Somehow it's that time again - Home Sales Report time - even thought I still can't believe it's almost the end of July. What's up with that?
So, without further ado, here it is, the breakdown of the June Home Sales Report, All Around K-Town style:
As always, you know I like the good news first:
Median condo sales price is up.
June '07 - $145,000
June '08 - $147,000
And yeah, that's about it for the good news. Sorry. Now for the not so great news:
Average sales price for 2 or less BR homes is (way) down.
June '07 - $101,300
June '08 - $85,500
June '07 - $101,300
June '08 - $85,500
Median sales price for 2 or less BR homes is down.
June '07 - $83,000
June '08 - $78,200
Average sales price for 3 BR homes is down.
Average sales price for 3 BR homes is down.
June '07 - $176,300
June '08 - $162,900Median sales price for 3 BR homes is down.
June '07 - $155,000
June '08 - $145,000Average sales price for 4+ BR homes is (slightly) down.
June '07 - $304,800
June '08 - $303,100Median sales price for 4+ BR homes is down.
June '07 - $265,000
June '08 - $254,000
Total number of single family unit sales is down.June '07 - $265,000
June '08 - $254,000
Average condo sales price is down.
June '07 - $179,600
June '08 - $166,100June '07 - $179,600
June '07 - 1,567
June '08 - 1176
Total number of condo unit sales is down.
Total number of condo unit sales is down.
June '07 - 165
June '08 - 118Days on market is (slightly) up.
June '07 - 90
June '08 - 95
Here's the "hey, I told you FHA was the new sub-prime" news:
The number of FHA loans continues to skyrocket...
June '07- 56
June '08- 193
...while, the number of conventional loans continues to plummet.
June '07 - 1247
June '08 - 722
Then there's the "wow, things really are staying on the market a while, aren't they?" news:
Residential active listings are still up.
June '07 - 14, 252
June '08 - 14,650
While residential listings taken are still down.
June '07 - 3130
June '08 - 2853
Finally, here's the "wow, sellers really aren't getting it, are they?" news -
The average list price for new listings is up. Yes, up.
June '07 - $234,100
June '08 - $236,500
The number of FHA loans continues to skyrocket...
June '07- 56
June '08- 193
...while, the number of conventional loans continues to plummet.
June '07 - 1247
June '08 - 722
Then there's the "wow, things really are staying on the market a while, aren't they?" news:
Residential active listings are still up.
June '07 - 14, 252
June '08 - 14,650
While residential listings taken are still down.
June '07 - 3130
June '08 - 2853
Finally, here's the "wow, sellers really aren't getting it, are they?" news -
The average list price for new listings is up. Yes, up.
June '07 - $234,100
June '08 - $236,500
So, here's my completely unscientific analysis:
1. The Knoxville condo market has taken a licking, but has come back to continue its slow but steady uphill ticking.
2. Residential sales are still as soft as a nice, oven baked brie.*
3. Buyers are continuing to go FHA either be choice, or because of lower credit scores or a need for at or near 100% financing. Or hey, maybe even because their conventional lenders went belly up. Who knows?
4. Judging from reduction of listings taken, it still looks like some homeowners are choosing to sit this selling season out.
5. Judging from reduction of listings taken and a simultaneous rise in active listings, it looks like we have a lot of inventory that is quite simply not selling.
6. Knoxville is still in the midst of an absolutely incredible buyer's market, even if some sellers are still in denial about it.
4. Judging from reduction of listings taken, it still looks like some homeowners are choosing to sit this selling season out.
5. Judging from reduction of listings taken and a simultaneous rise in active listings, it looks like we have a lot of inventory that is quite simply not selling.
6. Knoxville is still in the midst of an absolutely incredible buyer's market, even if some sellers are still in denial about it.
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.
4 comments:
If Roubini is correct, we've still got a ways downward to go.
"residential listings taken"
what does that mean? That's the number of listings taken off the market by the sellers (w/o being sold)?
Thanks---Steve
Steve -
"residential listings taken" means new residential listings (as opposed to condo listings) that were entered into the MLS, in this case, during the month of June. I'm not sure why they don't just say "new listings" in the Home Sales Report.
In the Knoxville area, we refer to homes taken off the market by sellers as "withdrawn" and homes that reach the end of the listing period without selling as "expired." Not sure why the Homes Sales Report doesn't track those, but that's something I could look into possibly trying to do myself.
I'm not sure why some of those government reports have sounded so optimistic. I'm not a big fan of lowering standards just to make one feel better. That's not an achievement. Just tell it like it is.
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