News
August 16, 2017

July home sales post record month, prices trending higher

Home sales in the Tri-Cities region held steady against a tight inventory in July while prices scored their 11th straight year-over-year gain.

"July was the first time in four months single-family home sales were better than last year. That's noteworthy even though it was only by three sales," said Northeast Tennessee Association of Realtors® (NETAR) President Eric Kistner.  "As expected, price gains were smaller in July than June due to seasonal softening, but they continue trending higher," he said.

According to NETAR's Trends Report, there were 588 closings on previously owned, single-family homes sales in July. That's three more than July last year. The average sales price was $172,722, down $6,969 from June but $6,191 higher than July last year.

Closings on condominium and townhome sales also saw some seasonal slowing. The Trends Report shows 58 closings compared to 48 last year and the average sales price was $117,314, down $12,522 from last year's average.

Neither the seasonal slowing or the inventory squeeze have pushed sales or prices below the year-to-date trend, Kistner said. So far this year, sales are 2.1% better than the first seven months of last year, and the seven-month average sales price is 4.7% higher.

New listings were up 3.5% in July. "That's encouraging, but it's not enough ease the squeeze," Kistner said.  July's active listings were 22.2% lower than July last year. That gave the 11-county region monitored by the Trends Report 4.1 months of inventory. Six months inventory is considered normal market conditions.

The average single-family home that closed in July was on the market for 118 days – the lowest monthly days on market total since 2008. The average condo sold was on the market for 143 days.

Here's a capsule look at how city and county July single-family sales and average prices looked compared to the July last year.

CITY MARKETS:

Kingsport: Sales - 70, down 11. Avg. price - $199,146, up 4.9%.

Johnson City: Sales - 64, down 28. Avg price - $207,608, down 4.1%.

Bristol TN: Sales 33 - up 11. Avg. price - $184,415, up 10.2%.

Elizabethton: Sales - 24, same as last year. Avg. price - $144,825, up 29.9%.

Bristol VA: Sales – 19, same as last year. Avg. price - $125,403, up 6.5%.

Erwin/Unicoi: Sales – 14, up 7, Avg. price - $168,205, up 25.4%.

Greeneville: Sales – 12, down 10. Avg. Price - $156,350, down 13.2%.

COUNTY MARKETS:

Sullivan: Sales – 173, up 11. Avg. price - $190,049, up 2.2%.

Washington TN: Sales – 167, up 5. Avg. price - $199,106, down 3%.

Carter: Sales – 63, up 19. Avg. price - $139,722, up 15%.

Greene: Sales – 51, down 5. Avg. price - $141,468, down 7.1%.

Hawkins: Sales- 49, down 8. Avg. price - $132,981, up 7.9%.

Washington VA: Sales – 33, down 9. Avg. price - $193,297, up 38.8%.

Wise: Sales – 22, up 8. Avg. price - $99,736, up 16.6%.

Scott: Sales – 8, down 5. Avg. price - $55,500, down 28.4%.

Johnson: Sales – 7, down 6. Avg. price - $192,857, up 18.2%.

Lee: Sales – 1, down 3. Avg. price - $88,000, up 5.1%.

NETAR counts city sales as those in the high school zone for each of the 11-county region it monitors. City sales and price data are included in the county totals.

 

 

Category: