By DON FENLEY 

January Tri-Cities pending sales increased from both the previous month and January last year, according to the Northeast Tennessee Association of Realtors (NETAR).

There were 683 homes under contract last month, up 36.1% from the same month last year and 22.6% higher than December.

Pending sales, which track homes under contract but not yet closed, are a forward-looking indicator because they typically convert to closed transactions within 30 to 60 days.

The largest concentration of pending sales was in the region’s affordable price range – $160,000 to $299,999.

The move-up market, homes priced from $300,000 to $499,999, recorded 219 pending sales.

Luxury properties priced at $500,000 and above generated 74 pending sales.

At the lower end of the market, 13 homes priced between $100,000 and $119,999 went under contract, along with 25 homes in the $120,000 to $139,999 range. There were 34 contracts for homes priced below $100,000.

While demand strengthened, inventory conditions remained relatively tight. The region entered February with 3.45 months of inventory.

New listings rose 18.8% from a year earlier, with 801 homes coming onto the market in January. Total active inventory reached 2,301 listings, up 16% compared with last year but down 7.5% from December

Categories: REAL ESTATE