Market Info • December 5, 2023

November 2023 Market Statistics

by Jennifer Knolton

Average & Median Sales Price

In November 2023, the median sales price was $210,000, a decrease of -2.33% from the previous month’s $215,000, but up 7.69% from November 2022’s $195,000. The average sales price in November 2023 was $244,242, a decrease of -2.68% from the previous month’s $250,965, but an increase of 8.56% from November 2022’s $224,980. Both median and average sales prices in November 2023 were at their highest levels compared to November 2022 and 2021.

Sales Price / List Price Ratio

The sales price/list price ratio is the average sale price divided by the average list price. If above 100%, homes are selling for more than the list price; if below 100%, homes are selling for less. In November 2023, the ratio was 96.11%, down from the previous month and the same period the previous year.

Number of Properties Sold & Absorption Rate

The number of properties sold in November 2023 was 207, which is a -10% decrease from the previous month and an -8% decrease compared to November 2022. The absorption rate is the average number of sales per month divided by the total number of available properties.

Average Days on Market

The average days on market (DOM) for a property indicates whether it is a buyer’s or seller’s market. The DOM for November 2023 was 39 days, the same as the previous month, but 21.88% higher than November 2022. This indicates a trend towards a buyer’s market, and November 2023 had the highest DOM compared to November 2022 and 2021.

Average Sales Price per Square Foot

In November 2023, the sales price per square foot was $128, which remained the same as the previous month and was 4.92% higher than the price of $122 in November 2022. This indicator is useful for understanding property value trends.

Inventory & MSI

In November 2023, the number of properties for sale was 767, which was the same as the previous month and 4.35% higher than November 2022. The higher inventory level was more favorable for buyers than sellers, as reflected in the Market Sales Index (MSI) of 3.71 months, which was the highest compared to November 2022 and 2021.

New Listings

In November 2023, there were 255 new listings, a 24.33% decrease from the previous month, and a 1.59% increase from November 2022. The number of listings was average compared to November 2022 and 2021.

Community • December 4, 2023

Deck the Halls (and List Your Walls): 5 Tips for Selling Your Home This Holiday Season

by Jennifer Knolton

The holidays are a time for joy, family, and…selling your house? Believe it or not, December can be a surprisingly good time to list your property. With twinkling lights, festive decorations, and a general sense of goodwill in the air, buyers can be more receptive to cozy homes and warm vibes.

If you’re thinking of making a move this merry season, here are 5 tips to help you deck the halls and list your walls for a successful sale:

Highlight the holiday charm. Embrace the festive spirit! Decorate your home with tasteful holiday touches, but avoid going overboard. Think fresh greenery, twinkling lights, and a centerpiece that smells like cinnamon and pine.
Warm up the welcome. Let potential buyers envision themselves cozying up by the fireplace with a cup of hot cocoa. Stage your home for winter with plush throws, warm blankets, and scented candles.
Open house with a holiday twist. Instead of your standard open house, host a holiday cookie decorating party or a festive wreath-making workshop. This will attract more potential buyers and create a memorable experience.
Get creative with your marketing. Use festive language in your listing descriptions and social media posts. Highlight the “après-ski” potential of a sunroom or the “snow day-ready” movie theater in the basement.
Be flexible with showings. People are busy during the holidays, so be willing to accommodate showings at odd hours or even on weekends.

Remember, the holidays are a time for miracles. So go ahead, put your best foot (and your most festive doormat) forward, and watch your “For Sale” sign turn into a “Sold!” banner.

Market Info • November 8, 2023

Strategic Pricing

by Jennifer Knolton

Strategic pricing in real estate is the process of setting a price for a property that maximizes the seller’s profits and minimizes the time it takes to sell. It is important because it can have a significant impact on the outcome of a real estate transaction.

Here are some of the key benefits of strategic pricing in real estate:

Attracts more buyers: A well-priced property is more likely to attract attention from potential buyers. This is because buyers are constantly searching for homes that fit their budget and criteria, and they are more likely to find properties that are priced competitively.
Generates multiple offers: A well-priced property is also more likely to generate multiple offers from buyers. This is because buyers are more likely to place offers on properties that they believe have substantial value. When there are multiple offers on a property, the seller is in a stronger negotiating position and can often sell the property for above asking price.
Sells the property quickly: A well-priced property is more likely to sell quickly. This is because buyers are more likely to purchase properties that they believe are a good deal. When a property is on the market for a long time, buyers may start to wonder what is wrong with it, which can make it more difficult to sell.

In addition to these benefits, strategic pricing can also help sellers to:

Avoid overpricing their property: Overpricing a property can lead to a number of problems, including a longer time on the market, multiple price reductions, and ultimately a lower sales price.
Avoid underpricing their property: Underpricing a property can also lead to problems, such as losing out on potential profits and selling the property for less than it is worth.
Get the best possible price for their property: By strategically pricing their property, sellers can increase their chances of getting the best possible price for it.

