What are the current Knoxville TN Real Estate Market Conditions? If you are a Knoxville Home Buyer or a Knoxville Home Seller this is something that may be at the forefront of your mind. The media has without a doubt portrayed a pretty negative depiction of the situation.
It does not take a rocket scientist to figure out that the current Knoxville TN real estate market is not the same as it was in 2006... But how much has it really changed? Does the year of 2011 look like we might see improvement?
While I may not be equipped with a crystal ball to look into the future, I am equipped with the tools and the data and have compiled my own Knoxville TN real estate market analysis.
Here is a breakdown of what has happened with the Knoxville TN Real Estate Market from 2006-2010. For comparison sake I have lumped the total number of Knoxville single family residential home sales and Knoxville condo and PUD sales into one category. When comparing 2010 to 2006, Knox County has experienced a 54% decline in condo/PUD sales.
2006 --> 2007 = 11.74% decline in home and condo/PUD sales
2007 --> 2008 = 24.6% decline in home and condo/PUD sales
2008 --> 2009 = 11.4% decline in home and condo/PUD sales
2009 --> 2010 = 6.1% decline in home and condo/PUD sales
So what we can see from all of this is that while total sales have obviously decreased since 2006, the good news is that the decline is indeed slowing down and the market only dropped 6.1% in sales this past year. While a decline in sales is of course not something we want to see, especially if you are trying to or are thinking of selling a home in Knoxville, TN, it at least appears to be leveling out.
So where does this leave the Knoxville Real Estate Market as we enter into 2011?
- Currently there are a total of 4084 Homes For Sale in Knoxville: 3252 Single Family Residential Homes for Sale in Knoxville TN and 832 Condos/PUDs for Sale in Knoxville TN.
- In 2010 there was a total of 4927 homes sold during all of 2010, 4159 were single family Knoxville homes and 768 were Knoxville condos/PUDs.
- This means with only 5 days into the new year there is already 843 more homes on the market than sold all of last year. So assuming no more homes were to be listed on the market for the rest of the years and sales remained the same rather than declined at the end of year about 843 of these homes would not be sold.
- Therefore, if you are Selling in Knoxville TN making sure your home is "IN the market", not just "ON the market" is critical. When trying to stand out from the competition there are two main ways to do so 1) Price and 2) Condition and Upgrades.
In summary, the future of the Knoxville TN real estate market looks promising. "Promising" does not mean home sales will jump instantly back up to 2006 prices and the number of 2006 home sales, but stabilization does appear to be in future.
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