Feb. cash sales down; VA loans highest sales price
Cash sales were down in February, and sellers who went for the deals took an average of $3,627 less than the list price.
February’s cash sales market share was 28%, down from 49% in January.
Conventional loans accounted for most (52%) of last month’s sales, followed by cash deals, while VA loans accounted for the higher median sales price.
Here’s how the sales in the seven NE TN counties monitored by NETAR were sold, the median sales price, and the difference between the sales and listing price:
Conventional – 55 sales, $250,000, -$3,889.
Cash – 125 sales, $180,000, -$3,627.
FHA – 42 sales, $176,500, -$375.
VA – 35 sales, $300,000, -$3,500.
USDA – 14 sales, $175,450, -$1,380.
THDA – 2 sales, $160,000, -$2,400.
Owner financed – 1 sale, -$9,000.
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