Overall, strategic pricing is an essential part of any successful real estate transaction. By carefully considering all of the factors that affect the value of their property, sellers can set a price that maximizes their profits and minimizes the time it takes to sell.

Here are some tips for strategically pricing your real estate property:

Get a comparative market analysis (CMA) from ME! A CMA will show you how your property compares to other similar properties that have recently sold in your area. This information can help you to set a realistic and competitive price.
Consider the current market conditions. The real estate market can fluctuate over time, so it is important to consider the current market conditions when pricing your property. For example, if the market is hot, you may be able to price your property slightly above market value. However, if the market is slow, you may need to price your property below market value to attract buyers.
Be realistic about your expectations. It is important to be realistic about your expectations when pricing your property. If you price your property too high, it is likely to sit on the market for a long time. If you price your property too low, you may lose out on potential profits.
Work with a qualified real estate agent. A qualified real estate agent can help you to strategically price your property and market it to potential buyers.
By following these tips, you can increase your chances of selling your real estate property quickly and for the best possible price.

Community • November 4, 2023

Halloween was a big hit!

by Jennifer Knolton

Halloween was a wild and wacky, anything-goes kind of ride, far beyond a simple game of ‘CAT AND MOUSE’!

Amanda and I attended the CWTAR trunk or treat event and handing out hundreds pieces of candy to all of the super heroes and witches that came through the line!

Then the whole Coldwell Banker Barnes gang had a great day of kiddos in our annual Halloween drive thru event. It was said we had over 300 families to attend!

Uncategorized • November 3, 2023

November Reminds us to be Thankful

by Jennifer Knolton

November is the month to be thankful! Well I have a lot to be thankful for. My health, my family and by the grace of God, I have survived all of the stupid things that I have ever done. In my business, October was a good month for me and my business partner! We had 4 closing with some fantastic friends & family.

Get ready for some serious house-hopping updates! Ruth bid adieu to her sweet bungalow in LANA and scooted a few blocks over to a jaw-dropping Craftsman. I can’t wait to peep what she’s done at the housewarming bash! Ross and Alison ditched their wedding nest for a bigger pad in anticipation of Garrett Thomas’ grand debut! Bonus: it even has a grandparents’ suite! On the last day of the month, after a rollercoaster transaction, Cody, Emily & Colson happily settled into their first family home! Mama Sandi gave me strict orders to keep an eye on her baby, so I’m excited to watch their family bloom.

Market Info • November 1, 2023

Market Trends Reports: October 2023

by Jennifer Knolton

What these trends mean for the public:

If you are thinking about buying a home in 2023, it is important to be prepared for a competitive market. You should also be aware that mortgage rates are rising, so you may need to factor that into your budget. If you are thinking about selling your home in 2023, you are likely to be in a good position. Home prices are still high and there is a lot of demand from buyers. However, you should still be prepared to negotiate on price and terms.

Overall, the real estate market in 2023 is expected to be challenging for both buyers and renters. However, there are still opportunities for people to achieve their real estate goals.

The overview below shows real estate activity from January 2023 to October 2023. You will see data comparisons between October and the previous month, the last three months and October 2022.

Average & Median Sales Price
Let’s crunch the numbers, shall we? In October 2023, the median sales price was $219,000, slipping 3% from the previous month’s $225,773, yet still up 9.5% from October 2022’s $200,000. This marked the highest median sales price we’ve seen in October since 2021! Meanwhile, the average sales price in October 2023 was $236,649, dipping 4.89% from September 2023’s $248,815, but matching October 2022’s average. So, while we’re at a mid-level compared to 2021 and 2022, things are still looking up!

Sales Price / List Price Ratio
The sales price to list price ratio is calculated by dividing the average sale price by the average list price of the sold properties, stated as a percentage. If the percentage is over 100, it indicates that the homes sold for more than the list price. Conversely, if it is under 100, it implies that the homes sold for less than the list price. In October 2023, the sales price to list price ratio remained constant at 97.91%, which is equivalent to the previous month and October 2022.

Number of Properties Sold & Absorption Rate
In October 2023, a total of 189 properties were sold, a sharp decrease of -28.68% from the previous month’s 265 and a staggering -30.77% from the sales in October 2022 which were 273. This month’s sales have hit a record low compared to the sales in October 2022 and 2021. To calculate the absorption rate, divide the average number of sales per month by the total number of available properties.

Average Days on Market
The average days on market (DOM) metric signifies the number of days a property is listed before it is sold. Typically, a DOM trend moving upwards indicates a shift towards a buyer’s market, while a downward trend indicates a move towards a seller’s market. In October 2023, the DOM was 35 days, representing a -32.69% decline from the previous month’s 52 days and a 12.90% increase from October 2022’s 31 days. The October 2023 DOM was the highest when compared to October 2022 and 2021.

Average Sales Price per Square Foot
The sales price per square foot is a reliable metric to determine the trajectory of property value. In October 2023, the average sales price per square foot was $125, representing a decrease of -7.41% from the previous month’s $135 and a -1.57% decline from October 2022’s $127.

