In the month of November, there were 216 New Residential Single Family Home listings submitted to the Lakeway Area Association of Realtors. That's less new homes on the market as in September. The total number of Hamblen County Homes for sale on the market in October was nearly 880 (Almost twice the number in September), but in November that number dropped to 843 total.
Of those 843 homes on the market, 106 Sold in the month of November. That's 12.5% Absorption rate for homes on the market. This is up from the last two months where only 10% of homes on the market were sold. Still, that's only 12 of every 100 homes are selling leaving 88 of every 100 still on the market. At this rate, if no more homes were placed on the market, Hamblen County would have enough homes available for buyers for the next 8 months.
Some price ranges are fairing better than others.
In September, houses between 100K and 120K were fairing better at 30% absorption rate, but that dropped to 10% in October due to an increase in listings in that range. The number of buyers dropped from 9 to 8 and the number of available homes rose from 30 to 80. In November, 17 homes sold between 100K and 120K with only 83 on the market doubling the absorption rate to 20% for this price range.
Improvements were seen in the range between 200K and 250K with 62 already on the market and 15 new listings, 8 sold. Even though that's only 1 in 10 per month, that's twice as many as last month when only 4 sold.
Between 300 and 350K with 28 on the market, only 2 sold. That's an absorption rate of 7% for this range (up from 3% last month).
With numbers like these, it's clear that it is still a good time to buy, and still a challenging time to sell in Hamblen County.
The data used to compile these figures was gathered from the listing and sales data provided to Realtors and Members of the Lakeway Area Association of Realtors in Morristown Tennessee.