As I received the latest data on the 2015 housing market, one thing is for sure: If you are considering selling a home in Farragut or Knoxville, the time is now!
Yes, existing home sales dropped in January compared to December. But, nationally if we compare the current September-January time period to the same period a year ago, it shows that existing home sales have surpassed last year every single month, with the January national sales numbers being 200,000 homes greater than last January. Farragut, TN had a 19.8% increase! Knoxville as a whole saw a 11.2% increase.
Pending home sales (houses that have gone under contract) as reported by the National Association of Realtors have also done much better in the last five months compared to last year:
Data also shows that the demand for homes from buyers in the market has increased significantly over last year as well:
But with all of the positive buyer activity above, data shows that inventory levels are lower than last year, which is a huge win for folks who are selling a home in Farragut or Knoxville. Knoxville’s inventory of homes for sale is down 8.5% from last year and the amount of homes for sale in Farragut is down 12.5% with new listings in Farragut down 13.3%.
What does this mean for you?
If you are thinking about selling your home in Farragut or Knoxville, with demand increasing and supply dropping, this is the optimal time to get the best price for your home and get it sold in the fastest time possible. Contact me, Troy Stavros with Gables & Gates, REALTORS® today to see whether that is the case in your particular neighborhood. Remember, real estate is local and can be different not only from town to town, but neighborhood to neighborhood and house to house. Interested in finding out how much your home could sell for? CLICK HERE TO FIND OUT.