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Time for an update since the first quarter statistics for 2010 are now available. Let’s see how we did and which direction Knoxville area sales and home prices are headed.

First of all April is almost over now and that is the end of the $8,000 tax credit for lots of homebuyers. I believe this incentive has been driving between 30-40% of our market for the past several months. It will be very interesting to see what the trend is for the 2nd quarter of this year after it expires.

Local weekly sales dropped a little this week compared to last week. The Knox County Register of Deeds reported 159 transactions for the week of April 18th compared to 188 the past week of April 11th.

Knoxville TN area real estate sales for the week of April 1th, 2010

Week of April 11th, 2010

Knoxville TN area real estate sales for the week of April 18th, 2010

Week of April 18th, 2010

As both graphs indicate, the lower price ranges remain where the action is; from $100,000 to $200,000 with sharp dropoffs once you pass the $300,000 threshold.

And here’s the first quarter of 2010 compared to past first quarter figures. Still nowhere close to where we were a few years ago but a modest increase from last year’s first quarter.

Knoxville tn real estate listings sold for the past 10 1st quarters

1st quarter of 2010 compared to past 1st quarters

260 more homes sold in the first quarter of 2010 versus 2009 but still a whopping 43.3% lower than the peak year of 2006.

Lack of jobs growth remains an issue for the house market. According to the US Department of Labor’s latest stats,  in March the number of unemployed was little changed at 15 million and the unemployment rate remained at 9.7%.

Economists want to believe the economy has turned the corner but housing remains the bellweather indicator to confirm that belief and it isn’t showing broad and/or sustained growth just yet.

“Federal Reserve Board Chairman Ben Bernanke called housing a “critical” challenge to the economy. “We have yet to see evidence of a sustained recovery in the housing market,” Bernanke said in a speech on April 7.”

It will be an interesting next few weeks and whichever direction we head is likely an indicator of the the housing market direction for the remainder of this year.

On the plus side for buyers there remains a large supply of homes to choose from. Currently in the greater Knoxville, Tennessee area you can view 11,763 great houses and condos for sale at www.KnoxvilleHomeSearcher.com and I will be happy to help you become the owner of one.


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