News
August 17, 2019

July housing market first look: More new listings – inventory still tight

By KAREN RANDOLPH

New listing is a metric that helps us determine supply/inventory. July’s housing market good news is - this metric increased during the first seven months of this year in all but one city market in the 11 counties monitored by the Northeast Tennessee Association of Realtors® (NETAR).


KAREN RANDOLPH
2019 NETAR President

However, seven months of new city-market-level listings that were often outpaced by new sales have not improved the total number of homes for sale across the region. Here’s the break down. So far this year, new listings area wide are up 7.9 percent while new pending sales are up 16.5 percent.

So, while there’s some good news about the pace of new listings on the city market level, inventory is still tight.  Region wide there were 272 fewer active listings than July last year. The 11-county July inventory is 3.5 months, the same as it was in June.

When you look at listings by price range, only one tier had more listing in July than July last year. Here’s how the inventory looked on the 10th of this month.

  • $200,000 and under – 1,366 down 218.
  • $200,000 - $399,999 – 927, down 50.
  • $400,000 - $599,999 – 244, down 13.
  • $600,000 - $799,999 – 97, up 9.
  • $800,000 - $1 million plus - 82, unchanged from last year.

Drilling down to the city market level, there was only one market where the number of new listings for the first seven months of the year were fewer than the first seven months of last year – Johnson City.

Here how city markets year-to-date inventory pace plus the July months of inventory look according to current Realtor Property Resource (RPR):

JOHNSON CITY

  • Year-to-date new listings down 5.6 percent.
  • 2 months of inventory.

KINGSPORT

  • Year-to-date new listings up 17.4 percent.
  • 2.9 months of inventory.

BRISTOL TN

  • Year-to-date new listings up 12.6 percent.
  • 2.5 months of inventory

BRISTOL VA

  • Year-to-date new listings up 15.5 percent
  • 5.5 months of inventory.

ELIZABETHTON

  • Year-to-date new listings up 4 percent
  • 2.4 months of inventory.

GREENEVILLE

  • Year-to-date new listings up 19.3 percent.
  • 4.4 months of inventory.

ERWIN

  • Year-to-date new listings up 36.8 percent
  • 1.2 months of inventory.

Looking at July’s data, based on the number of resales in the 12 months that ended on July 10, highlights a side of the market that is typically not part of the broader discussion. Sales of properties in the $800,000 to $1 million plus tier were up.

During the 12 months that ended on July 10, there were 18 resales of these top tier homes across the region, six more than there were in the 12 months ending in July 2018. The area-wide absorption rate for the top priced listings has dropped to 54.7 months from 82 months.

Here’s how those resales were distributed compared to the 12 months ending in July 2018:

  • Bristol TN-VA area – 5 sales, up 1.
  • Greeneville area – 1 sale, up from 0.
  • Johnson City area – 8 sales, unchanged.
  • Kingsport area – 4 sales, up from 0.

The full NETAR July Trends Report will be available this week.

NETAR is the voice for real estate in Northeast Tennessee. It’s the largest trade association in Northeast Tennessee, Southwest Virginia region representing over 1,200 members and 100 affiliates involved in all aspects of the residential and commercial real estate industries. Pending sales, monthly Trends Reports, and the regional market analytics can be found on the NETAR websites at https://netar.us/voice-real-estate-northeast-tennessee .

 

 

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