Brandi Pearl Thompson: August Housing Market Statistics

Wednesday, September 16, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors

The temperature outside is starting to dip ever so slightly, and as we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins. But as we all know, this year has been far from normal. The housing and stock markets continue to be the leaders in the economy.

In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. Multiple offer situations remain a frequent experience in many markets, including ours. With the inventory of homes for sale still lower, a fast and competitive market for buyers doesn’t show signs of slowing down. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

New Listings in the Chattanooga region decreased 0.8 percent to 1,306. Pending Sales were up a remarkable 26.2 percent to 1,244. Inventory levels shrank 49.1 percent to 1,565 units. Prices continued their upward trajectory. The Median Sales Price increased 23.5 percent to $247,000. Days on Market was down 4.7 percent to 41 days. Sellers were encouraged as Months Supply of Inventory was down 54.3 percent to 1.6 months.

While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term , as it remains a great time to get into the housing market, especially for sellers.

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. As Realtors, we have the latest tools to serve the homebuying needs of our community. That’s Who We R.
 



Brandi Pearl Thompson: Realtor Safety Month - Cyber Security

136 Organizations And Businesses Support A Federal Real Estate Flood Disclosure Requirement

Southern Heritage Bank Donates To The Women Build


For the last few months, when thinking about danger, we’ve rightly been focused on an invisible virus. “Safety” has meant staying away from others, wearing a mask, and washing our hands. When ... (click for more)

Local groups across the country, including 16 in Tennessee, are calling on congressional leadership to act on legislation that would create a federal flood risk disclosure requirement to protect ... (click for more)

Southern Heritage Bank is a sponsor this year for the Habitat for Humanity of Cleveland’s Women Build. "This event provides the opportunity for women to take a proactive step in serving their ... (click for more)



Real Estate

Brandi Pearl Thompson: Realtor Safety Month - Cyber Security

For the last few months, when thinking about danger, we’ve rightly been focused on an invisible virus. “Safety” has meant staying away from others, wearing a mask, and washing our hands. When working with the public, as Realtors® do, physical violence has usually been front of mind when talking about safety. While physical safety obviously remains important, electronic/cybercrimes ... (click for more)

136 Organizations And Businesses Support A Federal Real Estate Flood Disclosure Requirement

Local groups across the country, including 16 in Tennessee, are calling on congressional leadership to act on legislation that would create a federal flood risk disclosure requirement to protect families, renters and homebuyers. Officials said, "At present federal policy requires lenders—and not sellers—to notify borrowers only if they are required to have flood insurance. ... (click for more)

Breaking News

Former County EMT Charged With Vehicular Homicide Is Back Out Of Jail After Pretrial Services "Error"

A former county EMT accused of vehicular homicide was taken into custody in court on Monday based on five alleged violations of his pretrial release. But Justin Whaley was back out of jail on Wednesday after it was agreed that the report of the violations was unfounded. His attorney, Lee Davis, said, " The report filed by Pretrial Services was in error. There was no alcohol ... (click for more)

Sports Wagering Committee Of State Lottery Board Conditionally Approves Licenses For 1st Group Of Sports Betting Operators

The Sports Wagering Committee of the Tennessee Education Lottery Board of Directors on Wednesday conditionally approved licenses for the first group of sports betting operators in Tennessee. The committee also approved its first supplier application and 26 additional vendor applications and announced follow-up meetings Oct. 5 and 16 to take up more applications and review additional ... (click for more)

Opinion

Earl Freudenberg Remembers Bettye Parker

One of the most patriotic individuals I have ever known has passed away. Bettye Parker died Tuesday after a short illness. At Bettye's request there will be no memorial service. Bettye ran Bettye Parker Realty on Highway 58 for as long as I can remember. She handled thousands of property transactions. Her son, Paul Parker, also became involved in real estate and is the real ... (click for more)

Roy Exum: Floyd - The Whole Truth

I have been in the news business as a writer my entire life and the main cornerstone of any story is the truth. Later, as an opinion writer, I was enabled to interject exactly that, my “opinion,” which sometimes will differ from that of the readers, yet the strongest point in all arguments is fact. As a vociferous reader, I am becoming more concerned over the bias in the mainstream ... (click for more)