Knoxville Foreclosure Watch

Well, hello there, Watchers! This week's Foreclosure Watch theme is "no news is good news." Other than closed sales being way down this week - remember, last week was the end of the month - everything is pretty much the same. Weird, huh?

One thing I did notice this week was that two of our foreclosures actually closed higher than asking price. Since banks almost never pay closing costs, I'm wondering if the higher closed prices were the result of multiple offer situations creating bidding wars. Interesting.... I'll be keeping a close eye on that over the coming weeks.

Now for the breakdown:

Knox County Foreclosure Property Statistics as of 7/09/08 *

Current On-Market Listings - 157 ▼
Average Asking Price: $138,524 ▲
Median Asking Price: $89,900 ▲
Most Expensive New Listing: $799,900 (6 BR, 4 1/2 BA, 7400+ sq ft in Fox Run)
Least Expensive New Listing: $22,300 (3 BR, 1 BA, 1000+ sq ft on 1+ acre in Powell)

Notable New Listings:
North: $84,900 (4 BR, 2 BA, 1400+ sq ft in Country Club Estates)
South: Sorry! No new South listings this week!
East: $114,900 (4 BR, 2 BA, 2300+ sq ft in Chilhowee Hills)
West: $179,900 (4 BR, 2 1/2 BA 2000+ sq ft in Westop)

Current Pending Sales -102 ▲
Average Asking Price - $93,668 ▲
Median Asking Price - $79,900 ▲

Closed Sales July 02, 2008-July 08, 2008 - 8 ▼
Average Asking Price - $78,638▼
Average Sales Price - $74,388▼
Median Sales Price - $75,050 ▼
Average Days on Market - 44 ▼











*Data taken from KAARMLS on 7/08/08 for Knox County single family residential properties only, and does not include condos or PUDS.

As always, if you need more information on any of these properties, just drop me a line.

If you'd like to receive new foreclosure listings automatically, send me an email with "Foreclosure List" in the subject line, and I'll do the rest. No spam will come your way as a result.

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