Knoxville TN Real Estate Blog

Holston Hills/Chilhowee, TN Market Snapshot- January 1, 2009- July 31, 2009

 These statistics show homes located in the Holston Hills/Chilhowee subarea that had a list price of $100,000-$140,000.

Closed Listings- 5 ($120, 920 Avg. List Price / $116,220 Avg. closed price: Avg. Sq feet= 1642, and 1.15 acre lots) = Avg. price/sq foot = $77 / square foot

Closed Price/List Price- $= Sellers are selling at 96.11% of list price (closing costs may be rolled in)

Current Active Listings- 6

Current Pending Listings- 3

Expired or Withdrawn (did not sell during listing period) - 10

 Absorption Rate:

 The absorption rate is a statistical estimate based on the number of properties actively on the market verses the number of closed properties. This number shows the rate at which the inventories of homes for sale are being sold.  The absorption rate helps determine, based on market trends, how many months it will take to absorb (aka- for homes to sell and close) what is currently on the market.

Absorption Rate for last 6 months = 8.5 months worth of inventory

Absorption Rate based on last month of sales

• 1 Closed properties last month
• 6 Active Listings

Absorption Rate = 6 months worth of inventory

Analysis:

• The housing market in the Chilhowee/Holston Hills area is slightly improving as the absorption rate has decreased some this past month.
• Knoxville, TN historically experiences cyclical season-based selling cycles, with the months of June-September having the highest number of sales.
• First time home buyer tax credit expires November 30 (avg. closing time for FHA is 45 days now) = target date to be under contract is October 15^th

All data is derived from the Knoxville Association of REALTORS® and does not include non-MLS sales.  Information is deemed to be reliable, but not guaranteed.

Visit us online at www.HomesForSaleKnoxville.com,  www.KnoxvilleReal-Estate.com, www.KnoxvilleHomeExpert.com

Instantly search all properties for sale in the Knoxville TN and surrounding areas now!
www.MyKnoxvilleHomeSearch.com

Visit Christine McInerney and Jennifer Halinkowski with Keller Williams Realty on-line at:
www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate.com
Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
Mail to: McIn-Kowski@HomesForSaleKnoxville.com

Instantly Search For All Knoxville, TN Homes , Condos , and land For Sale!!

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 Christine McInerney and Jennifer Halinkowski - Knoxville TN Real Estate - Keller Williams Realty Knoxville Copyright © 2009

Instantly search for all Homes For Sale in Knoxville , Farragut, Powell TN, Alcoa TN, Lenoir City, Maryville, Oak Ridge, Corryton, Louisville, Blaine, Seymour, Strawberry Plains     

Please visit us at www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate for additional information about the Knoxville TN area, Knoxville Relocation, and Selling and Buying Knoxville Real Estate.

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If you are looking to buy Real Estate in Knoxville TN, like most buyers out there you are probably looking for a “good deal”.  Often times the “best deals” can be found in areas in which the market is saturated. 

So why would you want to buy in an area that is not selling?  The answer is two fold 1) There are many more choice and 2) Sellers that are selling in this market have to make sure their home is competitive and there are two ways to do this- decrease the price and invest in upgrades that would make their home more appealing. 

This means potentially great deals for those interested in purchasing Knoxville Real Estate and you can often get a better home for less money.  As a Knoxville REALTOR® I am in houses day in and day out and am amazed about what money can buy in some of these areas.

For example, check out this great deal in Mallard Bay, a Knoxville lakeside community.  The Sellers purchased this fine home in 2006 for $575,000 and it is offered for only $489,000- www.12641Bayview.com

Real Estate has historically been one of the best long term investments out there.

What makes a market a Buyers’ Market?  A Buyers Market is a market that has over 7 months of inventory.  

**These stats and figures are taken from the Knoxville MLS for single family homes during 4/1/09- 6/30/2009 and are broken down to general areas.  As real estate is all about location, location, and location some neighborhoods in these areas may be selling well.

In the Knoxville area there are some areas and price ranges that have well over 2 years of inventory.  This means that if home owners want to sell they need to be aggressive in their advertising, marketing, price, and condition.  Buyers have tons to choose and if your home is not in top condition or overpriced you are wasting your time.

If you are looking to buy in Knoxville TN in one of the areas or price range above there has never been a better time to buy! 

Interested in a specific area?  Contact us today for your Market analysis of the specific area you are interested in. 

 Contact us today for your FREE Market Analysis !

Instantly search all properties for sale in the Knoxville TN and surrounding areas now!
www.MyKnoxvilleHomeSearch.com

Visit Christine McInerney and Jennifer Halinkowski with Keller Williams Realty on-line at:
www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate.com
Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
Mail to: McIn-Kowski@HomesForSaleKnoxville.com

Instantly Search For All Knoxville, TN Homes , Condos , and land For Sale!!

 

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 Christine McInerney and Jennifer Halinkowski - Knoxville TN Real Estate - Keller Williams Realty Knoxville Copyright © 2009

Instantly search for all Homes For Sale in Knoxville , Farragut, Powell TN, Alcoa TN, Lenoir City, Maryville, Oak Ridge, Corryton, Louisville, Blaine, Seymour, Strawberry Plains     

Please visit us at www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate for additional information about the Knoxville TN area, Knoxville Relocation, and Selling and Buying Knoxville Real Estate.

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As a full time Knoxville REALTOR® I have seen the Knoxville real estate market pick up quite a bit lately.  The large dark bags under my eyes tell the story of 12-18 hour work days 5 out of the 7 days last week.  Am I complaining, absolutely not!  The Knoxville real estate market is starting to make a rebound and in several areas it is actually now a Sellers Market.

So what defines a Sellers Market?  A big indicator in the type of market is the absorption rate- this lets you know how long it would take to absorb the amount of inventory that is currently on the market based on past sales.  Read my article on absorption rates to learn more about what they are and how they can affect those buying a home in Knoxville TN and those selling a home in Knoxville TN.

Here is a break down to explain market conditions:

Seller's Market- 5 or less months of inventory

Healthy Market- 6 months of inventory

Buyers Market- over 7 months of inventory

Seller’s Markets in Knoxville TN as of August 2009

• Northshore/Choto- $225,000 and under
• Farragut- $150,000 and under
• Hardin Valley- $225,000 and under
• Karns- $225,000 and under
• Powell- $150,000 and under
• Halls- under $150,000

If you have a home in this area- now is the time to sell!  Inventory is low and Buyers are buying in this area.  Sell high and then buy low in an over saturated area.  CLICK HERE to see where some of Knoxville's most saturated market areas are.

Contact us today for your FREE Market Analysis and start packing! 

Instantly search all properties for sale in the Knoxville TN and surrounding areas now!
www.MyKnoxvilleHomeSearch.com

 

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 Christine McInerney and Jennifer Halinkowski - Knoxville TN Real Estate - Keller Williams Realty Knoxville Copyright © 2009

Instantly search for all Homes For Sale in Knoxville , Farragut, Powell TN, Alcoa TN, Lenoir City, Maryville, Oak Ridge, Corryton, Louisville, Blaine, Seymour, Strawberry Plains     

Please visit us at www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate for additional information about the Knoxville TN area, Knoxville Relocation, and Selling and Buying Knoxville Real Estate.

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