Inventory & MSI
In October 2023, a whopping 737 properties were up for grabs, a 7.12% leap from the previous month’s 688 and a 1.10% rise from October 2022’s 729. The inventory was at an all-time high compared to the past two years. As for the Market Supply Index (MSI), a lower score is a seller’s dream come true, while a higher one is what buyers cheer for. In October 2023, the MSI was 3.9 months, the highest score compared to October 2022 and 2021

New Listings
In October 2023, there were 314 new listings, indicating a 1.62% increase from the previous month’s 309. However, this figure was 5.14% lower than the 331 recorded in October 2022. It’s worth noting that October 2023 marked the lowest number of listings compared to October 2022 and 2021.

Based on information from Central West Tennessee Association of REALTORS for the period 11/01/YYYY through 10/01/2023. Source data is deemed reliable but not guaranteed.

Market Info • October 6, 2023

Market Trends West TN – September

by Jennifer Knolton

Average & Median Sales Price

The median sales price in September 2023 was $225,773, up 3.09% from $219,000 from the previous month and 18.83% higher than $190,000 from September 2022. The September 2023 median sales price was at its highest level compared to September 2022 and 2021. The average sales price in September 2023 was $250,684, down -6.50% from $268,100 from the previous month and 12.30% higher than $223,230 from September 2022. The September 2023 average sale price was at its highest level compared to September 2022 and 2021.

Average Days on Market

The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market. The DOM for September 2023 was 51 days, up 24.39% from 41 days from the previous month and 50.0% higher than 34 days from September 2022. The September 2023 DOM was at its highest level compared with September 2022 and 2021.

Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in September 2023 was $135,up 2.27% from $132 from the previous month and 14.41% higher than $118 from September 2022.

Food • September 26, 2023

White Chocolate Raspberry Cheesecake

by Jennifer Knolton

Ingredients

Crust

1 1/2 cups chocolate cookie crumbs, such as crumbled Oreo cookies (filling removed)
1/3 cup butter, melted (I used a 1/4 cup)

Filling

1/2 cup raspberry preserves (I used a raspberry pie filling)
1/4 cup water
4 (8 ounce) packages cream cheese
1 1/4 cups granulated sugar
1/2 cup sour cream
2 teaspoons vanilla extract
5 eggs (I used 4 eggs)
4 ounces white chocolate, chopped into chunks

Optional Garnish

2 ounces shaved white chocolate (optional)
Fresh whipped cream

Instructions

Preheat oven to 475 degrees.
Create a water bath by placing a large pan filled with about 1/2-inch of water into the oven while it preheats.
Combine the raspberry preserves with 1/4 cup water in a medium microwave-safe bowl. Heat for 1 1/2 minutes on high in your microwave. Stir until smooth. Strain to remove the raspberry seeds, then let the strained preserves sit to the side to cool.
Measure 1 1/2 cups chocolate cookie crumbs into a medium bowl. Mix in 1/3 cup melted margarine. Press the crumb into a 9-inch spring form pan that has been lined on the bottom and side with parchment paper. Use the bottom of a drinking glass to press the crumb mixture flat into the bottom of the pan and about 2/3 the way up the side.
Wrap a large piece of foil around the bottom of the pan to keep the cheesecake in the water bath. Put the crust in your freezer until the filling is done.
Use an electric mixer to combine the cream cheese with the sugar, sour cream, and vanilla. Mix for a couple minutes or until the ingredients are smooth and creamy. Be sure to scrape down the sides of the bowl. Whisk the eggs in a medium bowl and then add them to the cream cheese mixture. Blend the mixture just enough to incorporate the eggs.
Remove the crust from the freezer and sprinkle 4 ounces of white chocolate chunks onto the bottom of the crust.
Pour half of the cream cheese filling into the crust. Drizzle the raspberry preserves over the entire surface of the filling. Use a butter knife to swirl the raspberry into the cream cheese. Pour the other half of the filling into the crust.
Carefully place the cheesecake into the water bath in the oven. Bake for 12 minutes at 475 degrees, then turn the oven down to 350 degrees and bake for 50 to 60 minutes or until the top of the cheesecake turns a light brown or tan color.
Remove the cheesecake from the oven to cool. When the cheesecake is cool, use the foil from the bottom to cover the cheesecake and chill it in the refrigerator for at least 4 hours.
Before serving, sprinkle the entire top surface of cheesecake with 2 ounces of shaved white chocolate.

Uncategorized • September 4, 2023

September…not quite summer but not quite fall

by Jennifer Knolton

Community • June 18, 2023

Best Father’s Day Wishes!

by Jennifer Knolton

Father’s Day is a special occasion to celebrate and honor fathers and father figures. It’s a day to show gratitude and appreciation for all the love and support they provide. Whether it’s your biological father, stepfather, grandpa, or any other father figure in your life, take the time to let them know how much you care. Use this day as an opportunity to create unforgettable memories and cherish the time you have with them. Happy Father’s Day to all the amazing dads out there!