July 2009 to July 2010 showed a 1.16% increase in average sales price
August 2009 to August 2010 showed a 10.81% increase in average sales price
September 2009 to September 2010 showed a .05% increase in average sales price
October 2009 to October 2010 showed a 3.17% increase in average sales price
November 2009 to November 2010 showed a 6.2% decrease in average sales price
December 2009 to December 2010 showed a 6.1% increase in average sales price
If we dig into these numbers we can see that the Wall Street Journal article is speaking to a serious downturn in home prices nationally, where in Knoxville we have seen an increase in the average sales price all but one month between July and December. When averaging the 6 months we come to an average 2.5% increase in sales price during that 6 month period comparing 2009 to 2010.
If you are thinking about buying or selling a home and don’t know if now is the right time, or if you would like to find out the current value of your Knoxville home, ask a local real estate professional. Be sure that you ask specifically about recent local numbers in your area, and do some research and find an agent that is really practicing real estate and keeping up on local and national trends. You wouldn’t trust getting your medical advice from a physician who wasn’t up on the latest procedures or a CPA that didn’t know that latest tax laws. You should treat your choice of a real estate professional the same way.
Source: Troy Stavros, Gables & Gates, REALTORS