The Agota Springs Estate was the top high-end residential sale last year

By DON FENLEY

TRI-CITIES, Tenn. – Three million dollar plus residential sales closed in December, bringing the Tri-Cities area annual top-of-the market residential sales total to 59.

Last year’s top sale was in Kingsport for $4.4 million. Like many other high-end sales, it was more than a typical residential sale. The primary home on Agota Springs Estate has six suites and eight baths. The sale also came with a manufacture house, a bonus house and an 90,800 sq. ft. event venue/spa on 122 acres of wooded mountain area land situated off Reservoir Road.

Two of December’s million-dollar sales were in Greeneville. The other, which was the highest monthly sale ($1.3 million) was in Bluff City. Two were cash sales and one closed with conventional financing. All were discounted from the listing price, according to the Northeast Tennessee Association of Realtors (NETAR).

Last year’s average sales price in the million-dollar club was $1.5 million. The most common sales was for $1.4 million. Thirty-five (59%) of them were cash deals. Seventy-three percent sold with price reductions – the largest was $1.2 million on a $3.6 million sale in Trade.

There were 29 closings just below the million-dollar cut-off in the $900K and up price range.

Total luxury homes sales in the $500K and up price range accounted for 11% of last year’s local existing home sales.

While overall existing residential sales were down 13% for the year, luxury sales were up 5% (808 sales). That was the second-best performance for the year. The best performing price range was a 6.5% (1,507 sales) in the $300K to $399K price range.

During the year inventory in the luxury price range increased 22% and December’s pending sales were up 35%.

This year’s performance in both the luxury and million-dollar price range is expected to model and show some increase from last year as the population shift to secondary and prime rural markets in the South continues.

In mid-January, there were 60 residential listing of area homes in the million dollars plus price range.

Sullivan (15 listings) and Washington Co. TN (14 listings) lead the market. Listings in the other regional counties range from five each in Hawkins and Washington, Co. VA to nine in Carter Co.

Categories: REAL ESTATE