Today we're going to discuss the most recent housing market data for the US Economy and then the local data for Knoxville TN.
In this video we're going to cover the numbers for the month of Feb. Before we jump into that, make sure you hit the subscribe button and then like this video. It really helps the channel, and my business. My wife and daughter thank you (or - I really appreciate it).
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Now let's jump into the numbers starting with the US Housing Market Statistics.
Nationally, the inventory of homes for sale in February decreased by 48.6%
This amounted to 496,000 fewer homes for sale.
Severe winter storms across the country limited market activity, resulting in newly listed homes declining further, by 24.5%
the third week of February, during these storms, new listings dropped by 35.2% year-over-year. They then recovered to 26.9% in February’s final week as conditions eased.
207,000 fewer homes were newly listed for sale during the first two months of 2021, compared with the average for those two months over the last four years. New listings would need to increase by 25% year-over-year in March and April to bring the year-to-date figure back to April 2020’s levels.
Housing inventory declined by 47.4%
Days on Market
Homes for sale in February continued to sell more quickly than last year, with the typical home spent 70 days on the market this February, which is 11 days less than last year.
Median Sales Price
The median national home listing price grew by 13.7% over last year to $353,000.
That's lower than last month’s growth rate of 15.4%. However, this slight deceleration was driven more by a change in the mix of homes for sale since the nation’s median listing price per square foot grew by 19.4%.
Now let's look at Knoxville's numbers.
Inventory and new listings are going to be clumped together. As I was gathering this information there was a huge storm outside, I was afraid I was going to lose power not to mention I am super late getting this info out to you.
Of course, as the trends have shown things are weird. New listings are up 8.5% from January while the number of active listings is down over 20%. This tells me that more homeowners are deciding to put their houses on the market to take advantage of these high prices. The reasons active listings are down, however, is there still isn't enough inventory to keep up with the high number of buyers out there. They're just snatching these homes up so fast.
Sold homes and pending sales are steady from last month though sales are up by 10% from last year and pending sales are only down by 4%. Again, inventory is moving simply fine.
This brings me to the average days on market. The time homes spend on market is down just slightly from last month, even though more new listings coming on the market was up. This again tells us that buyers are still hungry and moving on houses fast.
Moving along, lets jump on the topic that most people are wondering about and this is the average sales price. The average sales price for Knox County is $318,382 which is up 22% higher than last year and up 5.9% from last month.
Here's is what I'm telling you with these numbers. The time to sell is strong and going strong for some time to come. Will the market shift? of course, it will but that time is not coming this year. The struggle with many homeowners though is selling their home and lining up a new one. If you're thinking of selling, it might be in your best interest to wait but these home prices will not last. So, another option is finding a short-term living situation while you look. There is also a leaseback option. There are several ways to get around this so give me a call if you want to explore them.
I hope this real estate market update was helpful. I hope you enjoyed it. Have a wonderful day.