By DON FENLEY

Million dollar-plus sales lag last year’s total, but the top-end of the existing residential market isn’t suffering. The same goes for the $500K and up luxury market, which has picked up during the latter part of the year.

Despite a slowdown in the median-priced existing home sales, the luxury market is seeing more inventory, and more sales, according to the Northeast Tennessee Association of Realtors (NETAR).

Last month’s three million-dollar-plus sales brought this year’s total to 48. Last year’s annual total was 65.

A $1.2 million sale in Mountain City led two slightly over $1 million Greeneville sales. And there’s plenty more listings like that in the region.

In late Nov., there were 87 top-end listings. A $7 million Greeneville tops the list. It, like some of the other multi-million-dollar listings, has the value-added effect of land – 508 acres.

The number of county listings with a beginning asking price of $1 million included:

Washington Co. TN – 24

Sullivan Co. -18

Johnson Co. – 10

Greene Co. – 9

Hawkins Co. – 9

Carter Co. – 8

Washington Co. Va. – 6

Unicoi Co. – 3

So far this year, the top sale was a $3.6 million cash deal in Piney Flats. And while it was the top deal, it wasn’t the only cash sales. So far this year, 29 (60.4%) of the 48 sales were cash deals. That’s an uncommon occurrence, according to national reports.

June was also the best month for million-dollar closings (13).

During the first 10 months of this year, the median sales price at the top of the luxury market was $1.3 million. The average was $1.5 million.

Unless there is a phenomenal number of high-end sales in the next two months, this year’s million dollar plus deals won’t challenge last year’s 65 closings. Something to watch is some lenders say they are seeing a record number increase in the number of million-dollar construction loans.

There were three October sales in the $900K and up price range that just missed the being in the top of the top-end market. And at the end of October, new listings in the $500K and up existing home listings were 85% higher than they were during the first 10 months of last year.

October’s $500K and up active inventory (365) was 13% higher than last year. Sales (85) were up 42% and pending sales (84) were up 100%.

Categories: REAL ESTATE