Knoxville Tennessee Real Estate Blog

October……..in east Tennessee the air is turning crisp and cool, the leaves are starting to turn to their fall colors, and real estate sales are in the air.

So what does the first week in October bring to Knoxville real estate news?

It looks like the average number of sales is still average; we had 152 closed real estate transactions reported by the Knox County Register of Deeds, here’s the price points breakdown:

Knox County, TN real estate transactions recorded

And as usual the lower pric points continue to dominate the sales figures. 35 in the $100,000 to $150,000 price ranges was the top number with 2 in the over $1,000,000 price range.

And if you compare an average week of sales to the absorption rates (how long it takes houses to sell) you’ll see the price point points above go hand in hand with sales.

Knoxville, TN home sales by price points and months to sell

And the year to date sales figures compared to the past 4 years

Knoxville real estate sales year to date compared to past years.

So which way are Knoxville area sales headed? My guess is down for few months until January-February 2010 when they have historically started their seasonal climb to the peaks in May-June.

Even though sales this year around 50% less than 2005-6 the sales trend still mirrors the peak years sales; there is just far fewer sales.

The $8,000 federal tax credit expires at the end of November this year and I believe that carrot has accounted for about 20-30% of our sales this year. If buyers want to have a chance of collecting that eight thousand bucks they need to plan on having a house under contract in the next 1-2 weeks. After there your odds of closing before the end of November are going to go way down.

There is talk and much action from real estate entities like the National Association of Realtors to extend the credit to keep sales going but what’s going to happen there is anybody’s guess.

Bottom line, if you want to buy a house, now is a great time if you have a stable job and can qualify for a mortgage. Interest rates are in the low 5 to high 4% range, you still might be able to collect $8,000 in tax credits if you buy soon, and there is a huge selection of homes for sale.

KnoxvilleHomeCenter.com is a great place to start you search as well as find school information, and lots of other Knoxville area information.

Please call or comment with any questions.

Knoxville, TN real estate