While sales slow, values hold on Broadacres homes

Sandra ClarkPowell

Veteran Realtor and Powell Broadacres resident Andrew Sharits has for years shared updates on the real estate market with his neighbors at the annual meeting of the Homeowners Association. Now that group has a new name – Broadacres Neighborhood Association – but Andrew is a constant.

“Here is some of the information that I shared last night at the Broadacres Neighborhood Association meeting,” he wrote in an email.

In 2022, 28 homes sold in Broadacres through the MLS (multiple listing service of the Knoxville Area Association of Realtors).

  • Average Sales Price: $386,761
  • Average Square Footage: 2,513
  • Average Days on the Market: 17 (high=121; low=0)
  • Median Sales Price: $367,500
  • Highest Sales Price: $630,000
  • Lowest Sales Price: $235,000

For comparison purposes, he said:

  • 2020 – 48 homes were sold through the MLS at an average sales price of $255,329.
  • 2021 – 59 homes were sold through the MLS at an average sales price of $307,463
  • 2022 – 28 homes were sold through the MLS at an average sales price of $386,761
  • Q1 2023 – 9 homes sold through the MLS at an average sales price of $369,111.

He offered more detail:

Broadacres Home Sales 2021

  • 59 homes sold in our subdivision for 2021.
  • Average Sales Price: $307,463
  • Average Square Footage: 2,295
  • Median Sales Price: $300,000
  • Average Days on the Market: 13
  • The highest priced sale was $460,000 and the lowest priced sale was $195,000.

Broadacres Home Sales 2023 Q1

  • 9 homes sold in our subdivision for 2023
  • Average Sales Price: $369,111
  • Median Sales Price: $382,000
  • Average Square Footage: 2,386
  • Average Days on the Market: 62 (high=156; low=0)
  • The highest priced sale was $445,000 and the lowest priced sale was $160,000.

Key numbers: Days on the market – 62 in 2023 versus just 13 in 2021.

Republicans and Democrats will differ on the reason(s) why.

Oldtimers will call it a market correction and remind everyone that folks still need a place to live.

And there’s value in Realtors like Andrew Sharits, a steady-as-you-go guy who will continue compiling statistics, looking for trends and reporting back each year to his neighbors.

Andrew graduated from the University of Tennessee with a business degree. He got his start in real estate in 2004 with the purchase of a commercial level multi-family property. In 2005, he became a licensed Realtor. He’s based in the north office of Realty Executives Associates, 3232 Tazewell Pike. His numbers are 865-688-3232 or 865-386-3408.

Sandra Clark is editor/CEO of Knox TN Today Inc.

 

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