Hot Markets

Kingsport continues expanding existing home sales market share 

Kingsport sales softened in April, but it remains the only city market where existing home sales have consistently been higher than the city's 2017 annual market share. The only other city that increased share last month was Greeneville.

The dip in Kingsport's sales performance has been consistent if you look at March's spike as an outlier month. And although two months doesn't lock in a trend Greeneville's performance in March and April is a strong share increase as it moves into its prime selling and buying the season.

Sullivan and Johnson counties remined the only county markets consistently outperforming their 2017 market share in April. Greene and Hawkins have shown some revival after their respective January and February slumps.

YEAR-TO-DATE CITY SALES MARKET SHARE

 

YEAR-TO-DATE COUNTY SALES MARKET SHARE 

 

YEAR-OVER-YEAR MARKET PERFORMANCE

Bristol VA and Elizabethton moved into the best performance when sales are compared to April last year while Kingsport and Greeneville continued modest increases. Bristol TN hasn’t been able to sustain its strong beginning of the year start, and Johnson City resales have lagged last year's performance – a likely casualty of its tight inventory.

Sullivan, Carter, and Greene posted the best year-over-year performance as county market sales perk up with weather that was more conducive to shopping and buying property. Johnson City's April sales pulled the county down. It was the only county with negative year-over-year sales

.YEAR-T0-DATE MARKET PERFORMANCE

Kingsport remains heads and shoulders above the other city markets in the year-to-date sales metric. Greeneville and Bristol VA are close behind with their double-digits gains. It also leads the other markets in foreclosures and properties with mortgages that are 90-days or more delinquent, but some of that is because it is also the largest city market.

Johnson City's negative year-over-year performance has also pulled it into the red for the first four months of the year.

MOVING AVERAGE TREND 

Solid regional sales performance has pulled the 11-county region's three-month moving average to its highest point since December. It was up 8.9% from April last year. If you toss out March sales spike as an outlier, April's year-over-year trend marker change in the best since March last year.

Listings in the prime $200,000 and below tier were down in every market in April, and only Bristol had an increase in inventory in the $200,000 - $399,999 price range. Bristol, Greeneville and Johnson City metro markets had the only year-over-year increases in the $400,000 to $599,999 price range.

The Twin Cities market also posted on the only sales increase in the $200,000 and under price range for the 12 months ending in April. Region wide there were 16 fewer properties in that price range sold when compared to the previous 12-month period.

Sales in the $200,000-$399,999 range were up 150 across the region with the Kingsport metro area leading the pack.

Overall sales are still setting records, but the growth rate is softening from last year's pace. Most market watchers look for this to continue as buyers become frustrated with the inventory and mortgage rates continue climbing. Although the rates are still below their historic norm, the economy continues to wean housing off the historic low rates.

Inventory remains the dominating factor as the number of new contracts almost matches the number of new listing each month.