Powell, TN Market Snapshot- January 1, 2009- August 31, 2009
These statistics show homes located in the Powell TN subarea that had a list price of $130,000-$160,000.
Closed Listings- 40
Closed Price/List Price- $145,581 / $141,256 = Sellers are selling at 97% of list price
All comps have at least 3 Bedrooms and 2 Bathrooms between 1200-2000 square feet with Avg. Square footage of 1631- foreclosures are NOT included in these comps
- Avg. list price = $97.5 / sq ft
Current Active Listings- 42
Current New Listings- 2
Current Pending Listings- 5
Expired or Withdrawn (did not sell during listing period) - 26
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 your Powell TN home to be absorb (aka- for homes to go under contract and close) what is currently on the market.
Absorption Rate for last 8 months = 8.4 months worth of inventory
- About 5 homes selling each month
Absorption Rate based on last month of sales
- 8 Closed properties past 2 month (about 4 homes selling each month)
- 42 Active Listings
Absorption Rate = 10.5 months worth of inventory
Analysis:
- The housing market in the Powell TN has been pretty consistent in this price range and is still a Buyers Market.
- Knoxville, TN historically experiences cyclical season-based selling cycles, with the months of June-September having the highest number of sales.
- With only 4-5 homes selling each month in this price range, having your home in good sellable condition is a MUST- good condition, clean and declutter, fix all defects/eyesore- if unwilling to provide improvements must be priced below market value or you could expect to still be on the market next summer.
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- all information taken from the Knoxville MLS.
Curious about what is happening in your neck of the woods? Contact us today at 865-237-5289 for a complimentary Knoxville Market Report specific to your area and price range.
Visit us online at www.HomesForSaleKnoxville.com, www.KnoxvilleReal-Estate.com, www.KnoxvilleHomeExpert.com
If you are looking to buy a home in the Greater Knoxville TN area instantly search all homes for sale at www.MyKnoxvilleHomeSearch.com. If you are looking for a luxury home in Knoxville TN visit http://knoxvilleluxuryhomesellers.com.
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Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
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