Knoxville home sales Archives - Page 3 of 4

Why You Shouldn’t Take Your Home Off the Market During the Holidays

November 15, 2016 By Troy Stavros

If you are one of the many homeowners who is debating taking your home off the market for the next few weeks, don’t! You will miss the great opportunity you have right now!

The latest Existing Home Sales Report from The National Association of Realtors (NAR), revealed that the inventory of homes for sale has dropped to a 4.3-month supply.

Historically, a 6-month supply is necessary for a ‘normal’ market, explained below:

There are more buyers that are ready, willing, and able to buy now than there have been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Bottom Line

Home prices are appreciating in this seller’s market. Making your home available over the next few weeks will give you the most exposure to buyers who will be competing against each other to buy it. Plus when everyone else takes their home off the market that means less competition for your home. Not to mention, buyers that are looking during the holidays are serious!

Have more questions? Contact me, Troy Stavros with Gables & Gates, REALTORS at 865-777-9191. I look forward to talking with you!

Knoxville and Farragut TN Real Estate Market Snapshot – March

April 3, 2015 By Troy Stavros

Here are the most recent (March) statistics for the Knoxville and Farragut TN real estate markets.

Here are the Knoxville TN real estate market stats for March. The highlighted stats are:

Median sold price of Knoxville homes in March = $153,000
Median list price of Knoxville homes in March = $159,900
Median days on the Market for Knoxville homes = 74 days
Homes sold in Knoxville in March = 1097
Homes listed in Knoxville in March = 2569
Absorption Rate in March for Knoxville = 8.55 months
Year to Date Knoxville home sales are up 4.4% through March compared to last year.
Year to Date Knoxville home prices are up 10.74% through March compared to last year.

Here are the Farragut TN real estate market stats for March:

Median sold price of Farragut homes in March = $308,750
Median list price of Farragut homes in March = $409,000
Median days on the market for Farragut homes in March= 42 days
Homes sold in Farragut in March = 40
Homes listed in Farragut in March = 74
Absorption Rate in March for Farragut = 4.23 months
Year to Date Farragut home sales are up 24.7% through March compared to last year.
Year to Date Farragut home prices are up 14.35% through March compared to last year.

Have questions about the market or anything Knoxville or Farragut real estate related? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to answer any questions you have!

Knoxville Home Sales – Winter Housing Market Update

February 25, 2015 By Troy Stavros

You may have read some national headlines lately regarding the housing market, but how have Knoxville home sales fared? The National Association of REALTORS® recently released their Existing Home Sales report and like most typical news sources, many headlines are blowing January’s decline in home sales out of proportion to grab attention, without really looking at the numbers. Headlines such as, “Existing home sales collapse in January despite low mortgage rates”.

Anyone in real estate can share with you the common knowledge that there is a slowdown in the winter months. Many markets share this seasonality and January is where it often hits. This can be seen by the graph below. But what the news media doesn’t share is that nationally, existing home sales increased by 200,000. Knoxville home sales, in January of 2015 saw a 10.1% increase over January of 2014 and Farragut home sales saw a 33.3% increase! Over the last year, Knoxville also saw the median sales price increase by 11.62%, Farragut saw a 3.32% increase. A big reason Knoxville home sales are down in January of this year, is that the inventory of homes for sale in Knoxville and Farragut have decreased, Knoxville by 8.7% from January of last year and Farragut down 12.5%. On a month to month basis, inventory in Knoxville has decreased by 7% from December of 2014 with Farragut down 6%. You might be asking yourself, where has the inventory gone? Much of it is now under contract, as the number of homes “pending sale” increased from December of 2014 to January of 2015 by 25% in Knoxville and 27% in Farragut! This screams that buyers are in the market and that equals demand.

So demand is there, as witnessed by the graphic below showing that buyer demand is actually 3x greater than last year.

The chief economist of the National Association of REALTORS®, Lawrence Yun, mentioned what he feels is the real cause of the January slowdown: “Realtors® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

The buyer demand is there, buyers are out looking, but they are having trouble finding their dream home amongst the low inventory.

What does this mean for you?

If your plan was to wait until Spring to sell your home in Knoxville or Farragut, that plan may not help you get the most money for your home with the fastest sale. The information above points to right now being the optimum time to go to market. If you have any questions about selling or you would like to sit down and discuss your plans, contact me, Troy Stavros with Gables & Gates, REALTORS® to schedule a time that works best for you. Interested in finding out how much you could sell your Knoxville or Farragut house for? CLICK HERE TO FIND OUT.

Knoxville Real Estate Market Update July 2014

August 18, 2014 By Troy Stavros

The Knoxville real estate market is chugging along on a pretty steady pace, while other parts of the country seem to be slowing down.

NATIONAL HOME PRICES:

June 2014 to July 2014 – DOWN 3.1%

July 2013 to July 2014 – DOWN 6.8%

KNOXVILLE HOME PRICES:

June 2014 to July 2014 – UP 4.6%

July 2013 to July 2014 – UP 7.8%

With school starting back up, we can expect an increase in average days on the market. This is already being witnessed as average days on the market in Knoxville went from 96 days in June to 102 days in July, but this is still much better than July of 2013 when average days on the market in Knoxville was 193 days.

