Knoxville News Sentinel reporter/sometimes-analyst Josh Flory concludes that the Knoxville real estate market is sluggish by comparing data from the Knoxville Association of Realtors which shows that "home and condo sales in a 32-county region were down nearly 14 percent compared to the same period a year ago." Flory's conlcusion raises the question answered locally by Scott Gentry: How do the numbers compare to the previous year?
Gentry looked at Chattanooga-area numbers and noted that first-half 2007 was indeed down compared to 2006. However, 2007 was up compared to 2005, and 2005 had been a record year before 2006 broke that record. The mareket is still in the realm of records. (See Parties Agree and the Chattanoogan.)
Gentry's point is well made: Isolating two data points and concluding things are sluggish or slow or bad is myopic. Note: 2007 is the second best year in history.
No one can deny a slowdown, but the market has slowed to 105mph from 120mph. If slowing trends continue, the conclusion might change, but in a multi-year context, no one can deny that despite slowing, the market has been strong. Local and regional news media would better serve their constituents by really analyzing the numbers instead of trying to find the "Woe is us, too" angle that allows them to repeat locally what they hear from natioinal media outlets.
See Josh Flory's story at the Knoxville News-Sentinel.
Related: Huntsville, Alabama Market
Huntsville real estate agent/sometimes-analyst Mike Manosky concludes that the Huntsville real estate market is stable by comparing last year's data to this, though his data points are little obtuse. (See the American Chronicle.)
Harder data related to the Huntsville economy in general comes from a story in the Huntsville Times by Wayne Smith, who reports that local personal income in the Huntsville Metropolitan Statistical Area has grown 7.7% compared to 6.6% the nations 363 MSAs. Of those MSAs, 252 of experienced personal income growth acceleration. (See the story in the Huntsville Times.)
Miscellaneous
Chattanooga native, artist, Heath Claiborne opens gallery and coffee shop in old Capitol Theatre in Maryville.
By Melanie Tucker in the Daily Times.
Amphitheatre reopens this fall
Renovations complete on World's Fair Park icon
By Jim Miller in the Knoxville News-Sentinel.
UTC Getting 200 Acres At Enterprise South
Large hilly tract to be used for biology studies and for camping and hiking.
From the Chattanoogan.
Planners look at steep slope development at WCU conference
The Asheville Citizen-Times.
Community Bank & Trust ranked as No. 1 community bank in Georgia.
The Northeast Georgian.
More on the Barry Hotels development in Streets Buckhead
Barry Hotel Partners and Starwood Capital Group Add Eco-Friendly Luxury Hotel to the Streets of Buckhead
Hospitality.Net
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