Kingsport Times-News: Regional home sales post another billion dollar-plus year

Regional home sales post another billion dollar-plus year

Hank Hayes • Jan 20, 2018 at 9:00 AM

GRAY — An expected dip in December home sales didn’t prevent the regional housing market from going over a billion dollars again in 2017, according to a report released Friday by the Northeast Tennessee Association of Realtors (NETAR).

Total residential resales, the average sales price and the total sales volume in dollars were the highest since 2008 when NETAR began its monthly Trends Report. At the same time, single-family resales were joined by condominium and townhome resales for new annual highs. The average single-family price was at a nine-year high.

According to NETAR’s Trends Report, there were 6,826 residential resales last year compared to 6,092 in 2016. The annual sales volume was $1.1 billion, up $75 million from 2016.

Single-family resales rose to 6,239, up 2.3 percent from 2016, and the annual average sales price was $166,456, up 3.5 percent from 2016.

Condominium and townhome sales totaled 587, up 28.2 percent from 2016. The average sales price was $120,718, down 0.2 percent.

“It was a remarkable year when you consider that our inventory was tighter than most real estate professionals can remember for over half the year. But despite the inventory pinch, housing remains very affordable,” said NETAR President Aaron Taylor.

Taylor thinks some of the same challenges buyers and sellers faced in 2017 will stick around this year. In December, the region had 4.7 months of inventory on the market. “That should improve as we approach the prime buying and selling season, but we think tight inventory conditions will stick around,” Taylor noted. “There’s also some tailwinds that will help out. New home construction is picking up, and that gives resale inventory some relief. And despite some population growth challenges, I think we’re seeing some new household formations due to the improving economy. And, both the number of homes that have no mortgage and the equity-rich position of homeowners who have mortgages point to room for additional market growth.”

In Kingsport, there were 672 sales, down two from 2016. The average sales price was $171,741, up $9,656. In Sullivan County, there were 1,812 sales, up 96. The average sales price was $165,466, up $5,380.

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