Brandi Pearl Thompson: June Housing Market Statistics

Wednesday, July 15, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors

While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity was up considerably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.

In fact, a recently released study from NAR, 2020 Market Recovery Survey, polled agents about their respective residential and commercial real estate markets, finding that 92 percent of respondents stated that a portion of their buyers have either returned to or never left the market. Clearly buyers are eager to get into the market.

There are plenty of buyers out there, but seller activity continues to be a bit softer with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June.

Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.

Locally, New Listings in the Chattanooga region decreased 1.5 percent to 1,266. Pending Sales were up 41.9 percent to 1,364. Inventory levels shrank 42.0 percent to 1,757 units. Prices also continued to gain traction. The Median Sales Price increased 4.7 percent to $225,000. Days on Market was down 8.9 percent to 41 days. Sellers were encouraged as Months Supply of Inventory was down 45.7 percent to 1.9 months.

So what does all this information mean? It means that there are fewer houses on the market now, and if you use a realtor’s expertise when listing your house for sale, you might be in a very good position. Realtors have the latest tools to serve the homebuying needs of our community. That’s Who We R.
 


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)