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NETAR: Home listings tighten, prices rise

Hank Hayes • May 31, 2017 at 9:15 AM

GRAY — Home inventory continues to tighten and prices are still rising, according to a report on pending home sales released by the Northeast Tennessee Association of Realtors (NETAR) on Tuesday.

NETAR said there were 748 new accepted offers on single-family, condominium and townhome properties in the 11-county region monitored by the NETAR’s Trends Report last month. That is a year-over-year increase of nine sales and 10 more than March.

NETAR President Eric Kistner said April's new deals combined with those that are still in the pipeline brought the month's total to 1,140, up 18 percent from April last year.

"That’s a 13-month high," he noted. Pending sales typically take about six weeks to move from acceptance to closing, and it is not uncommon for about four percent of them to fall through.

At the same time, NETAR reported pending sales have been increasing while new listings are again slowing. Kistner said new listings were ahead of the same month of the previous year from November through February but dropped into negative territory in March and April.

April's active listings were 21 percent below April last year. That gave us 5.39 months of inventory, Kistner said. In April last year, there was 8.12 months of inventory, he pointed out.

"Increasing sales and a tight inventory are pushing listing and sales prices," Kistner said. The average increase is not as much as those reported in some metro areas, but it's better than what we've seen in the past couple years, he added.

NETAR's May Trends Report covering closed sales will be released in about three weeks and monitors single-family, condominium and townhome sales in Carter, Greene, Johnson, Hawkins, Sullivan, Unicoi and Washington counties in Northeast Tennessee and Scott, Lee, Wise and Washington counties in Southwest Virginia. Sales, average prices and trend data for Johnson City, Kingsport, Greeneville, Elizabethton, Bristol, Tenn., Bristol, Va., and Erwin are also part of the monthly report.

For more, go to www.netar.us.

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