good news -

Median sales price for 2 or less BR homes is (slightly) down.
Mar ‘08 – $70,000
Mar ‘09 – $69,000

Average sales price for 3 BR homes is (way) down.
Mar ‘08 – $158,800
Mar ‘09 – $145,400

Median sales price for 3 BR homes is down.
Mar ‘08 – $143,000
Mar ‘09 – $134,000

Conventional loans were once again way down…
Mar ‘08 – 692
Mar ‘09 – 346

Hard to believe another month has come and gone, but the it’s time to break down the Home Sales Report from the Knoxville Area Association of Realtors once again.

February was an interesting month. What is usually the beginning of the busy Spring home buying season was  uncharacteristically, not to mention uncomfortably, slow and the numbers for the month definitely reflect that.

One thing that happened in February that may have greatly affected home buyers everywhere was the further tightening of mortgage guidelines.

The minimum credit score for a conventional loan is now 700 with a baseline of 740, meaning that any score under 700 will be subject to a higher rate. Also, the allowable debt ratio for conventional loans was lowered to 38%.  In addition to those changes, the minimim credit score for an FHA loan was raised to 620.Yes, the days of subprime lending are long, long gone.

Looking at those numbers it’s easy to understand why FHA loans are so popular with home buyers right now.

There are also stricter down payment guidelines. With the exception of a few government programs, you’re probably not getting 100% financing anywhere. Here’s a rundown of the minimum down payment required for various loans and property types:

3.5% down  – FHA loan.

10% down-  Conventional loan/primary residence

20% down – Conventional loan/condos & attached PUDs

20% down- Conventional loan/second homes

Now, I’m not a mortgage or finance whiz, but it would seem to me that all of these stricter guidelines are certainly eliminating a good number of buyers from the market.

So, without further ado, allow me to break down the February home sale numbers the only way I know how, AAKT style. Enjoy!

Let’s start with the good – if slightly puzzling – news -

Average sales price for 2 or less BR homes is (way) up.
Feb ‘08 – $71,800
Feb ‘09 – $105,500

Median sales price for 2 or less BR homes is (way) up.
Feb ‘08 – $62,500
Feb ‘09 – $78,000

Now for the not so good news -

Average sales price for 3 BR homes is down.
Feb ‘08 – $155,000
Feb ‘09 – $147,400

Median sales price for 3 BR homes is down.
Feb ‘08 – $145,000
Feb ‘09 – $134,000

Conventional loans were once again way down…
Feb ‘08 – 628
Feb ‘09 – 310

Being busy in my line of work is a good thing – a very, very good thing – but it also means that sometimes things completely slip my mind. Things like blogging about the Knoxville Home Sales Report, for example. Whoops.

So, without further ado, here’s the skinny on Knoxville area home sales in January, broken down for you , as always, AAKT style. Enjoy!

And yes, there’s actually some good news this month -

Median sales price for 4+ BR homes is up.
Jan ‘08 – $218,000
Jan ‘09 – $227,50

Average condo sales price is (slightly) up.
Jan ‘08 – $173,300
Jan ‘09 – $175,900

And, of course, there’s the not-so-good news -

Average sales price for 2 or less BR homes is down.
Jan ‘08 – $86,400
Jan ‘09 – $76,100

Median sales price for 2 or less BR homes is (slightly) down.
Jan ‘08 – $66,000
Jan ‘09 – $64,000

Conventional loans were once again way down…
Jan ‘08 – 531
Jan ‘09 – 253