Rich Tierney's Blog (30)

August continued its history of being one of the slowest months of the year when it comes to real estate sales in Sequoyah Hills.  Only two properties sold (as per the Knoxville MLS) for an average price per square foot of $152.  This is similar to last August, where only 3 homes sold with an average price of $146 per square foot.

Now that Labor Day is behind us, we should experience an nominal uptick in activity for the next few months before we once again slow down in December and…

We saw a bit of a summer slowdown in July, with only 3 homes selling in Sequoyah Hills with an average price per square foot of $151.  In July of 2011, 5 homes sold with an average price per square foot of $160.

This is not unusual for summer, as vacations and other plans start to get in the way of home buying.  We typically see this trend continue through August, then after Labor Day things start to pick up again.

June absolutely blew the roof off the numbers, with 11 houses selling for an average of $157 per square foot in Sequoyah Hills.  In 2011, only 6 homes sold, though their average price per square foot was a bit higher at $167 per square foot.

It looks like we're finally starting to see some real volume in the neighborhood.  One other interesting point is that all but one of the 11 homes sold was priced between 400K and 700K.  Things are definitely moving in the right direction!

We continued our positive trend in May, which had 3 houses sell for an average of $152 per square foot in Sequoyah Hills.  Not a huge number, but actually up from only 1 house that sold in 2011 for a similar price per square foot.

As school ends and summer starts up we typically see a slowdown in the volume of houses sold, and I don't think this year will be any exception.  That being said, the first five months of 2012 have been very positive, and if the trend can stay the same for…

April had 5 houses sell for an average of $148 per square foot in Sequoyah Hills.  The range was from $88 per square foot up to $206 per square foot.  In 2011, only two houses sold for an average price per square foot of $190, however, one of those homes sold for $246 per square foot, which is an aberration.

The spring market, while not heating up like the mid 2000's, is moving along at a much better clip than the last few years.  If things continue to hold pace, we could end up…

March was a record month in Sequoyah Hills as 10 homes sold at an average price per square foot of $154.  In 2011, only 3 homes sold for an average price of $136 per square foot.  This is certainly not a trend yet, but certainly a sign that the spring selling season has started.  If this momentum can be kept through the spring, this could be a good sign that the housing market is starting to find it's bottom...

I'm sure you've notices some of the plantings and improvements going on over on Cherokee Boulevard.  Here's a good article about it from KnoxNews.com...

More blooms: Cherokee Boulevard median gets a $146K upgrade

One home in Sequoyah Hills transfered ownership in February for $130 per square foot. In 2011 four homes closed in the month of February with a price per square foot of $157.

Two homes in Sequoyah Hills transfered ownership in January.  The average price per square foot for these transactions was $95.  In 2011 only one home closed in the month of January with a price per square foot of $80.

Don't let these January prices get you down - it's one of the worst months of the year, along with December and August, as far as volume goes, and typically when volume is down, prices dip.  All the homes represented in the last couple of Januarys could be classified as…

Four homes in Sequoyah Hills transfered ownership in December.  However, the average price per square foot is skewed tremendously, as one of the homes sold for well over $300 per square foot, and another sold for well over $200 per square foot.  Before we start getting too excited, it should be noted that the first home mentioned sat on over an acre of land and had other upside that overcame its small square footage, and the second home mentioned was actually sold for  $425,000 LESS than it…

In a move that is shocking only to those that haven't been paying attention, NAR just revised downward their sales estimates for basically the duration of the housing bubble's burst.  Details can be found in this Wall Street Journal Blog.

The good news is that the market really isn't any worse than we already thought it was, just the reported…

Two homes in Sequoyah Hills transfered ownership in November.  The average price per square foot for these transactions was $111.  These were not closed in the Knoxville MLS, but were transfers done in our office that did not get reflected in the MLS as of this date.    In 2010,  two homes also were sold in the month of November with a price per square foot of $167.

We again are seeing the dramatic fluctuations in price per square foot when looking at a small sample size.  We're also…

Four homes in Sequoyah Hills transfered ownership in October.  The average price per square foot for these transactions was $185 as per information in the Knoxville MLS.    In 2010, only two homes were sold in the month of October with a price per square foot of $151. This type of fluctuation from month to month and year to year underscores how the housing market is really made up of many smaller markets based on location, size, condition and price.  Depending on who is looking at a…

Four homes in Sequoyah Hills transfered ownership in September.  The average price per square foot for these transactions was $94 as per information in the Knoxville MLS.    In 2010, only one home was sold in the month of September with a price per square foot of $108. In the case of the 2011 sales, the low price per square foot can be attributed to one home with over 7000 square feet that sold for a very low price per square foot.  This was a home that was on the market for some time and…

July continued a relatively positive volume trend for Sequoyah real estate.  Five homes in Sequoyah Hills transfered ownership in July.  The average price per square foot for the July transactions was $160 as per information in the Knoxville MLS.    In 2010, only one home was sold in the month of July with a price per square foot of $97. Even in these tough economic times, Sequoyah Hills has proven to be a stable housing market.  Volume is still substantially down from the peaks back in 2005…