Vacant land sales take a breather; sales, new listings, inventory down
Vacant land sales are showing signs of slowing.
Sales listed on NETAR’s Commercial Multiple Listing Service (CMLS) were barely equal to those during the first five months of last year, and those listed on the Flex service were down 7.4% during the same period.
Active and new listings for vacant land are also on the decline.
And pending sales were flat in May and for the year to date.
Combined January through May transactions totaled 927 compared to 1,000 last year.
The largest decline, down 30.8%, is in parcels in the $200,000 to $249,999 price range.
There are a couple of price ranges where new listings have increased so far this year, but most price ranges are down.
And the number of those that are increasing is small. For example, new listings in the $30,000 to $40,000 range were up six from April. New listings for the other eight price tiers before reaching the $160,000 range are down from the previous month.
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 1,600+ 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