Knoxville home sales (Maryville, Farragut: real estate market, foreclosures, condos)

[jimlee]

The Knoxville Area Association of Realtors sales data for the 3rd quarter of 2002 is now available.

"Our average sales price for a typical 3 bedroom home jumped from $169,300 in quarter 3 2006 to $177,200 in this third quarter; a 4.6% increase which is fairly typical in the Knoxville area real estate market."

"Total homes and condos sold during the previous quarter were 4,463 and we dropped a bit from the 4,645 Knoxville area homes sold during the same period in 2006.

The third quarter median sales for a Knoxville 3 bedroom home rose from $149,900 in 2007 to $157,900 in 2007 which is a 5.3% increase."

[Beretta]

Originally Posted by jimlee

The Knoxville Area Association of Realtors sales data for the 3rd quarter of 2002 is now available.
[/i]

Did you mean to say the 3rd quarter of 2007 not 2002?

[jimlee]

Originally Posted by SmokyMtnGal

Did you mean to say the 3rd quarter of 2007 not 2002?

Yes I did; thank you for pointing it out although 3rd quarter 2002 was a good year also.

For some very odd reason you can only edit your posts for 96 minutes after you post so unless one of the powers that be would be kind enough to fix it it's 2002 forever.

[hiknapster]

I'm probably reading the report wrong, but I see the average selling price for the third quarter of 2006 to be $186.8 and for 2007 to be $154.96. (In thousands)

Further, I see new listings for 2006 to total 6,492 with a listing average of $228.3. For 2007 new listings total 7,231 and a 2007 listing average of $240. (In thousands)

There were 711 condos on the market for the third quarter of 2006 and 946 condos for the same time this year.

But I could be reading the report wrong.

Also:

Foreclosures in the five-county Knoxville metropolitan area increased significantly in August, more than doubling compared with August 2006 and jumping by 57 percent, from 180 to 283, from July to August.

In Knox County, foreclosures increased by almost 91 percent from July to August, from 109 to 208, according to RealtyTrac, an online real estate marketplace. Nationally, foreclosures were up 36 percent in August from the previous month, and in Tennessee by 32 percent.

Creeping upward in previous months, foreclosures in the five-county area increased 13 percent in the first half of 2007, compared with the previous six months, while Knox County’s increased by 24 percent. Foreclosures were up 19 percent in Tennessee and 32 percent across the country in the same time period, reported RealtyTrac, which has a comprehensive foreclosure database that includes more than 1 million default, auction and bank-owned homes from across the country.

No quick money in buying foreclosures : Business Journal : Knoxville News Sentinel

[jimlee]

Originally Posted by hiknapster

I'm probably reading the report wrong, but I see the average selling price for the third quarter of 2006 to be $186.8 and for 2007 to be $154.96. (In thousands)

But I could be reading the report wrong.

I have no idea where you're seeing those figures.

Here's the 2006 3rd quarter data for 2,3, and 4 or more bedroom homes sold, $98,800 for 2 bedrooms, $169,300 for 3 bedrooms, and $292,300 for 4 bedrooms & more.


Average Price
(in Thousands $)
98.8 169.3 292.3

and the 2007 3rd quarter data for the same price ranges, $110,500 for 2 bedroom homes, $177,200 for 3 bedrooms, and $311,600 for 4 & more.

Average Price
(in Thousands $)110.5 177.2 311.6

[hiknapster]

it looks like I got the 2006 prices right, and I think I used the correct prices for 2007, but I obviously didn't! Bear in mind that I have a seven-year-old tugging on me. It is Saturday morning!

Like I said, I could be wrong. My apologies.

There are a lot more units on the market, though!

They are also staying on the market longer, although I really don't trust those figures, either, since they can be manipulated by pulling the unit off the market and then putting it back on.

I talked to a builder in Farragut last week. He told me that anyone who says the market is not flat, is lying. I'm not calling you a liar. You're just giving us the report. That's all. But that's what he said.

[jimlee]

Originally Posted by hiknapster

I talked to a builder in Farragut last week. He told me that anyone who says the market is not flat, is lying. I'm not calling you a liar. You're just giving us the report. That's all. But that's what he said.

For lots of builders the new home market is flat,very flat, especially above the $500,000 price range. Builders usually talk to other builders so I think there's a good chance that's the perspective he was speaking from.

Personally I've sold about $5,000,000 worth of Knoxville homes year to date, which is about my average production so it's not flat from my point of view.

[pdq]

Hi Hiknapster,

We know several builders that say this is the worst market they've seen, worst than the early-mid 90s and more competition. These guys aren't building mega homes either, sensible under $250K. Our neighbor/friend who's a realtor says this is the worst he's seen things in years but he's still out there trying to hustle it. Fewer sales, and according to him, more agents. I thought some agents would have bailed by now.

Good job Jim, $5M is nothing to sneeze at. Given the commision, I'd say you're doing better than anyone posting here.

Going to take a look at that data now and thanks hik for the foreclosure info.

[jimlee]

Originally Posted by pdq

Hi Hiknapster,

We know several builders that say this is the worst market they've seen, worst than the early-mid 90s and more competition. These guys aren't building mega homes either, sensible under $250K. Our neighbor/friend who's a realtor says this is the worst he's seen things in years but he's still out there trying to hustle it. Fewer sales, and according to him, more agents. I thought some agents would have bailed by now.

There has been about a 70% increase in the number of Realtors both local and nationwide in the past 5-6 years and there has not be a 70% increase in the numbers of sales. In fact the number of sales has decreased nationally and a bit locally.

We (Knoxville area Realtors) sold 182 fewer residential units during the 3rd quarter of 2007 versus the same quarter in 2006.

The result is that you have larger numbers of real estate licensees, both Realtors and non-Realtors chasing smaller numbers of sales.

I've been licensed since 1978 so I've been through bad markets as well as good. In the early 80s, mortgage interest rates were in the 18-20% range and we had to learn how to do creative financing in order to survive.

The majority of real estate licensees today have never been in a bad market and for the most part haven't a clue what to do.

They never had to develop any real estate skills because if you stood along the roadside and passed out business cards a buyer or seller would soon come along. Not that way right now.

I believe we currently have about 5,000 Realtors in the Knoxville area right now along with a smaller number who are real estate licensees.

I think a lot of that number are staying on the rolls because their board dues are paid up through the end of the year and a significant number will not be renewing come January 1st, 2008.

The Tennessee Real Estate Commission recently went to staggered license renewals to smooth out the every 2 year flood when everyone had to renew at the same time. New licensees now have to renew their licenses 2 years from the issue date.

Real estate, like the economy is up and down; if it's down now it will be up later and vice versa.

[Beretta]

It would be nice to have an experienced Maryville realtor join the board and share similar information for the Maryville market.