“Closings were up in every city market except Erwin and in every county market except Hawkins,” NETAR President Aaron Taylor said. “Consumer confidence and pent-up demand keep driving the local market to new highs when other markets are beginning to show fatigue in the face of tight inventories and higher prices.”
NETAR noted there were 691 closings on single-family home sales last month. That’s 78 more than May of last year — a 12.7 percent increase.
The average sales price was $177,883, up $10,415 from last year for a 6.2 percent increase. Year-to-date closings are up 9.9 percent, and the year-to-date average price is up 6.7 percent, according to NETAR.
NETAR also reported closings on townhome and condominium sales were flat while the average sales price was up 6.8 percent. The average sales price was $128,722, an increase of $8,182 from last year. Year-to-date sales are down 5.7 percent from last year, and the year-to-date average price is down 2.3 percent.
Taylor said the market had a 4.2-month inventory of homes for sale in May, up from 3.9 months in April.
“For the first time in a couple of months, new accepted contracts didn’t consume almost all of the new listings coming on the market,” Taylor pointed out. NETAR said that gave inventory a small boost, but it’s still 26 percent below last year. There were 2,487 active listings in May compared to 3,362 in May last year.
The average single-family sale that closed last month was on the market for 115 days — the lowest time on market in 10 years. The average time on market for townhome or condo sales was 90 days. The median time on market for county sales ranged from a low of 50 days in Unicoi County to a high of 149 in Wise County. In the region’s two largest counties, it was 64 days in Sullivan County and 62 in Washington County, Tenn.
In Kingsport, there were 326 sales with an average price of $177,942, up $13,117. In Sullivan County, there were 773 sales with an average price of $171,601, up $14,598.
In Hawkins County, there were 228 sales with an average price of $150,804, up $13,624.