I tried to get this out on time, I really did. And then Franken-deal rose from the dead and I had to go into my secret laboratory to try to keep it alive long enough to reach the closing table. Add mad scientist to my every growing job description. So, as usual, some other folks have already given you the rundown, but that's no reason not to look at the April Home Sales Report numbers the AAKT way.
Let's start with the good news:
Average condo sales price is up.
April '07 - $161,000
April '08 - $164.3
Median condo sales price is up
April '07- $139,900
April '08- $142,900
Now for the not so great, but not so totally unexpected news:
Average sales price for 2 or less BR homes is down.
April '07 - $104,000
April '08 - $90,900
April '07 - $104,000
April '08 - $90,900
Median sales price for 2 or less BR homes is down.
April '07 - $82,000
April '08 - $79,200
Average sales price for 3 BR homes is down.
April '07 - $168,300
April '08 - $163,600
April '07 - $168,300
April '08 - $163,600
Median sales price for 3 BR homes is down.
April '07 - $152,000
April '08 - $149,000Average sales price for 4+ BR homes is down.
April '07 - $327,000
April '08 - $283,700Median sales price for homes with 4 or more bedrooms is down.
April '07 - $274,400
April '08 - $240,000
April '07 - $274,400
April '08 - $240,000
Total number of single family unit sales is down.
April '07 - 1416
April '08 - 1144
Total number of condo unit sales is down.
Total number of condo unit sales is down.
April '07 - 157
April '08 - 147Days on market is up.
April '07 - 85
April '08 - 100
And here's the "FHA may not be the new sub-prime, but it sure is curiously popular" news:
Number of FHA loans is way, way up.
April '07- 47
April '08- 162
Number of FHA loans is way, way up.
April '07- 47
April '08- 162
Finally, here's my totally unscientific analysis:
1. The Knoxville condo market would probably survive a nuclear attack and still manage to show decent appreciation.
2. Residential sales are still soft*.
3. The upper price bracket homes are taking the hardest hit.
4. As conventional loan qualifications continue to tighten up, more and more buyers are going FHA.
5. Knoxville buyers are getting some totally sweet deals this spring.
4. As conventional loan qualifications continue to tighten up, more and more buyers are going FHA.
5. Knoxville buyers are getting some totally sweet deals this spring.
*No need to freak out. Lower average sales price and lower median sales price do not necessarily mean that your personal home has depreciated.
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