Johnson City MSA home sales tracking toward record year; Carter Co. posts solid growth

Johnson City MSA homes sales continued outperforming the rest of the Tri-Cities market in October.

Johnson City MSASo far this year Johnson City sales are up 11.5% for the first 10 months of this year compared to the same period last year.  Kingsport-Bristol sales are up 9.5% and they’re up 8.8% for the Tri-Cities region.

The three-county Johnson City year-to-data pace is being driven by double-digit year-to-year increases for five of the past six months. That pace didn’t slow much in October despite the beginning of the seasonal slowdown for the fall market, which follows last year’s sales pattern. If that holds sales will ebb in November and December. But considering the current level of closings it’s safe to say 2015 will be best sales year since 2008 – the year before the Great Recession hit here.

According to the Northeast Tennessee Association of Realtors’ October Trends report the MSAs closings are at 1,657 – 94 fewer than the 2014 total.

The region’s year-to-date average price stood at $186,287 at the end of last month. That’s 4.9% better than last year.

So far this year the Carter Co., Elizabethton and Washington Co. have seen the strongest sales increases.

Carter Co.Carter is the only county in the region with double-digit gains for both sales and average price for the first 10 months of this year compared to last year. Elizabethton has the highest ytd avg. price growth among the city markets monitored by the Trends Report – 15.8%.

Erwin/Unicoi has also seen solid growth.  It’s the only market that has not seen a decline any month his year when compared to last year. The same can’t be said for average price performance. It’s down 9.6% when compared to the first 10 months of last year.

Here’s what the ytd sales and average sales price looked like in October for the Johnson City MSA’s county and city markets.

County YTD sales:

Carter Co. – 20.3% on 349 closings.

Washington Co. – 10.5% on 1,237 closings.

Unicoi is included in the city county since the Trends Report counts city schools by high school districts.

County YTD avg. price:

Carter – 12.2%, $127,386.

Washington – 2.1%, 4193,183.

City YTD sales:

Erwin – 16.7% on 105 closings.

Elizabethton – 8% on 121 closings.

Johnson City – 1% on 578 closings

City YTD avg. price:

Elizabethton – 15.8%, $112,113

Johnson City – 3.8%, $214,673.

Erwin – 9.6%, $127,718.



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