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    April 2020 RuCo Real Estate Market Update

    What a month it’s been! As with most industries, we’ve been in a constant state of adjustment in response to the coronavirus here in our community.

    Nevertheless, the Rutherford County real estate market again improved compared to last year in all key categories, but that doesn’t tell the whole story. Numbers began to flatten, even trending down slightly, mid-month. Last year we saw a 22.53% jump in contracts from February to March, while this year we only saw a 11.54% jump. New listings, while also improved (4.14% over Feb.) were not as drastic an increase as 2019 (37.7%).

    Taking a look at the daily Pending Contract data for the year we see the normal Spring incline in contracts (7 Day Average shown below) begin to trend back down mid-month. Obviously this was in response to the impact of COVID-19 in our community, however we’re still likely a month out from seeing the real impact on the local market. When the April Closing data comes in, we’ll have a much better barometer of how the market was really impacted by COVID-19.

    Taking a look at Pendings by Day Of Week (shown below), we perhaps get a clearer picture of the COVID-19 impact on our market week to week. For instance Mondays, traditionally the best day for Pendings, was on the normal Spring incline until the past three weeks, which coincide with the pandemic’s growing impact in our local economy.

    Regarding supply, most lower price points remain firmly in a Sellers Market, while the $600K+ price points continue trending further into a Buyers Market. Mid-range homes, price points $400-600K in our market, remain around what we at JJRE consider a Healthy Market, meaning a 4 month supply. See more on that data at www.murfreesborohomesonline.com/data

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    John Jones

    During his 26 years in real estate, John has helped more than 6,000 families handle their real estate needs. Nobody has sold more homes in Rutherford County than John and there is not even a close second. Before opening his own brokerage he was a perennial top producer for Coldwell Banker from 1998 to 2008, consistently ranking among the top 1% of agents in the nation. In October of 2008, John realized his vision of a small boutique real estate firm that offers the best in customer service, market knowledge, wealth building opportunities, and innovative techniques that get homes sold. John also offers several revolutionary programs to his clients such as the Guaranteed Sale Program, No Show Offer, and the Fixer-Upper program.

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