County real estate statistics show snapshot of economic downturn



 

 

A January real estate sales newsletter called The Hot Sheet provides an overall snapshot of the real estate market in Blount County, including a glimpse of changes over the period of the economic downturn. Below are some of the numbers reported. Some of the numbers could vary slightly from day to day, depending on each day’s sales activity.

Number of properties for sale
on 1/8/12
Conventional homes 282
Manufactured homes 24
Farms 4
Total 310

Monthly average residences sold
(7/8/11 to 1/8/12): 27

Number of residences sold in past
month (12/8/11 to 1/8/12): 18

The number of residential properties for sale divided by the average number of sales per month is called the “absorption rate,” the number of months it would take to sell off the present inventory of homes. The absorption rate is a general indicator of the health of a real estate market, with a mid-range figure of 6 being considered to be a balanced market. The present absorption rate for Blount County is 11.5 months, “clearly a buyer’s market,” according to the newsletter.

Residences for sale by price range
Up to $ 50,000 24
$ 50,000 to $100,000 69
$ 100,000 to $ 150,000 91
$ 150,000 to $ 200,000 47
$ 200,000 to $ 300,000 46
$ 300,000 to $ 400,000 13
More than $400,000 20
310

Number of foreclosures on all residences sold (310): 34 (11%)

Number of foreclosures on all residences sold below $100,000 (93): 24 (26%)

Average number of residences sold
2007-2011:
2007 567
2008 405
2009 383
2010 317
2011 300
Average sale price per residence
2007- 2011:
2007 $138,376
2008 $131,849
2009 $115,275
2010 $112,487
2011 $108,830

Why has the average sale price dropped? Because property values in general have declined? Yes. Because less expensive homes are selling better than higher-priced ones? Yes. Both contribute to the decline in average sale price.

Tracts of vacant land for sale in
Blount County on 1/ 8/12:
1 acre or less: 104
1 to 3 acres 33
3 to 10 acres 27
10 to 40 acres 26
More than 40 acres 19

Odds ’n ends, as of 1/8/12:

There were three multi-family residences for sale.

There were 36 commercial properties for sale.