By DON FENLEY
GRAY – Cash hasn’t lost its luster in this market of fewer sales and higher prices. During the second quarter, there were almost 700 cash sales. That’s 36% of all existing single-family and condo sales. The market share is also slightly higher than this time last year.
According to the Northeast Tennessee Association of Realtors (NETAR), the median cash sale price in June was $230,750. Those sales were discounted an average of $7,982.
The median price for all residential sales was $267,500.
Conventional financing and cash account for 80.6% of all financing the NETAR’s core NE TN area that includes Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi and Washington counties.
Most June sales (48%) had conventional financing. The median sales price was $325,000, which was discounted $9,731.
FHA sales accounted for 8.8% (63) of June sales. The median sales price was $217,500. The average discount was $36.
There were 11 (1.5%) THDA sales. The median sales price was $200,000 and the average sales was $5,082 above list.
USDA sales accounted for 1.4% (10) of June’s sales. The median sales price was $192,000, which was $1,080 above the list price.
There were 53 VA sales (7.4%). He median sales price was $322,930, which was discounted $8,421.