Knoxville Tennessee Real Estate Blog

The long awaited 2008 residential sales figures are now available from the Knoxville Area Association of Realtors. now we’re able to see how the Knoxville area fared in 2008 compared to our previous years.

First chart is the total number of units sold. That’s total single family residences and condos sold in 2008 by Knoxville area Realtors. This includes all areas our members work in which includes Knox County, all the contiguous counties, and some outlying counties in east Tennessee.

Looks like about a 31.3% drop in units from 2007 vs. 2008; back about to 2002 levels. Still 11,850 is a bunch of houses and condos sold and closed.

Next let’s see how the average and median sale prices for 3 bedroom homes has been doing.

The drop in average and median sales prices does not necessarily mean your house has dropped in value, these are just averages. The median price means 50% of sales were above that price and 50% were below it. The best conclusion you can draw from this is that there were more sales of lower priced homes than higher.

The average sales price dropped 9.55% from 2007 to 2008; back to just a shade below 2006 levels.

Here’s 9 years worth of “Days On Market” or time it took to sell from list date to closed date.

Average days to sell a house in the greater Knoxville area

So we see days from list date to closed date have increased about 9.8% from 2007 versus 2008; that’s just a litte higher than the past 8 year’s averages.

And here’s the total number of listings Realtor took each year. These figures include single family home and condos.

Knoxville area yearly totals for listings taken

Currently in the Knoxville Area Association of Realtors Multiple Listing Service there are 12,171 active listings for single family houses and condos.

The following data on new home construction permits for Knox County was provided by The Market Edge, a service that provides specialized information to the residential and construction industry.

Yearly residential building permit totals for Knox County

New residential construction took a big drop in 2008 with a 45% drop over 2007 permits issued. I’m not looking for a rebound in 2009.

While there is no way to predict the future, you can look to past data to formulate some projections. If 2009 listings taken equal the 32,232 taken in 2006; that number added to the current 12,171 equals 44,403.

We sold 11,850 homes and condos in 2008 and have the potential to have over 44,000 homes and condos for sale in 2009. Existing inventory needs to be cleared (sold) before any new listings are added but past performance tells me that is not going to happen.

If you intend to sell your Knoxville area home in 2009 it’s more critical than ever to make certain it’s priced very competatively and in tip top condition.

If you intend to buy a home in the Knoxville area in 2009 there is no question it’s a buyer’s market. Combine that with fixed interest rates in the 5% or below range and that makes it a wonderul time to buy.

Sellers can visit my website, www.KnoxvilleHomeCenter.com to get a free estimate of your home’s most likely selling price along with lots of fix up, shine up tips to make it more appealing to potential buyers. Just click the link titled “Selling“.

Buyers can search all the Knoxville area Realtor listings there as well, just click the link titled “Search Homes” on the left; no registration necessary.

Please feel free to leave a comment or question.

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On a recent, chilly Thursday evening Knoxville area bloggers were treated to a special evening with the Knoxville Symphony Orchestra (KSO) at the Tennessee Theatre on Gay Street.

This was the Symphony’s second “Bloggers Night” and my first. It was a great evening with 2 hours of delightful music from Bach, Mozart, and Mendelssohn.

The Mozart concerto featured Pianist Navah Perlman on the piano. Ms Perlman is a very accomplished musician and gave a wonderful performance. It was amazing to watch her fingers fly across the keyboard and produce her beautiful music.

A pre-concert chat was held on stage with Maestro Lucas Richman giving a preview of the upcoming performance. Ms Perlman joined him briefly to talk about her work.

I was pleasantly surprised to find one of my fellow Realtors, Jennifer Crake, is a musician with the Orchestra. Jennifer is Second Horn as well as a Knoxville Realtor.

Also Knoxville blogger Katy Gawne is the principal violinist and de facto KSO blogger.

The first piece was Bach’s Brandenburg Concerto No. 3 in G Major for Strings and Continuo, BWV 1048. Frankly I don’t have a clue what all that stuff means but I do know it was some very beautiful music by the Strings (that’s violin, viola, cello, and bass)  which I enjoyed immensely.

Second was Mozart’s Concerto No. 24 for Piano featuring the talented Ms Perlman and the Orchestra. They seemed to mesh very well with the Orchestra’s music complimenting her piano. Another beautiful work.

After a brief intermission we heard Mendelssohn’s Symphony No. 4, the Italian Symphony; I think this was my favorite. I enjoyed hearing the oboes in the background punctuated by the timpani (commonly known as kettledrums).

Here’s a link to KSO’s podcast as well as an interview with Ms Perlman by Maestro Richman so you can enjoy some beautiful music and hear a couple of talented musicians talking shop.

After the concert there was a reception in the Glenn Miller room downstairs for all the bloggers. Several of the Orchestra members joined us along with Maestro Richman who struck me as a pretty cool guy. Ms Perlman also made a brief appearance.

