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Home sales continuing upward trend

Becky Campbell • Mar 12, 2016 at 10:58 PM

 If 2015 home sales are any indication, the Tri-Cities housing market is healthy and growing, and local realtors hope it’s a trend that will continue this year.

A report generated by the Northeast Tennessee Association of Realtors  showed 5,287 single-family home sales in 2015 in its 11-county coverage area. That was 9.6 percent higher than in 2014 and 21.2 percent higher than in 2008, the last full year of sales before the housing crisis and the following Great Recession affected the market.

The real estate agent trade group said the trend’s continuing at least in January of this year. Home sales were up 26 percent from January 2015. The NETAR trends report showed there were 334 home closings in January, 70 more than January 2015.

“Sales were especially strong in the Washington County market, which includes Johnson City. It accounted for 54.3 percent of the year-to-year growth in the 11-county region,” NETAR President Marsha Stowell said in an article on the group’s website. “It’s a great way to start a New Year. Sales continue making gains, and January’s average sales price was up.”

The regional average sales price of $145,978 was 6.9 percent ($9,431) better than January last year.

Condominium sales, however, didn’t take the same course. In January, there were 19 condo closings, which was down from 21 last year, although average sales prices were up by more than $15,000.

According to Stowell, “the record-level sales pace during the past nine months is putting a strain on inventory. Area-wide listings are down 6 percent from last year. There’s not as much choice in the $200,000 and below and $200,000 to $400,000 price ranges as we would like to see.”

The most recent NETAR information showed the average home sold during January was on the market for 173 days, down from 184 last year. The number of days on the market for condos was 143, down from 171 in January of last year.

 

 

 

 

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