Knoxville Tennessee Real Estate Blog

The Fourth of July weekend is winding down;  only the occasional firecracker “bang” can still be heard and it’s rainy out today so I don’t expect too much will be going on.

Unfortunately the “don’t expect too much will be going on” still applies to Knoxville’s real estate market as well. The weekly figures from the Knox County Register of Deeds show 157 real estate transactions recorded in the past week; that’s about the same number as was recorded the week before.

And like all the weeks past, the figures show the lower end; homes priced below $250,000 with most of sales in the $100,000 to $200,000 range.

Knox County real estate transactions recorded provided by Jim Lee, Realty Executives Associates

With the end of June comes the end of the Second Quarter of 2009. The 2nd Quarter sales figures are usually posted around the middle of the following month along with the previous month’s sales. It will be interested to compare 2nd Quarter 09 with previous years to see how we’re doing over a longer term.

I did notice the average days on market jumped up in May to 125 days. It was 109 in April, 116 in March, 120 in February, and 110 days in January so that’s not a huge jump although it is a high for the year in what’s has been historically one of the more active sales months.

Below is a chart showing how many months supply of homes are current for sale at the current sales rates. For example on the first category, homes priced over one million dollars, it will take 43.8 months to sell just those homes assuming no new listings come on the market.

Knoxville tn homes for sale absorption rates

While most sellers are not getting top market value if they sell now, some very good buys exist for buyers able to qualify for a new loan. Interest rates are still very low, in the bottom of the 5% range, which translates into more affordable house payments.

Take a look at KnoxvilleHomeCenter.com and see if anything for sale there strikes your fancy. I have all the homes listings in the Knoxville Association of Realtors Multiple Listing Service (MLS) posted there and you can search them with no registration required.

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