A year of ups and downs closed out on a very steady note as December brought modest increases in most categories for local real estate markets. For the month that ended on Monday, Dec. 31, there were 1,064 property transfers in Knox County, bringing about a 12 percent increase over November’s activity, and just surpassing December 2017’s total of 1,049 sales.
In terms of aggregate value, the properties sold in December came in at $444.7 million. That was a significant increase over the $303 million worth of land transferred in November. In line with the number of transfers recorded, December slightly outperformed its 2017 counterpart, when $424.6 million worth of property was sold in the county.
Mortgage lending was the one area that saw a slight decrease in activity, as loans against real estate dropped to an aggregate of $290.5 million. That was about $100 million less than the total amount borrowed in November, and also just short of the previous December’s output of $304.9 million.
There was one significant mortgage loan filed in December in the amount of $49 million financing residential complexes in the Fort Sanders community. The largest transfer of the month involved residential properties in the same area, which were sold for $15 million.
As we turn the page to 2019, I would like to wish each of you a very happy, healthy and prosperous New Year!