Tri-Cities new home closing begin the year higher; avg. price – avg. mortgage down


Closing on new home sales in the Tri-Cities were up at the beginning of the year when compared to the year before, but the average closing price and average mortgage size tracked by Metrostudy and Builder Magazine were down.

The Johnson City metro area saw the most closings – 111 in the 12-month period ending in January. Last year that market saw 54 new home closing during the 12-month period.

In Kingsport-Bristol, there were 74 closing compared to 58 during the January to January period.

The average sales price in both areas was lower this year. It was $199,284 in Johnson City compared to $215 the year before.

Kingsport-Bristol’s average sales price was $126,500, down from $280,967.

The size of mortgage also declined.

In the Johnson City metro area, it was $140,493, down from $195,178.

In Kingsport-Bristol, it was $83,383, down from $257,905.

New home closings as a share of all home sales were 4% in the Johnson City metro, up from 2% last year. Kingsport-Bristol’s share declined to 1% of the market down from 2% last year.

 

The average closing price per sq. ft. for all home sales – including REO’s – in Johnson City was $76, unchanged from the 2015 average and down from $78 in 2014.

Kingsport-Bristol’s average has been stable at $70 per sq. foot for the past three January reporting periods.

 

 

 

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