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Real Estate News in Kingsport - January 23rd, 2017
Single-family and condominium resales were above the $1 billion mark for the first time, and closings on existing single-family home sales moved past the 6,000 level, the Northeast Tennessee Association of Realtors (NETAR) noted in its year-end report released on Monday.

Closings on single-family home sales totaled 6,096, 15.3 percent better than 2015. The average sales price was $160,694, up $3,671. December closings were nine percent better than December last year, and the average sales price of $166,169 was up 4.2 percent.

There were 458 closings on condominium sales, up 9.3 percent from 2015. The average sales price was $120,091. That's $4,093 better than 2015. December's closings were down by 48.8 percent from last year, but sellers saw an increase of $13,407 in the average sales price, and properties sold quicker than previous months.

The average single-family home sale that closed in December was on the market for 137 days. Condo sales fared a little better. They were on the market for an average of 104 days. Distressed sales accounted for 11.2 percent of home sales, according to NETAR.
National Market Conditions
2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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Spring 2018 Market Update
Great time to List your home the inventory is low.
Average Sold Home Price: $175,000

Average Time on Market: 90-120 days

Best Selling Price Range: $150,000 - $199,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: No Change

Seller Activity for the past 90 days: No Change

Multiple Offers? No

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Greatest Activity: Repeat Buyers

Nearest Metro Area: Kingsport

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Marsha Stowell
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Real Estate Professional, Marsha Stowell Marsha Stowell
A Team Real Estate Professionals
Specializing in Kingsport Real Estate
4595 Fort Henry Drive
Kingsport, Tennessee 37663
423-534-0336
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(Because current market conditions can change rapidly in any given marketplace,
please check with Marsha Stowell for current Kingsport, TN market conditions before acting on this information.)
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