Good Real Estate News! (Johnson City, Kingsport: days on market, sales, refinance)

[Tri-Cities Native]

A report from the Federal Housing Finance Agency has been released regarding Home prices for 2008. While many areas of the country are reeling, the Tri-Cities have faired well.

Kingsport and Bristol (TN & VA) were viewed as one metro area. Prices increased by 6.26% ranking it #3 out of the 292 metro areas reported.

Johnson City did not make the list. Based on a report from our local Multiple Listing Service (MLS), prices dropped 4.52%. This includes the 4 areas of JC, Gray, Boone's Creek, and Jonesborough. While it lagged behind the other two cities it was better than many other market areas across the country.

This is just another of many reasons we should feel fortunate to live in East Tennessee!

[Beretta]

Originally Posted by Tri-Cities Native

A report from the Federal Housing Finance Agency has been released regarding Home prices for 2008. While many areas of the country are reeling, the Tri-Cities have faired well.

Kingsport and Bristol (TN & VA) were viewed as one metro area. Prices increased by 6.26% ranking it #3 out of the 292 metro areas reported.

Johnson City did not make the list. Based on a report from our local Multiple Listing Service (MLS), prices dropped 4.52%. This includes the 4 areas of JC, Gray, Boone's Creek, and Jonesborough. While it lagged behind the other two cities it was better than many other market areas across the country.

This is just another of many reasons we should feel fortunate to live in East Tennessee!

Thanks for the post. Please provide the link to the info. Thanks.

[kamoshika]

Very impressive, thanks for the heads-up! FWIW, Johnson City's home prices rose 1.1% last year per that same report. Here's a related article, with a link to the full report at the bottom of the page:
Kingsport - Bristol TN-VA ranked 3rd in nation for home sales price appreciation in '08 - Kingsport Times-News Online

[Beretta]

Originally Posted by kamoshika

Very impressive, thanks for the heads-up! FWIW, Johnson City's home prices rose 1.1% last year per that same report. Here's a related article, with a link to the full report at the bottom of the page:
Kingsport - Bristol TN-VA ranked 3rd in nation for home sales price appreciation in '08 - Kingsport Times-News Online

Thanks Kamo. You are always on top of things!

[Tri-Cities Native]

Kamo's quick on the draw! Maybe I can get that good eventually...

I am bothered by the difference in the numbers. I shall endeavor to resolve the difference and see what happened.

[jabogitlu]

Regarding JC's drop in prices; we had a theory on here once before that perhaps because JC had *more* bigger, expensive estates to begin with (think Carroll Creek) that our prices took a bigger hit, but that probably the average to lower average housing was more or less on par with Kpt-B.

Just a theory, and no real numbers there. It might be that Kingsport and Bristol's housing markets are faring better than JC's. It will be interesting with next year's census to see which areas of the Tri-Cities are growing the fastest.

[jchometeam]

I think maybe the difference in our MLS system numbers and the other figures might be that the MLS numbers only include those homes that actually closed during that time period. Could the 1.1% increase reflect homes on the market that didnt sell? Not sure, just a possible reason for the different numbers. My personal experience has been of list prices not declining, holding fairly steady, but the days on market is through the roof. If my experience is typical (cant guarantee it is), then it would be a logical explanation for the different figures. The lower priced homes are the ones actually selling, but the overall asking prices are slightly higher, with the sellers generally sitting on the homes without them selling quickly.

Could be totally off base, but theres gotta be a reason why two factually correct sources are measuring Johnson City home prices differently.

[Tri-Cities Native]

I have further educated myself by reading the HPI Technical Description paper (http://www.ofheo.gov/Media/Archive/house/hpi_tech.pdf). The MLS numbers reflect all residential sales regardless of price, source of funds, etc. then compares the average sales price from 2007 to 2008. The HPI numbers are based only on repeat transactions (including refinances) on the same properties that are mortgaged or securitized by Fannie Mae/Freddie Mac.

[jchometeam]

That makes sense. Thanks!

[kamoshika]

Tri-Cities Native, your numbers will also differ from the FHFA's due to the areas covered. It sounds like you're looking only at parts of Washington Co., whereas the FHFA data encompasses all of Washington, Carter, and Unicoi counties, which comprise the Johnson City MSA.