Knoxville real estate market update report shows home sales in Knox County, TN in Knoxville TN during December 2010 was at a 3 year high. As 2010 has come and gone, many refer to it as one of the worst years of real estate in recent history. The media's talk of doom and gloom has undoubtedly created fear amongst Knoxville Home Buyers and a lot of stress amongst Knoxville home sellers. The market has found itself saturated and home sellers have felt forced to either lower prices or add upgrades to entice buyers to pick their home out of the crowd.
THE GOOD NEWS IS THAT DECEMBER 2010, the sales of single family residential homes in Knox County TN showed marked improvement in homes sales as Knoxville Buyers have FINALLY seemed to realize that interest rates are AMAZING and home affordability is at a generational high point.
So let's look and see how residential home sales in Knox County, TN in December 2010 compared to home sales in December 2009 and December 2008. Guess what, despite the fact that media likes to tell us NO ONE is buying, sales did happen! Actually, home sales in December 2010 were higher than both 2009 and 2008!
Are you shocked by these figures? Perhaps you are thinking that sales only improved because all that is selling are foreclosures in Knox County TN? Wrong again; the number of foreclosure sales in Knox County TN was actually lower this December than in both 2009 and 2008.
Here is a break down of market activity in December of single family residential home sales in Knox County TN over the past three years.
Single Family Home Sales in Knox County- December 2010
Total # of single family home sales = 300
Average sold price= $195,229
Closed price/List Ratio= 94%
Avg price/square foot= 87
# of Foreclosure Sales = 57
Average Foreclosure Sales Price = $87,777
Single Family Home Sales in Knox County- December 2009
Total # of single family home sales = 297
Average sold price= $182,800
Closed price/List Ratio= 95%
Avg price/square foot= 88
# of Foreclosure Sales = 67
Average Foreclosure Sales Price = $97,717
Single Family Home Sales in Knox County- December 2008
Total # of single family home sales = 299
Average sold price= $184,614
Closed price/List Ratio= 96%
Avg price/square foot= 90
# of Foreclosure Sales = 69
Average Foreclosure Sales Price = $93,933
So the question for everyone out there considering purchasing a home is, should you wait till prices and interest rates go up or take advantage of these historical generational high points in home affordability?? Inventory is high, prices are great, and sellers are motivated. NOW is the time to buy in Knoxville TN!
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