Regional home prices and sales in 2011 continue to outperform 2010’s totals, according to figures from the Northeast Tennessee Association of Realtors.
The average home sales price rose 7.8 percent in August from the same month in 2010, reaching $153,566 for the 11 counties monitored by NETAR. In the same time period, regional home sales totaled 360, an 18.4 percent increase from August 2010.
“August is the second month that the performance of this year’s housing market can be compared to a month last year that was not influenced by tax credit,” said NETAR’s August 2011 Trends Report. “Both sales and prices this year outperformed the July (2011) and August 2010 market.”
Meanwhile, year-to-date sales also rose, but the average price slipped. The NETAR report shows 2,617 existing homes have been sold in the region in 2011, an increase of 1.6 percent compared to the same period in 2010, while the average sales price of $136,755 is 4.6 percent lower than last year’s year-to-date average.
The average area home sold during August was on the market for 175 days; during August 2010 homes remained on the market for an average of 159 days, the report said.
In August 2011, prices rose in seven of the 11 counties and four of the seven cities monitored by NETAR, and sales rose in eight counties and four cities.
Johnson City was one of those cities that saw an uptick in both sales and prices. According to the NETAR report, 51 homes were sold in August in Johnson City at an average price of $261,654.
“That price is 22.2 percent higher than August last year,” the report said, “and the sales volume is 10.9 percent better.”
So far in 2011, 302 homes have been sold in Johnson City, which is defined by NETAR as the Science Hill School Zone. Though that sales volume is down 8.2 percent from the first eight months of 2010, the average year-to-date price of $246,072 is 22.3 percent higher than 2010’s average.
Foreclosure sales accounted for 17.5 percent of August 2011’s total home sales in the 11-county region and 11.8 percent in Johnson City. That percentage amounts to 63 foreclosure sales in the Northeast Tennessee in August 2011, and six in Johnson City during the same time period.