News
November 14, 2018

October home sales up 2.8%, avg. price up 13.9%

Local single-family home resales were up 2.8 percent in October when compared to the same month last year while the average sales price was saw it largest year-over-year increase so far this year – up 13.9 percent.  

“We’re still seeing some seasonal slowing, which is to be expected as we move into the holiday season. But the market remains on track to round out 2018 as the eighth straight year for annual sales increases,” NETAR President Aaron Taylor said. October’s new listings were slightly lower than September, but outnumbered new pending sales. So, while the overall inventory remains very tight slower sales and more new listings afford buyers more options than they had a couple of months ago, he added.

October’s big average sales price increase is the result of several factors. So far this year the year-to-date average has increased in all but two of the region’s seven major city markets driving the regional average higher. At the same time all but two city markets had double-digit monthly year-over-year price gains in October. “The big picture is the regional average price trend shows a conservative 4 percent increase so far this year,” Taylor said.

Closings on single-family homes in the 11-county region monitored by the Northeast Tennessee Association of Realtors (NETAR) totaled 590 in October. That’s 16 more than October last year. Last month’s average sales price was $174,159, up $21,241 from last year. The year-to-date sales and price trends show a market comfortably outperforming the first 10 months of last year. Sales are up 7.6 percent and the average price is up 4 percent.

There were 53 closings on townhome and condo resales compared to 47 in September and 59 October last year. The average sales price last month was $123,912 – a $4,020 improvement over last year and $11,204 less than it was in September. So far this year townhome sales are 10.2 percent lower than the first 10 months of last year and the average price trend is down 3.1 percent.

The average days on market for single-family resales in October was 117 and 120 for townhome and condos.

City and county market share, October 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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