61.3% of June condo sales were cash deals
Everyone knows cash is king in the existing home sales market. But it was king on steroids in June’s local condo market.
A little more than six out of every 10 local condo sales (61.3%) were cash deals. And the average cash sale was $3,837 above the list price. They were also on the market for only 24 days.
Condos are gaining favor with locals, and builders are upping their place in the new home construction mix. However, not all of them are for sale. Condos have a strong local showing in the build-to-rent trend. One example is the complex that is near build out on West Stone Drive in Kingsport on what used to be a site developed for commercial use.
So far this year, there have been 51 fewer condo sales than last year’s first half. That’s as much a lack of inventory factor as consumer preference.
The typical mid-year sales price was $160,000. That’s $42,000 more than it was during the first six months last year.
Cash accounted for half of sales during the first six months of the year, up from 49% during the previous year. The typical cash sales price of $160,000, while the average conventional financed sale was $159,900.
Convention loans and cash have dominated the 213 sales so far this year. There were seven FHA sales and two with VA financing.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us