News
December 15, 2017

NE Tenn. single-family, condo, townhome sales post healthy Nov. gains

Northeast Tennessee’s housing market moved closer to another record sales year in November.

Closings on single-family sales rose 7.6% while closings on townhome and condominium sales doubled for the second straight month.


ERIC KISTNER
2017 NETAR President

The Northeast Tennessee Association of Realtors’ (NETAR) Trend Report shows 496 November single-family closings, up 35 from last year. So far, this year 5,777 single-family sales have closed, 165 more than during the first 11 months of last year. November’s condo-townhome closings totaled 50, up 23 from last year. So far, this year 545 condo sales have closed, up 109 from last year.

November’s average single-family sales price was $169,452, down $3,689 from last year but a $16,534 improvement over October. The average condo sales price was $45,501, down $45,723 from last year. That drop in the year-over-year comparison was caused by outliers. The year-to-date average price is $120,800, a $655 improvement over the first 11 months of last year. 

NETAR President Eric Kistner said the 21 key market indicators monitored by the Trends Report look good. In November the only year-to-date negatives were active listings, active listing volume, months of inventory and distressed listings.

 “The market is now 232 closing short of 2016’s total when we broke through the 6,000 sales benchmark. It was also the first time the residential sales volume exceeded $1 billion.”

“Although single-family prices softened a little in October and November the price appreciation trend is positive,” Kistner said. Last year the median listing price began decreasing in the fall and winter months, but this year it hasn’t moved off its August level.

“The new listing trend is also improving,” he added. “That doesn’t mean the inventory squeeze will suddenly go away. Still, it does signal more choices for buyers as sellers position themselves to take advantages of the better price trend.”

The average residential sale that closed in November was on the market for 91 days.

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

CITY MARKETS:

Johnson City: Sales - 71, up 14. Avg. price - $245,190, up $40,184

Kingsport: Sales 53, up 8. Avg. price - $171,076, down $15,208

Bristol TN: Sales 29, up 15. Avg. price - $142,724, down $850

Elizabethton: Sales 19, up 10. Avg. price - $104,029, down $9,341

Erwin/Unicoi: Sales 17, up 5. Avg. price $141,722, up $42,194

Greeneville: Sales 11, unchanged. Avg. price $148,682, up $17,534

Bristol VA: Sales 10, down 2. Avg. price $99,510, down $26,069

COUNTY MARKETS:

Sullivan: Sales 137, up 17. Avg. price - $162,556, down $14,337

Washington TN: Sales 134, down 1.  Avg. price -  $228,693, up $16,960

Carter: Sales 50, up 14: Avg. price -$120,070, down $5,275

Greene: Sales 42, down 9. Avg. price - $134,758, down $10,430

Hawkins: Sales 39, up 3. Avg. price - $137,569, down $13,293

Washington VA: Sales 38, down 7, Avg. price $186,047, down $10,510

Johnson: Sales 18, up 12. Avg. price $128,244, up $42,911

Wise: Sales 16, up 2. Avg. price $94,588, down $32,803

Lee: Sales 3, up 1. Avg. price $191,183, up $144,433

Scott: Sales 2, down 2. Avg. price - $115,000, up $57,490

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

 

 

 

 

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