NETAR: Home sales rebounded in April

Hank Hayes • May 14, 2019 at 10:00 PM

GRAY — April’s Tri-Cities area home sales made a strong rebound from March’s 4 percent decrease, according to a report from the Northeast Tennessee Association of Realtors (NETAR).

NETAR said April’s closings were 11.8 percent better than April last year.

Combined single-family and condominium closings totaled 661, up 70 from April last year and 41 more than March. The region’s all-sales growth rate continues trending higher, but at the slowest growth rate in four years.

Single-family closings (617) increased 13.4 percent while condo resales (44 closings) declined 6.4 percent.

April’s single-family average resale price of $173,419 was $7,629 better than last year. And it was the highest April average since 2008.

The condo average sales price was $120,459, down $19,709 from last year. It was the first month the price declined from last year’s monthly average.

The region’s four-month single-family resale growth rate is 5.5 percent, and the average price is up 2.5 percent. The number of condo resales is the same as the first four months of last year (158), and the average sales price is up 5.3 percent.

“The market enjoyed a net new listing increase last month, giving consumers across the region new options,” NETAR President Karen Randolph said. “Although listings are increasing, so is the sales pace. The total inventory situation remains tight. During April, we had 3.8 months of inventory, and total active listings were down 13 percent from April last year.”

The median listing price for single-family resales increased to $199,900 — a new local record. In April last year, it was $173,000. The median listing prices for condo resales also increased. April’s median was $134,000, up from $119,000 last year.

Sales are absorbing inventory at an increased rate as the market moves into the prime buying and selling season, Randolph added. The median days single-family listings were in Realtor Property Resource (RPR) last month was 64, down from 83 in March. It was 48 days for condo listings compared to 74 in March.

NETAR’s report observes housing market conditions in Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi and Washington counties in Northeast Tennessee. and Scott, Lee, Wise and Washington counties in Southwest Virginia. It also includes market data from the region’s primary city markets. City and county market share, year-over-year and year-to-data closings and average sales prices can be found on the NETAR website’s market analytics page at https://netar.us/market-analytics.