Kingsport-Bristol – Johnson City MSA home sales down in Jan.; prices improving in Feb.


By DON FENLEY

Home sales in both Tri-Cities MSAs were off to a weak start in January, according to NETAR’s Trends Report and the average price performance wasn’t anything to write home about. But prices improved three weeks into February, according to Realtor.com.

The Trends Report shows 120 closing in Kingsport-Bristol, down 0.7% from January. That’s pretty good compared to the Johnson City MSA. Closing there totaled 98, down 23.4% from the same month last year and the first time in 13 months they have dropped to double digits.The average January sales price in Kingsport-Bristol was $129,008 up 1.4% from January last year. That’s a reversal of the price softening the region saw in the closing months of 2014.

According to Realtor.com, the Kingsport Metro area’s average sales price for the first three weeks of February to $139,885 ($72 a sq., ft.) which is 13.8% less than the average asking price. Reviews of the metro area’s listing show 41% have been reduced. Note that Realtor.com’s Kingsport Metro area is Sullivan and Hawkins County while NETAR’s report is for Sullivan, Hawkins, Scott and Washington Co. VA.

The Trends Report average Johnson City MSA price was $151,109, down 14.9% from January last year. It improved to $161,494 ($84 a sq. ft.), three weeks later, according to Relator.com. The improved price was 27% less than the average asking price. The proportion of reduced listing in Johnson City was 39%. Relator.com’s Johnson City Metro area is the same as NETAR’s MSA area.

The Tri-Cities and primary city market Trends Reports can be found on the NETAR Web site.

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