Bubble? We Don't Got No Stinkin' Bubble!

The skies may be falling on LA, Las Vegas, and Jacksonville, but as far as I can tell, the sky over Knoxville is pretty much intact. Shaky buyer and seller nerves aside, our market is doing, well, just fine, actually. Don't believe me? No need, for I come armed with fancy numbers from the Knoxville Area Association of Realtors. Ready? Here goes-

• In 2006, the average sales price of a 3 bedroom home in Knoxville was $162,300 and average time on the market for that home was 83 days.
• In 2007, the average sales price of a 3 bedroom home in Knoxville was $170,900 and average time on the market was 92 days.

Now, math was never my strong suit (I know, scary to admit in my line of work), but by my ciphering, that means there was an increase in the price of that 3 BR home. Appreciation, no less! Granted, Mr. Joe Q. Homeowner had to wait 9 extra days to get his check at the closing table, but considering all the doom and gloom coming through the airwaves these days, those numbers don't sound too bad at all to me.