The Knox County MLS experienced a slight reduction in home sales of about 10% this past January as compared to a year ago in January of 2010. This is truly outstanding because it means the market may be headed in a more stable and positive direction.  You may be wondering how it can be good news that the market is down by roughly 10% but remember that in early 2010 the housing market was driven by an economic stimulous package and a lot of government subsidy money such as the $8,000 tax credit.  Many media outlets predicted the housing market would be off by as much as much as 40 or 50% but our market outperformed those predictions and barely missed a beat.

Knox County Ohio Housing Market
for January 2011

As of February 1st, 2011, there are currently 303 Knox County residential homes available for sale that are listed in the Knox County MLS. The combined value of all 303 homes that are available and for sale is over 44 million dollar with a combined average listing price is just over $148,000.  The lowest priced available single family residential home that is currently listed for sale in the Knox County MLS is listed for only $15,900 and the highest priced single family home for sale today is listed for $795,000.

Currently we are working off of a 16 month absorption rate based on the January 2011 Knox County home sales and also based on the current inventory of available homes.  This is the ultimate example of how supply and demand and how one impacts the other.  Currently there is a larger supply of available homes than they are monthly sales.  This number of monthsof active inventory will typically reduce in the late spring and summer months because during the peak home selling months we can experience anywhere between a 200% to 300% increase in monthly home sales compared to the early winter months such as January or February.

If you are thinking about buying or selling a home in 2011, give us a call at (740) 397-7800 or send us an email to explore your options and to find out when is the best time for you to make a move.