Josh Branum: April 2020 Housing Market Statistics

Wednesday, May 20, 2020 - by Josh Branum, Greater Chattanooga Realtors

While the stock market recovered significantly in March, the effects of COVID- 19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly.

While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.

However, there are signs that the market may be starting to turn around. For the week of May 9, Pending Sales were up + 3.9 percent (293 in 2020, 282 in 2019) over the same week last year. Of course it’s too quick to say this might be a rebound, but it is showing that real estate is definitely still happening.

For April, New Listings in the Chattanooga region decreased 31.8 percent to 977. Pending Sales were down 21.3 percent to 817. Inventory levels shrank 26.1 percent to 2,134 units.

Prices continued to gain traction. The Median Sales Price increased 9.3 percent to $217,450. Days on Market was down 3.9 percent to 49 days. Sellers were encouraged as Months Supply of Inventory was down 29.4 percent to 2.4 months.



Robert Backer: Tips For A Warm And Inviting Home This Winter

East Brainerd Apartment Complex Sells For $17.4 Million

Northtowne Shopping Center On Highway 153 Sells For $14 Million


Okay, so we’re stuck inside. Even in a non-COVID time, January isn’t exactly the best time to go out and enjoy the outdoors. It’s cold, wet, and dark. Simply put, it’s gross out there. The ... (click for more)

An apartment complex in East Brainerd has sold for $17.4 million. The Grove at Hickory Valley Apartments is located at 1521 Hickory Valley Road off of East Brainerd Road. The sale was ... (click for more)

The Northtowne Centre shopping center in Hixson has sold for $14 million. The 257,744-square-foot center is located at 5450 Highway 153. It includes Hobby Lobby, Ashley Furniture Outlet, ... (click for more)



Real Estate

Robert Backer: Tips For A Warm And Inviting Home This Winter

Okay, so we’re stuck inside. Even in a non-COVID time, January isn’t exactly the best time to go out and enjoy the outdoors. It’s cold, wet, and dark. Simply put, it’s gross out there. The truth of the matter is in recent months, many of us have spent much time inside. What are some ways to make your home more inviting? What about keeping away those cold-weather blues? Deirdre ... (click for more)

East Brainerd Apartment Complex Sells For $17.4 Million

An apartment complex in East Brainerd has sold for $17.4 million. The Grove at Hickory Valley Apartments is located at 1521 Hickory Valley Road off of East Brainerd Road. The sale was to Grove at Hickory Partners TIC 2, LLC, of Weaverville, N.C. It was sold to Hickory Valley Multifamily Partners Llc. The same apartment complex was sold May 31, 2019, for $13,815,000. (click for more)

Breaking News

Hamilton County Has No New COVID Deaths, New Cases Fall Below 200; Tennessee Has 4,064 New Cases, 93 More COVID Deaths

Hamilton County reported 182 new COVID-19 cases on Friday, with 114 patients hospitalized with 37 in Intensive Care Units. Ten others were in the hospital with suspected COVID. Of those hospitalized, 61 are county residents. The new total of cases in Hamilton County is 36,834. There were no more deaths from the virus in the county reported since Thursday, leaving the total ... (click for more)

Health Department Adds First Dose Appointments To The Vaccination Schedule; For Phases 1a1, 1a2 And Adults 75+ By Appointment Only

The Hamilton County Health Department, in partnership with Hamilton County Office of Emergency Management, will begin taking first dose appointments again starting today (Friday) at 9 a.m. New appointments have been added to the schedule for Sunday through next Thursday. All appointments are at the Riverpark Hubert Fry Center, 4301 Amnicola Hwy. Enter near the Chattanooga ... (click for more)

Opinion

Where Are Our Educational Priorities? - And Response (2)

If only our institutes of higher learning put as much emphasis, effort and financial investment into their academic departments as they do into their football “programs”. $9.3 million in annual salary for a football coach? Really? Are there anywhere professors who earn even a fractional smidgen of that amount? Where are our priorities? Is the “commitment to consistently winning ... (click for more)

Roy Exum: Vols Are Resuscitated!

I am a big fan of magic tricks. Sometimes I’ll sit down with YouTube and watch a lot of dazzling stuff. My favorites include Darcy Oakes with the doves, or David Blaine spitting up live frogs from “the aquarium in my stomach.” Really intellectual stuff … I can watch it for hours … but the best magic is “real magic,” much like the University of Tennessee jerked from the top hat Thursday, ... (click for more)