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Region's home sales still at a 10-year high

Hank Hayes • Sep 12, 2018 at 9:00 PM

GRAY — Northeast Tennessee had a 15.5 percent home sales increase in August, the eighth straight month single-family closings were at a 10-year high, according to a report released Wednesday by the Northeast Tennessee Association of Realtors (NETAR).

NETAR said there were 685 closings in August compared to 593 last year. The average sales price was $175,967, up 2.2 percent from last year.

Year-to-date single-family closings have totaled 4,562 compared to 4,166 during the first eight months of last year. The average year-to-date price appreciation is 3.5 percent.

Closings on townhome and condo sales were up 15.2 percent, but lagged the year-to-date total by 14. August’s average sales price was $126,976, up two percent from last year.

NETAR President Aaron Taylor said August’s closings were the second-best single month in 10 years. May was the best month in a decade and was only six sales better than August.

“August’s increase was driven by double-digit gains in Sullivan, Washington County, Tenn., Carter, and Hawkins counties,” Taylor said. Kingsport led the region’s city markets with 37 more closings (up 63.8 percent) than last year.

Taylor said inventory is seeing some relief from record lows, but is still tight. During August, the 11-county region monitored by NETAR had a 4.6-month supply of homes on the market. “That’s the best we’ve seen since March, but some buyers continue to be frustrated at not finding what they’re looking for. At the same time, there are homeowners who would like to sell but are holding off because they can’t find the product they want in existing or new home inventory,” he pointed out.

New home construction has increased but new residential permits were down almost 10 percent from what they were during the first half of last year. Builders say increasing materials and labor cost plus a lots shortage are crimping expansion, according to NETAR.

The average single-family home sale that closed last month was on the market for 107 days – another 10-year low. The average days on the market for townhome or condo sale was 125 days. The lowest time on market for a county last month was 63 days in Sullivan County followed by Hawkins County 71 days. Washington County, Tenn., and Greene counties were 72 days, according to Realtor Property Resource.

City and county market share, August year-over-year and year-to-date closings and average sales prices and the city and county market share can be found on the NETAR web site’s market analytics page at https://netar.us/august-market-analytics.

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