Read on Twitter
1/ Short thread on the Knoxville area housing market:
Home sales continue to outpace expectations, even despite the ongoing pandemic, and inventory remains tight.
More than 6 in 10 homes sold in October were on the market for *less* than a month.
Home sales continue to outpace expectations, even despite the ongoing pandemic, and inventory remains tight.
More than 6 in 10 homes sold in October were on the market for *less* than a month.
2/ The median home sales price for residential properties in the Knoxville area rose to $249K in October — up 5.5% from Sept and 24.5% from Oct 2019.
3/ According to our Realtors Valuation Model® estimates, the median sales price is just slightly above the median RVM® estimated value — an indicator that the market for higher-value homes is particularly hot.
4/ There are multiple forces creating upward pressure on home prices including (1) insufficient supply 
and (2) remarkably high demand 
.
and (2) remarkably high demand .
5/ The absorption rate ( % of inventory sold per month) is at 76 percent, which signifies an *ultra* seller's market.
As noted previously, more than 60% of listings were on the market for *less* than 30 days.
As noted previously, more than 60% of listings were on the market for *less* than 30 days.
6/ For the 4th month in a row, months of inventory (# of months it would take to sell all active listings at the current sales rate) has remained well below 2.
7/ As long as demand outpaces supply—as is the case now—home prices will continue to rise.
Though I suspect the record low inventory, surging prices, and a worsening pandemic could temper home sales in the coming months.
Though I suspect the record low inventory, surging prices, and a worsening pandemic could temper home sales in the coming months.