KSO Maestro Lucas Richman and Featured Performer Navah Perlman at the KSO Blogger's Night reception following the concert.

Knoxville area bloggers file into the Glenn Miller room for the Blogger's Night reception. It was great to be able to see and meet in person the people you know online.

“The aim and final end of all music should be none other than the glory of God and the refreshment of the soul.”

Johann Sebastian Bach, composer, 1685-1750

Mr. Bach I could not agree more.

Thanks to KSO for a delightful evening and a wonderful performance.

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January 2009 is well under way. As we enter the second week of the new year the real estate transfers are down a bit from the previous but high end sales are way up from the previous week of zero.

Six property transactions over $1,000,000 were recorded in this past week as well four more in the $500,000 to $1,000,000 category.That brought the total transfers to 91 for the week.

Not to worry if you didn’t buy one this past week; there are still 464 active listings for single family homes and condos for sale in the Knoxville Area Association of REALTORS® Multiple Listing Service. You can pick one out at KnoxvilleHomeCenter.com

Knox County Registrar of Deeds, Knox County, Knoxville, Tennessee

Here’s some examples of what you can buy today in the various price ranges

Beautiful home in beautiful setting, Farragut, Tennessee just outside Knoxville. Just under $1,500,000. Listed by Gables & Gates, REALTORS, (865) 777-9191

Great look in Lyons Bend area, $749,000. Listed by Realty Executives Associates, (865) 693-3232

Picturesque 2-Story traditional home but brand new, $489,000, Listed by Realty Executives Associates, (865) 693-3232

Hardin Valley near Pellissippi Parkway, $289,900, Listed by Realty Executives Associates, (865) 693-3232

Northwest, Cape Cod charmer with mountain views, $147,000, Listed by The Realty Hut, Inc., (865) 335-5998

Northwest Knoxville, charming 2 bedroom, 2 bath cottage $89,900, Listed by Realty Executives Associates, (865) 688-3232

North Knoxville, 2 bedroom cottage w/screened front porch $44,900, Listed by Coldwell Banker Wallace & Wallace, (865) 687-1111

Visit KnoxvilleHomeCenter.com to view all Realtor listings of Knoxville area homes, condos, lots, and acreage

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While reading one of my Internet Realtor buddy’s blogs recently I came across a novel idea he was using for the old traditional real estate yard signs. You know that faded, beat up standard sign in yards all around Knoxville advertising homes and condos for sale.

Greg Swann, the broker of BloodHound Realty in Phoenix, Arizona create a custom yard sign for each listing specific to that property. Yep, each and every one of Greg’s listings has a bright, fresh yard sign complete with photos of that listing and property information.

Immediately I decided I wanted something like that for my lstings so I sat down at my computer with Microsoft Publisher and went to work. After coming up with a prototype I paid a visit to Print Edge in the Cedar Bluff Road area to see if my vision could be turned into reality at a price I could afford.

After talking with Tom Qualkenbush, a Print Edge Account Executive, I found the price was very affordable and the process very simple so I decided to go ahead.

Below is our first effort. I already plan some changes to the next one but for now we’re off and running.

12724 Comblain Road, Knoxville, Tennessee 37922

This is also a great home in the Farragut area. It’s priced toward the low end for Fox Run subdivision at $388,500 so if you or anyone you know is in the market for a new home this one is well worth a look.

Here’s another example of single property yard signs from one of my Realtor friends in Colorado, Mariana Wagner.

Knoxville tennessee real estate, jim lee knoxville area realtor

If you have a Knoxville area home you’re thinking of selling and want to get your own personal yard sign and have your house marketed by me I would love to have the opportunity to talk with you; no cost and no obligation.

Visit www.KnoxvilleHomeCenter.com to see some of my other unique and effective marketing tools that have enabled me to sell literally hundreds of Knoxville area homes just like yours.

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Not surprisingly the volume was down just a little this week due to the holidays and the Registrar’s offices being closed for part of that time.

Never the less they managed to record 120 property transfers which means some lucky Knox County residents got an especially nice Christmas present with a new home.

Real estate transfers from the Knox County Registrar of Deeds office

Here are some examples of what your money can buy in Knox County & the Knoxville area.

Charming Cape Cod in east Knox County, sold for $125,000

They say"Halls has it!" and this beautiful home that sold for only $180,000 should be proof of that slogan.

Fairmont Boulevard area of north Knoxville, inviting front porch and sold for $82,500.

Want a fixer-upper? This bargain priced home on Washington PIke sold for $17,000

What? $17,000! I have a Visa card with a higher credit limit than that! If anyone else wants to sell something like this please call me at once; we’ll talk.

Above is proof positive folks that you can get a deal today on homes in most any price range you’re considering.

Take a look at www.KnoxvilleHomeCenter.com to see what you can buy at our current 4.5%, fixed rate, interest rates.

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