Brandi Pearl Thompson: Hot Temps And Hot Housing Markets Around The Nation

Wednesday, July 29, 2020

We’ve all felt the heat the past few weeks, and the real estate market has been just as hot as the summer sidewalk. As we reported locally, for the month of June, pending sales in the greater Chattanooga market were up almost 42 percent, or 142 houses, over the same time last year.

The greater Chattanooga area wasn’t the only market to “heat up.” Recent data released by the National Association of Realtors shows that existing-home sales in the South jumped 26.0 percent to an annual rate of 2.18 million in June. The median price in the South was $258,500 which is a 4.4 percent increase from a year ago.

For comparison around the nation, June 2020 existing-home sales in the Northeast rose 4.3 percent, and the median price in the Northeast was $332,900, up 3.6 percent from June 2019. In the Midwest, existing-home sales increased 11.1 percent, and the median price in the Midwest was $236,900, a 3.2 percent increase from June 2019. Lastly, existing-home sales in the West ascended 31.9 percent to an annual rate of 950,000 in June, and the median price in the West was $432,600, up 5.4 percent from June 2019. Clearly the market is hot all over the country!

Dr. Lawrence Yun, chief economist for NAR, spoke with our association a few days ago, and explained that due to COVID, mortgage applications dipped in April, but beginning in May, they spiked back to where they were, or higher in some areas, to what we saw in the 1st Quarter. While still in a pandemic, real estate activity continues. He also reported that Inventory was low in most parts of the country pre-pandemic, so it only makes sense inventory dropped lower during the pandemic. He concluded his talk by forecasting 2020 will end with a 3 to 5 percent increase in Home Prices. Yun also predicted Home Sales in 2020 would close with a 10 to 13 percent drop in home sale nationwide, but moving into 2021, we should see a 13 to 18 percent increase in number of homes sold.

COVID-19 is certainly still impacting our market, as well as the housing market nationally, but this data shows that it’s still a seller’s market, and it’s a good time for homeowners list their property.

While we acknowledge the fast market, the uptick in COVID-19 cases around the country has shown that it’s more important than ever to be safe and take all necessary steps to minimize the risk of transmitting this virus. Realtors® have a special responsibility to take all necessary health and safety precautions, including wearing masks. Real estate has been deemed essential in our area, but Realtors are still strongly encouraged use virtual showings and limit in-person activity in all other aspects of the real estate transaction to help get through this crisis.

As Realtors, we urge our clients and fellow Realtors to stay home if sick, and to use online services when available.  We all should practice social distancing (staying at least six feet away from others), and use hand sanitizer after leaving stores, and wash your hands with soap and water for at least 20 seconds when you get home. These guidelines might be inconvenient at times, but it’s important that we keep the safety of others in mind during this time.

Whether it’s during an active housing market or during a global pandemic, utilizing a Realtor during a property buying or selling process is a way to stay up to date on all of the current housing market data. Realtors are here to serve our community during these times. 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)