Was 2008 a good, bad, or normal year for Knoxville area home sales?

The 2008 sales figures are out from the Knoxville Area Association of Realtors. What kind of year was 2008 for us?

Here are the figures.

About a 31.3% drop in units sold from 2007 versus 2008. Still 11,850 is a bunch of homes.

How about median sales prices for 3 bedroom homes?

Looks like we're trending towards selling lower priced homes by about 9.5% or close to 2006 levels.

Average days on the market is up about 10 days; no big change there. In fact it seems to have been pretty consistent for the past few years.

Here are the total numbers of listings taken by year.

I'm not sure what caused that big dip in 2002, maybe some of us took an extended vacation that year. ;-)

Knox County residential bulding permits

Big hit here; about a 45% drop from 2007 to 2008. Most builders are stuggling right now.

Currently in the Knoxville Area Association of Realtors Multiple Listing Service there are 12,171 active listings for single family houses and condos.

What does all this data mean? Read the rest of the story here.

PS, for those of you that like to do your own number crunching here's a link to all the raw data.