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.



Barge Design Solutions Community Fund Contributes To COVID-19 Relief Efforts

Geoff Ramsey Inducted Into NAR RPAC Hall Of Fame

Real Estate Transfers For May 21-27


The Barge Design Solutions, Inc. Community Fund has awarded a total of $35,000 in grants to organizations contributing to COVID-19 relief efforts. "As our nation slowly opens following stay-at-home ... (click for more)

Greater Chattanooga Realtors announced that Realtor member Geoff Ramsey was inducted to the National Association of Realtors (NAR) Realtors Political Action Committee (RPAC) Hall of Fame. ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)



Real Estate

Barge Design Solutions Community Fund Contributes To COVID-19 Relief Efforts

The Barge Design Solutions, Inc. Community Fund has awarded a total of $35,000 in grants to organizations contributing to COVID-19 relief efforts. "As our nation slowly opens following stay-at-home orders and other restrictions, many in our communities are left reeling from the effects of this pandemic," officials said. "Much of our population finds themselves in need of various ... (click for more)

Geoff Ramsey Inducted Into NAR RPAC Hall Of Fame

Greater Chattanooga Realtors announced that Realtor member Geoff Ramsey was inducted to the National Association of Realtors (NAR) Realtors Political Action Committee (RPAC) Hall of Fame. Mr. Ramsey has been an RPAC Major Investor for seven years, and a President’s Circle Member for six years. Over this time, Mr. Ramsey has invested more than $25,000. “Realtors are advocates ... (click for more)

Breaking News

Hamilton County Reports One-Day Record 106 New Coronavirus Cases; Deaths Remain At 19

The Hamilton County Health Department reported a one-day record 106 new cases of COVID-19 on Friday for a cumulative total of 1,381. Officials said, "While the majority of people are compliant with the Health Department’s isolation and quarantine instructions, there are an increasing number of people who are not staying home and not being cooperative. This behavior puts the ... (click for more)

Hamilton County Correctional Officer Tests Positive For Coronavirus; Silverdale Facility Employees, Inmates To Be Tested Wednesday

The Hamilton County Sheriff’s Office was notified Friday morning one of its Corrections Division employees has tested positive for COVID-19. Per Hamilton County Jail guidelines, the employee is at home under isolation order from the Hamilton County Health Department. Jail personnel are currently working with Health Department personnel to currently track all inmates and personnel ... (click for more)

Opinion

It's About Time Riverbend Was Cancelled - And Response

Since its inception, Friends of the Festival seemed bound and determined to make Riverbend a national event, ignoring the opinions of many Chattanoogans. Riverbend started as a local event drawing on the tastes and desires of local citizens yet has devolved into an outrageously expensive, super-crowded two-week-long free-for-all. Riverbend has drastically deviated from its original ... (click for more)

Roy Exum: Rhea Migrants Vanish!

A promising online news website debuted last month from its statewide base in Nashville. Identifying itself as “Tennessee—Lookout,” the website has what appears to be sound leadership and creditable reporters. Its vow is that it hopes to become an “Independent non-profit news site dedicated to covering Tennessee government, policy and politics. Hard-hitting but fair.” I wish it ... (click for more)