News
December 19, 2018

Nov. home sales +1.2%, prices +9.6%; market heads for another record year

November existing home sales declined from October but remained on track for the eighth year of annual increases. So far this year 6,183 single-family home sales in the 11-county region monitored by the Northeast Tennessee Association of Realtors (NETAR) Trends Report have closed. Last year’s annual total was 6,239.

The average sales price performed better across the board last month. November’s $185,639 average was $11,480 better than October and $16,187 better than November last year. So far this year the price trend is tracking toward its best annual performance since 2013.

“With a month to go, it’s safe to say 2018 will be another record year for single-family sales and average price appreciation,” NETAR President Aaron Taylor said. Another 56 closings and we’ll pass last year’s total, and there are 903 approved contracts in the pipeline. Not all of those sales will close by the end of the year but more than 56 will, he added. November’s average sales price as also the highest it has been since 2008.

There were 502 closings on existing single-family homes in November compared to 590 in October and 496 November last year. The average sales price was $185,639 compared to $174,159 in October and $169,452 last year.

There were 48 closings on townhome and condominium sales compared to 53 in October and 50 November last year. The average sales price was $112,874 compared to $123,892 in October and $75,501 last year. Year-to-date townhome and condo sales trail the first 11 months of last year by 22 closings while the price is $4,934 (4.1 percent) higher.

New listings were down from October but have slowly improved during the year. At the same time, there were more new listing last month than new pending sales, so there’s some slight choice improvement for buyers, Taylor added. “The tight inventory and increased competition have created some buyer fatigue, but demand has not fallen off that much.” There were 2,247 active listings in November, down 3.4% from November last year.

The average single-family sale that closed last month was on the market for 115 days. Days on market for a townhome/condo sale was 88. The time on market decreases when you drill down to the county level. Johnson, Lee, and Scott were the only markets in November where the time on market was over 100 days, according to Realtor Property Resource (RPR).

City and county market share, November year-over-year and year-to-date closings and average sales prices can be found on the NETAR web site’s market analytics page at https://netar.us/market-analytics

 

 

 

 

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