Despite tight inventory, July home sales post record month

Zach Vance • Updated Aug 16, 2017 at 9:54 PM

For the first time in four months, July single-family home sales in the Tri-Cities region surpassed the figure posted in the same month last year, but did so by the thinnest of margins. 

According to the latest Northeast Tennessee Association of Realtors report, three more single-family homes were sold during July versus the same period last year in the 11-county region served by the group. 

“That’s noteworthy even though it was only by three sales,” NETAR President Eric Kistner said in a press release. “As expected, price gains were smaller in July than June due to seasonal softening, but they continue trending higher.”

NETAR’s latest Trends Report, which analyzes the housing market in East Tennessee, showed there were 588 closings on previously owned, single-family home sales in July, with a $172,722 average sales price. That figure is down $6,969 from last month, but $6,191 higher than July 2016 sales. 

In addition to single-family homes, closings on condominium and townhouse sales experienced some seasonal slowing, Kistner said. 

“The Trends Report shows 58 closings compared to 48 last year and the average sales price was $117,314, down $12,522 from last year’s average,” Kistner said in the release. “Neither the seasonal slowing or the inventory squeeze have pushed sales or prices below the year-to-date trend.” 

Through the first seven months of 2017, real estate sales grew 2.1 percent compared to the same period last year, while the seven-month average price also increased 4.7 percent over 2016’s average price. 

Kistner said new home listings increased 3.5 percent between June and July, but inventory levels remain relatively weak. 

July’s active home listings were 22.2 percent lower than July 2016, giving the region 4.1 months of inventory. Kistner said six months of inventory is considered “normal market conditions.” 

“The average single-family home that closed in July was on the market for 118 days — the lowest monthly days on market total since 2008. The average condo sold was on the market for 143 days,” Kistner said. 

City/County Single-Family Sales and Average Prices for July 2017
City/County Single-Family Sales Average Prices
Johnson City 64 $207,608
Kingsport 70 $199,146
Bristol TN 33 $184,415
Elizabethton 24 $144,825
Erwin/Unicoi County 14 $168,205
Washington County 167 $199,106
Carter County 63 $139,722
Johnson County 7 $192,857
Sullivan County 173 $190,049
Data courtesy of the Northeast Tennessee Association of Realtors 

Email Zach Vance at [email protected] Follow Zach Vance on Twitter at @ZachVanceJCP. Like him on Facebook at Facebook.com/ZachVanceJCP.

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