Knoxville Tennessee Real Estate Blog

Well another week has passed by and it’s time for the weekly real estate closings from the Knox County Register of Deeds office.

Knox County Tennessee real estate transactions recorded.

Last weeks transfers totaled 184 with the $100 to $200 price range continuing to dominate the stats.

There are lots of high end Knox County homes for sale but very few buyers. For example today in Knox County alone there are 117 listings priced at over 1 million dollars. However, year to date, there have only been 16 actual closings of homes in that price range; that’s about 2 per month in round numbers (2.29 to be exact)

At that sales rate it will take 51 months, or over 4 years to sell that many homes in that price range assuming no new listings come on the market in that time period.

The $500,000 to $1,000,000 is doing a bit better. They have 354 active listings and 68 sales year to date. That translates into a 36 month supply of those homes.

Average listing price of Knoxville, TN area homes

Then just take a look at the $100,000 to $150,000 range. 780 current, active listings but we’re selling about 80 a month here. At that rate that less than a 10 month supply and why that price range dominates all the sales figures in 2009.

The $8,000 tax credit that I believe has been driving a lot of sales in this price range expires at the end of November this year. I’m very interested to see what happens to the figures after November 30th.

Not too late to take advantage of the tax credit if you’re thinking of buying but with processing times being as long as 45 and as many as 60 days in some cases, you need to have a house under contract not later than October 15th if you plan to qualify for the $8,000.

www.KnoxvilleHomeCenter.com is always a good place to get started looking.