How Tri-Cities home price appreciation, distressed sales stack up against national numbers


RealtyTrac’s® November Residential and Foreclosure Sales Report shows  the median sales price of U.S. single family homes and condos in November was $190,000, flat with the previous month but up 15 percent from a year ago.

A drill-down to the county level for those included in the report show November’s median non-distressed sales price was up in four counties and down in three more when compared to the same month last year:

Sullivan Co. – $105,000 up 5%.

Washington Co. – $134,500, up 8%.

Carter Co – $95,000, up 6%.

Greene Co. – $80,000, down 1%.

Hawkins Co. – $86,000, up 8%.

Johnson Co. – $60,000, down 23%.

Unicoi Co. – $54,000, down 43%.

 

Nationally, the median sales price of distressed homes — those in the foreclosure process or bank-owned — was 35% below the median sales price of non-distressed properties.

The same comparison on the county level shows the median price for distressed homes in Sullivan County was 63.8% below the non-distressed properties. In Johnson City the difference was 65.2%. The report didn’t include distressed properties prices in other NE Tenn. counties.

“Thankfully, the increase in first time homebuyers in November (31% according to the National Association of Realtors®) helped push home prices up slightly with home appreciation on average 6% among all metro areas with a population of 500,000 or more,” Blomquist added.

Neither the Kingsport-Bristol nor the Johnson City MSAs had enough population to be included in this portion of the study. First-time buyer data is not tracked locally by the Northeast Tennessee Association of Realtors® Trends Report in its monthly housing report.

While home prices did increase in Washington and Sullivan counties it was a considerably less than metro area showing the best increases. In that measure Detroit, Mich. was up 32%, Toledo, Ohio was up 23%, Dayton Ohio was up 20 %, Modesto, Calif. and Lakeland Fla. were both up 18%. Home prices were up in 42 of the 102 metro areas in the study.

Memphis was the only Tennessee MSA with a November double-digit price appreciation – 16%.

Short sales

Across the nation short sales accounted for 3.4% of all residential property sales in November, down from the previous month and a year ago and below the pre-recession average of 4.5 percent a month in 2006.

Several local counties bucked that trend with higher short sales last month when compared to October or higher percentages than November last year.

Here’s how short sales broke down in the Tri-Cities counties listed in the report:

Carter Co – 3.1% last month, 2.2% in October and 0% November last year.

Greene Co. – 3.4% last month, 3.9 in October and 4.9% November last year.

Hawkins Co. – None last month, 6.3% in October and 5.6% November last year.

Sullivan Co. – 1.7% last month, 1.1% in October and 0.4% November last year.

Unicoi Co. – 4.8% last month, none in October and 12% November last year.

Washington Co. – 2.4% last month, 5.2% in October and 3.1$ last year.

REO sales

Sales of bank-owned properties nationwide accounted for 7.8% of all U.S. residential sales in November, up slightly from the previous month but down from 9% a year ago.

Again, local counties were not in step with the national trend.

Here’s how the report’s REO data looked for local counties;

Carter Co. – none last month, 6.5% in October and 10.8% November last year.

Greene Co. – 5.1% last month, 6.8% in October and 7.4% November last year.

Hawkins Co. – 4.8% last month, 4.7% in October and 13.9% November last year.

Sullivan Co. – 2.2% last month, 4.1% in October and 7.8% November last year.

Unicoi Co. – none last month, none in October and 4% November last year.

Washington Co. – 1.6% last month, 3.1% in October and 5.5% November last year.

The RealtyTrac Residential Sales Report data is derived from recorded sales deeds and loan data, which is used to determine cash sales and short sales. Sales counts for recent months are projected based on seasonality and expected number of sales records for those months that are not yet available from public record sources but will be in the future given historical patterns. Statistics for previous months are revised when each new monthly report is issued as more deed data becomes available for those previous months.

 

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