How's the real estate market doing?

Hank Hayes • Nov 15, 2018 at 10:00 PM

GRAY — Regional single-family home resales were up 2.8 percent in October when compared to the same month last year, but the average sales price was up 13.9 percent, according to a report released Thursday by the Northeast Tennessee Association of Realtors (NETAR).

The average sales price increase was the largest year-over-year increase so far in 2018.

“We’re still seeing some seasonal slowing, which is to be expected as we move into the holiday season. But the market remains on track to round out 2018 as the eighth straight year for annual sales increases,” NETAR President Aaron Taylor said.

NETAR reported October’s new listings were slightly lower than September’s, but they outnumbered new pending sales. So, while the overall inventory remains very tight, slower sales and more new listings afford buyers more options than they had a couple of months ago, Taylor added.

So far this year, NETAR said, the year-to-date price average has increased in all but two of the region’s seven major city markets.

“The big picture is the regional average price trend shows a conservative 4 percent increase so far this year,” Taylor said.

Closings on single-family homes in the 11-county region monitored by NETAR totaled 590 in October. That’s 16 more than October of last year. Last month’s average sales price was $174,159, up $21,241 from last year.

The year-to-date sales and price trends show a market comfortably outperforming the first 10 months of last year. Sales are up 7.6 percent, according to NETAR.

There were 53 closings on townhome and condo resales compared to 47 in September and 59 in October 2017. The average sales price last month was $123,912 — a $4,020 improvement over last year and $11,204 less than in September. So far this year, townhome sales are 10.2 percent lower than the first 10 months of last year, and the average price trend is down 3.1 percent.

The average days on market for single-family resales in October was 117 and 120 for townhomes and condos.

City and county market share, October year-over-year and year-to-date closings and average sales prices can be found on the NETAR website’s market analytics page at https://netar.us/market-analytics.

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