Condo sales down, prices up 12%
Condominium sales remain a hot ticket in the local existing home sales market.
So far this year, 469 condo sales have closed compared to 501 during the first 10 months of last year. The main reason sales are down is the lack of inventory.
There was a little more than a half-month’s inventory on the market during October, and the absorption rate was 176%. The typical sale that closed in October was on the market for 34 days.
The year-to-data median listing price is $162,707, up 1.7%, and the median sales price of $128,972 is 12.1% higher than last year.
The likely reason condo and townhome sales are so hot is they are being snapped up by buyers who have been priced out of the market for single-family homes – especially first-time buyers.
Developers have factored in new condos and townhomes into their development plans. Still, they remain secondary to the single-family home market in the region monitored by the NETAR Home Sales report. At the same time, they have been and remain a solid market for mom-and-pop investors looking to expand their investment properties.
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