News
June 13, 2018

NE Tenn. May home sales up 12.7%; best single month in 10 years

May was the single best month for closings on Northeast Tennessee single-family home sales in the past 10 years.

"Closings were up in every city market except Erwin and in every county market except Hawkins," according to Northeast Tennessee Association of Realtors (NETAR) President Aaron Taylor. "Consumer confidence and pent-up demand keep driving the local market to new highs when other markets are beginning to show fatigue in the face tight inventories and higher prices," Taylor said.

There were 691 closings on single-family home sales last month according to NETAR's Trends Report. That's 78 more than May last year- a 12.7% increase. The average sales price was $177,883, up $10,415 from last year for a 6.2 percent increase. Year-to-date closings are up 9.9 percent, and the year-to-date average prices is up 6.7 percent.

Closings on townhome and condominium sales were flat while the average sales price was up 6.8 percent. The Trends Report shows 56 closings, up one from last year and the average sales price was $128,722, up $8,182 from last year. Year-to-date sales are down 5.7 percent from last year, and the year-to-date average price is down 2.3 percent.

Taylor said the market had a 4.2-month inventory of homes for sale in May, up from 3.9 months in April. "For the first time in a couple of months new accepted contracts didn't consume almost all of the new listings coming on the market," Taylor said. That gave inventory a small boost, but it's still 26 percent below last year. There were 2,487 active listing in May compared to 3,362 May last year.

The average single-family sale that closed last month was on the market for 115 days – the lowest time on market in 10 years. The average time on market for a townhome or condo sales was 90 days. The median time on market for county sales ranged from a low of 50 days in Unicoi County to a high of 149 in Wise. In the region's two largest counties it was 64 days in Sullivan County and 62 days in Washington County, TN.

Here's a capsule look at local market tends based on the year-to-date city and county single-family resales and average prices compared to the first five months of last year:

CITY MARKETS

Kingsport: Sales 326, up 58. Avg. price - $177,942, up $13,117.

Johnson City: Sales 320, up 20. Avg. price - $222,165, down $7,844.

Bristol, TN: Sales 131, up 18. Avg. price - $154,371, up $17,666.

Greeneville: Sales 82, up 9. Avg. price $134,314, up $1,038.

Bristol, VA: Sales 81, up 9. Avg. price - $117,368, up $7,130.

Elizabethton: Sales 63, up 3. Avg. price - $121,866, up $711.

Erwin/Unicoi: Sales 61, down 7.  Avg. price - $154,157, down $14,385.

COUNTY MARKETS:

Sullivan: Sales 773, up 86. Avg. price - $171,601, up $14,598.

Washington, TN: Sales 666, up 39. Avg. price $217,289, up $11,316.

Greene: Sales 272, up 29. Avg. price $150,803, up $7,450.

Hawkins: Sales 228, up 16. Avg. price $150,804, up $13,624.

Carter: Sales 204, up 3. Avg. price $133,938 up $674.

Washington, VA: Sales 174, up 11. Avg. price $179,998, up $13,876.

Wise: 85, up 27. Avg. price $111,068, up $12,326.

Johnson: Sales 56, up 20. Avg. price $200,602, up $89,262.

Scott: Sales 48, no change. Avg. price $111,068, down $12,326.

Lee: Sales 19, up 5. Avg. price $101,291, up $25,938.

NOTE: Johnson County's year-to-date high average sales price change is the residual effect of an outlier sale.

NETAR counts city sales as those in high school zones. City sales and price data are included in the county totals.

 

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