Knox housing market REALLY slow? (Knoxville: transplants, how much, custom home)

[Bones]

Some very good points MB. Here's another. In a couple of years, Florida's decline in prices ( correction ) will have people flocking there again....

[mbmouse]

Originally Posted by Bones

Some very good points MB. Here's another. In a couple of years, Florida's decline in prices ( correction ) will have people flocking there again....

This is true, history does repeat itself. I just hope those people who will be moving back to FL in 10 years realize that weather history repeats itself too. But hopefully they will have rebuilt the homes even better for hurricane protection. Maybe they will even be smart enough to look at history and go back to building them like they used to. Isn't it amazing that homes built in 1920 are still standing next to the house that was originally built in the 80's had to be rebuilt 4 times now? Then again, that goes for anywhere I believe. I would much rather buy an old (pre 60's) house with good "Bones" (no reference to you there heheheeeeh) and appreciate it's quality than buy a new slapped up in a month house that have a whole bunch of rules and regs of what I can or to "keep up with the Joneses" But that is just me.

[hiknapster]

The only thing that I noticed about houses in Florida was that they didn't last, even the really old ones.

I think it has to do with the weather. A house built in Florida in the 1920s is basically toast, what with the mold and mildew.

The REALLY new Florida houses are suppose to withstand weather conditions and they cost less to insure.

But anyway, I agree that generally speaking, old houses were made to last. That's why I love them! But Florida houses were a completely different entity.

[mbmouse]

Originally Posted by hiknapster

The only thing that I noticed about houses in Florida was that they didn't last, even the really old ones.

I think it has to do with the weather. A house built in Florida in the 1920s is basically toast, what with the mold and mildew.

The REALLY new Florida houses are suppose to withstand weather conditions and they cost less to insure.

But anyway, I agree that generally speaking, old houses were made to last. That's why I love them! But Florida houses were a completely different entity.

I guess it would depend on where in FL. I know of many old, old houses in Key West, St. Augustine, Miami, West Palm, Safety Harbor and some other places that are still standing strong and beautiful,you know, the old Victorian style. what I wouldn't give to be be able to pick some of them up and move them to TN! hahahahhaha Because even if I was given one of those free and clear, I would NOT move back to Fl after living here in TN.

[jimlee]

Originally Posted by mbmouse

I asked a Realtor friend of mine to look up the stats from the MLS as far as days on the market this year in NE TN. The average is about 130 days. So I guess I would answer yes, that is typical.
Hope that helps.

In the greater Knoxville area our average sale times has never been that high that I can remember in my 29 years of being a real estate broker.

Currently Knoxville's DOM is averaging in the mid to high 90s.

HOME SALES REPORTS (http://www.kaarmls.com/homesalesreport.htm - broken link)

Here's the breakdown by month, quarter, & year for the past 9 years.

Monthly updates are usually posted around the middle of the following month, i.e., November's stats will be out around December 16th-18th.

[hiknapster]

Doesn't look so good.

[JMT]

Originally Posted by jimlee

In the greater Knoxville area our average sale times has never been that high that I can remember in my 29 years of being a real estate broker.

Currently Knoxville's DOM is averaging in the mid to high 90s.

HOME SALES REPORTS (http://www.kaarmls.com/homesalesreport.htm - broken link)

Here's the breakdown by month, quarter, & year for the past 9 years.

Monthly updates are usually posted around the middle of the following month, i.e., November's stats will be out around December 16th-18th.

Those are interesting stats. I appreciate your posting the web site so we can see for ourselves that the real estate market in Knoxville is still pretty healthy. While sales are off from 2005 and 2006, they're still higher than they were any year before 2005. And it looks like more than half of the homes are sold within 90 days. Two houses in my neighborhood have sold in less than 2 weeks.

[hiknapster]

I'm at work, so this is a quick glance, but it seems like everything has gone down, except for 4 bedroom + houses. It looks like condos really took a hit, but I could have told you that, anyway.

However....

Inventory when up.

[hiknapster]

Originally Posted by JMT

Those are interesting stats. I appreciate your posting the web site so we can see for ourselves that the real estate market in Knoxville is still pretty healthy. While sales are off from 2005 and 2006, they're still higher than they were any year before 2005. And it looks like more than half of the homes are sold within 90 days. Two houses in my neighborhood have sold in less than 2 weeks.

No. They are higher than 2003. They are lower than 2004 to 2006.

[JMT]

Originally Posted by hiknapster

I'm at work, so this is a quick glance, but it seems like everything has gone down, except for 4 bedroom + houses. It looks like condos really took a hit, but I could have told you that, anyway.

However....

Inventory when up.

3rd quarter 2007: 4487 units sold, 91 days average on the market
3rd quarter 2006: 4745 units sold, 78 days average on the market
3rd quarter 2005: 5018 units sold, 65 days average on the market
3rd quarter 2004: 4219 units sold, 80 days average on the market
3rd quarter 2003: 4002 units sold, 87 days average on the market
3rd quarter 2002: 2833 units sold, 85 days average on the market
3rd quarter 2001: 2634 units sold, 84 days average on the market
3rd quarter 2000: 2565 units sold, 84 days average on the market

Builders may have overbuilt some subdivisions, but homes are still selling at a healthy rate.