NET home sales headed toward another record year

Hank Hayes • Dec 16, 2017 at 3:00 PM

GRAY — Northeast Tennessee’s housing market moved closer to another record sales year in November, according to a report released Friday by the Northeast Tennessee Association of Realtors (NETAR).

Closings on single-family home sales rose 7.6 percent while closings on townhome and condominium sales doubled for the second straight month.

NETAR said there were 496 November single-family closings, up 35 from last year. So far this year, 5,777 single-family sales have closed, 165 more than during the first 11 months of last year. November’s condo and townhome closings totaled 50, up 23 from last year. So far this year, 545 condo sales have closed, up 109 from last year.

November’s average single-family sales price was $169,452, down $3,689 from last year but a $16,534 improvement over October. The average condo sales price was $45,501, down $45,723 from last year. That drop in the year-over-year comparison was caused by outliers. The year-to-date average price is $120,800, a $655 improvement over the first 11 months of last year.

NETAR President Eric Kistner said the 21 key market indicators monitored look good. In November, the only year-to-date negatives were active listings, active listing volume, months of inventory and distressed listings.

“The market is now 232 closings short of 2016’s total when we broke through the 6,000 sales benchmark. It was also the first time the residential sales volume exceeded $1 billion,” Kistner noted. “Although single-family prices softened a little in October and November, the price appreciation trend is positive.”

Last year, the median listing price began decreasing in the fall and winter months, but this year it hasn’t moved off its August level.

“The new listing trend is also improving,” Kistner added. “That doesn’t mean the inventory squeeze will suddenly go away. Still, it does signal more choices for buyers as sellers position themselves to take advantage of the better price trend.”

The average residential sale that closed in November was on the market for 91 days.

In Kingsport during the month, there were 53 sales, up 8. The average price was $171,076, down $15,208. In Sullivan County, there were 137 sales, up 17. The average price was $162,556, down $14,337. In Hawkins County, there were 39 sales, up 3. The average price was $137,569, down $13,293.

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