Friday, June 20, 2008

May Home Sales Report

I give up, Josh Flory. You will always beat me to the monthly Home Sales Report. You, sir, are the most timely Home Sales Reporter. But that doesn't mean I won't keep adding my own two cents to those monthly numbers. Oh, no. Some of you might say numbers are numbers, but there ain't' no Home Sales Report breakdown like the AAKT Home Sales Report breakdown, because... well, there's just not.

So, here it is, the breakdown of the May Home Sales Report, All Around K-Town style:

As always, you know I like the good news first:

Average sales price of 3 BR homes is up.

May '07- $171,900
May '08- $184,700

Median sales price of 3 BR homes is (slightly) up.

May '07 - $152,000
May '08 - $152,400

Now for the not so great, but, hey, come on, you totally knew this was coming news:

Average sales price for 2 or less BR homes is down.
May '07 - $96,500
May '08 - $88,900

Median sales price for 2 or less BR homes is down.
May '07 - $79,500
May '08 - $77,500

Average sales price for 4+ BR homes is down.
May '07 - $335,800
May'08 - $290,800

Median sales price for 4+ BR homes is down.
May '07 - $259,900
May '08 - $257,900

Average condo sales price is down.
May '07 - $169,700
May'08 - $165,800

Median sales price for 4+ BR homes is down.
May '07 - $147,000
May '08 - $144,500

Total number of single family unit sales is down.
May '07 - 1666
May '08 - 1213

Total number of condo unit sales is down.
May '07 - 207
May'08 - 143

Days on market is up.
May '07 - 88
May '08 - 101

And here's a very clear picture of how home financing is evolving:

Number of FHA loans continues to rise skyrocket.
May '07- 59
May '08- 219

Heck, even the number of VA loans have doubled.
May '07- 18
May '08- 37

Meanwhile, the number of conventional loans has almost been cut in half.

May '07 - 1318
May '08 - 716

Finally, here's the What the Fudge news:

Residential active listings are up.
May '07 - 13,951
May '08 - 14,650

While residential listings taken are down.
May '07 - 3276
May '08 - 2834

So, here's my completely unscientific analysis:

1. The Knoxville condo market has finally taken a hit. A small hit, but I still stand corrected.

2. Residential sales are still soft*.

3. The upper price bracket homes continue to take a pummeling.

4. Buyers are continuing to go FHA either be choice, or because of lower credit scores or a need for at or near 100% financing

5. Judging from reduction of listings taken, it looks like homeowners who don't absolutely have to move have simply decided not to sell right now.

6. Knoxville buyers are still getting killer deals. Some are making out so well, they're even afraid to reveal their true identities.

If you're interested in looking at both reports yourself, here is '07 and here is '08. Enjoy, and if you notice anything interesting that I missed or messed up, let me know about it in the comments.

*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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