Here we are, we’ve made it through April! For many of us it was one of the most trying times we’ve ever experienced. In the wonderful world of local real estate, we’ve weathered the storm better than most. Certainly nothing like what we experienced in 2008, the year the real estate bubble burst and the same year JJRE opened our doors.
Here in Rutherford County we finally saw the market decline we were predicting after the somewhat puzzling slight improvements we saw in the March market data. Last year we saw a 9.72% jump in contracts from March to April, while this year we experienced a -12.81% decline. When compared to last April RuCo was down -8.17%, so we’re still -22.53% off where we should have been as a market in the absence of COVID-19. However our next data points suggest we’re in the midst of a recovery.
Taking a look at the daily Pending Contract data for the year we saw the local market take a huge hit the first week of April, but steadily gained, eventually arriving back above the 7-Day Average of 31 Pending transactions per day. That’s not to say we’ve recovered, as a market we’re still behind where we should be based on last year’s data, a record April, which we were on pace to beat until the onset of COVID-19.
Regarding Supply, price points up to $500K remain in a Sellers Market, while the $500K-700K price points remain in a Balanced Market, meaning around a 4 month supply. Homes priced $700K+ continue to slip further into a Buyers Market, currently at a 7.44 month supply. See more on that data at www.murfreesborohomesonline.com/data