One of the main reasons for the rising prices and reduced days on the market for Knoxville real estate is lower inventory levels. Here are some comparisons to give you a picture of the inventory of Knoxville homes for sale:

KNOXVILLE REAL ESTATE INVENTORY LEVELS

July 2013 to July 2014 – DOWN 10.5%

YTD 2013 to YTD 2014 – DOWN 6.1%

Some of the statistics vary widely depending on what price range you are in when selling or buying Knoxville real estate. This chart will break it down (don’t hesitate to contact me with any questions you have about the numbers above or in the chart below).

Now the big question is what does this information mean for you as someone looking to sell your home in Knoxville or buy a home in Knoxville? As a seller, low inventory levels mean that this is a great time to put your home on the market, as there is less competition. As a buyer, buying a home in a low inventory home market means, you need to be less aggressive with your offers as there is increased competition in the marketplace. Making low offers or hesitating too long in deciding to make an offer will most likely cause you to lose out on desirable homes, as they will be snapped up by competing buyers.

Thinking about selling and wondering how much your Knoxville home might be worth? CLICK HERE for an instant estimate.

For more information or to discuss your personal goals in selling or buying a home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS today.

Knoxville Real Estate Market Update Through June

July 21, 2014 By Troy Stavros

It’s always good to see how the Knoxville real estate market is trending when you are thinking about selling or buying a home in Knoxville. Let’s take a look at the interesting trends I’ve found in the Knoxville real estate market, by studying the home sale data through the month of June.

Compared to the month of June of last year, the luxury price point over $500,000 has seen a 72.2% increase in sales. Year to date the same price point has seen a 37.9% increase in homes sold.
Homes price between $400,000-$499,999 saw a 35.1% increase since the same month last year and a 18.1% year to date increase in homes sold.
Coinciding with the sold numbers, homes pending sale are also trending in the luxury sector with a 48.5% increase from June of last year and 50.3% increase year to date for homes over $500,000. Homes pending a sale in the $400,000-$499,999 range have seen a 26.5% increase from last June and 36.4% year to date increase.
Trends are showing us that stricter lending standards are limiting the sales in the price points under $100,000, with multiple pricing categories under $100K being down quite a bit both year over year and year to date.
Total inventory is down 12% compared to last June and is also down 5.6% year to date with the thinnest inventory being $140,000 and below.
Typically one of the best selling price points, $250,000-$299,999 is showing sluggish sales most likely from a lack of inventory. Home sales in this price point are down 2.9% from June last year and 7.9% year to date, with inventory being down 9.5% from last year and 4.8% year to date.
The reduced inventory levels are putting the law of supply and demand in effect as witnessed by a 13.99% year over year increase in the average sales price and a 5.24% increase in the average sales price year to date. Another factor showing demand is the amount of time it is taking for homes to sell. Average days on the market has decreased 32.87% year over year and 28.57% year to date. Average days on the market in June across all pricing categories was 96 days and the average for 2014 is 105 days.

What does this information mean for you, as someone possibly looking to sell your home in Knoxville or buy a home in Knoxville? As a seller, low inventory levels mean that this is a great time to put your home on the market, as there is less competition. Also the law of supply and demand tells us that less inventory is pushing prices higher. As a buyer, buying a home in a low inventory home market means, you need to be less aggressive with your offers as there is increased competition in the marketplace. Making low offers or hesitating too long in deciding to make an offer will most likely cause you to lose out on desirable homes, as they will be snapped up by competing buyers.

Thinking about selling and wondering how much your Knoxville home might be worth? CLICK HERE for an instant estimate.

For more information or to discuss your personal goals in selling or buying a home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS today.

Knoxville Luxury Homes Leading The Way With Large Gains

May 30, 2014 By Troy Stavros

As I study the trends in the Knoxville housing market there are some interesting numbers that stand out. The sale of Knoxville luxury homes seem to be leading the way through April. When researching the SOLD and PENDING home data in the luxury price point we see some encouraging numbers.

Homes SOLD between $400,000-$499,999 are up 29.1% year to date.
Homes PENDING SALE between $400,000-$499,999 are up 53.8% year to date.
Homes SOLD over $500,000 are up 13.8% year to date.
Homes PENDING SALE over $500,000 are up 66.3% year to date.

The Knoxville home market is not alone with it’s trend of increases sales of Knoxville luxury homes. A recent study by Redfin showed that the sales of the most expensive, 1% of homes in the U.S. are up 21% so far this year, and saw a gain of 35.7% in 2013. Whether this is a sign of an improving economy or a result of moving money from lackluster investments into real estate, it is a good sign for sellers of Knoxville luxury homes.

If you are thinking of buying or selling a luxury home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS to discuss your goals and formulate a plan to achieve them.