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No housing "bubbles" in Knoxville, Tennessee
After looking at our latests available sales sales statistics, the 3rd quarter, it appears as if the greater Knoxville, Tennessee area is not experiencing any sort of bubble or price declines.
3rd Qtr. 2004  3 BR Solds  2,390  Avg. Price  $145,000  Days to Sold  803rd Qtr. 2005  3 BR Solds  2,747  Avg. Price  $157,400  Days to Sold  653rd Qtr. 2006  3 BR Solds  2,491  Avg. Price  $169,300  Days to Sold  78For about 6 months in 2005 I believe we were in a fairly brief seller's market which accounts for the spike in units sold; that tide has since turned and we're back into a buyer's market with a good supply of inventory but no fire sales in sight.
The new home market in the area is off right now; I got an e mail from one builder last week offering a $5,000 cash bonus to any selling agent who brought a buyer that would close before the end of this year.
Generally 2 conditions are necessary for home prices to soften or decline.
An oversupply of homes for saleand/or a weak local economyI think we currently have a modest oversupply of new homes but resale homes inventory is not up that much.
Knoxville ... more

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