Tri-Cities pending sales up 2.7% in December.
Don Fenley
December pending home sales were up on increases in the move-up and luxury home markets. Pending sales in the affordable market price range declined.
Pending sales are a leading indicator of housing activity based on signed contracts for existing single-family home and condominium sales in the region monitored by the Northeast Tennessee Association of Realtors (NETAR). Since resales go under contract 30 to 60 days before they close, pending sales offer insight into the market’s direction.
There were 170 pending sales in the $100K-$249,999K affordable price range, down 12.4% from last year.
Sellers accepted contracts on 244 homes in the $250K-$499,999K move-up market price range, up 17.3%.
The $500k and up luxury market had 56 pending sales, up 16.7% from last year.
Slower sales allowed active inventory to increase by 17.7% last month. That is equivalent to 3.2 months of inventory at December’s sales pace.
New listings in the affordable market are down 29.6%.
New listings in the move-up market are up 32.4%.
The luxury market’s new listings are up 29.1%.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,800+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us