September home sales up 21.2%; average sales price up 8.3%

Hank Hayes • Oct 15, 2019 at 8:30 PM

GRAY — Almost 700 Tri-Cities area residential home sales closed last month, a 21.2% increase from September last year, according to a report from the Northeast Tennessee Association of Realtors.

The average sales price was a little softer than it was in August, but 8.3% higher than last year, the association reported.

Single-family home sales sold for an average price of $184,098.

Townhome and condominium sales were down 8.5% from last year and sold for an average of $132,993, down 1.6% from last year.

Inventory, especially listings in the $200,000 and below price range, continue to be the biggest challenge, said association President Karen Randolph.

“Demand is high,” she said. “The pinch is inventory. Last month, we had a 3.3 month supply of listings.” We are seeing a small increase in new listings, but at our sales pace, it is not helping the inventory big picture very much."

The nine-month residential sales trend was 4.5% better than September last year, said association Data Analyst Don Fenley. The single-family trend is up 4.8% from the first nine months of last year, while the average sales price is a 6.3% improvement. The townhome sales trend is 2.3% higher than this time last year, and the average sales price is up 3.1%.

September’s year-to-date residential sales volume also exceeded $1 billion, Fenley said. “That’s the earliest the local market has passed that benchmark,” he noted. The annual existing home sales volume has exceeded $1 billion every year since 2016.

The median time on market for a September closing was 74 days, according to Realtors Property Resource.

The association's report capsules housing market conditions in Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi, and Washington counties in Northeast Tennessee and Scott, Lee, Wise, and Washington counties in Southwest Virginia. It also includes market data from the region’s primary city markets. City and county market share, year-over-year and year-to-date closings and average sales prices can be found on the association web site’s market analytics page at https://netar.us/market-analytics.