Tri-Cities mid-April home sales begin showing coronavirus bite

The Tri-Cities spring buying and selling season was off to a pretty good start in mid-April, but the effects of the coronavirus pandemic are beginning to show up.  There were 900 more resales in the 12 months ending on April 12 than during the previous 12 month period

Resales for the 12 month periods began the year with a 989. They were up 1,047in February and 1,031 in March. It’s expected that next month’s report will show further declines.

The Twin Cities and Greeneville markets had some impressive sales gains in the $400,000 to $599,999 price range while the largest two city area markets – Johnson City and Kingsport – continue to dominate total sales.

Many of the brokers and builders participating in a Federal Reserve Bank of Atlanta poll said they expect to see increasing adverse impact of all aspects of their business during the next three months. That survey was conducted March 26 – April 2.

The highest areas of concern – and expectation of decline during the next three months – were the number of offers and buyer traffic.

Here’s how resales looked in the five primary price ranges in mid-April.

$200,000 and below

This price range still accounts for most sales – 67%. But that market share was down by 2% in the April comparison. It has been decreasing for over a year.

  • Johnson City – 1,829, up 163.
  • Kingsport – 1,439, up 148
  • Twin-cities – 897, up 119
  • Greeneville – 645, up 24

$200,000 – $399,999

The market share for this price range increased to 29% in the 12 months ending in mid-April, up from 27% during the previous period.

  • Johnson City – 1,105 up 149
  • Kingsport – 500, up 118
  • Greeneville – 212, up 62
  • Twin Cities – 325, up 52

$400,000 – $599,000

Sales in this price range account for 4% of all sales during the comparison period, up from 3% in the previous period.

  • Johnson City -124, up 10
  • Kingsport – 48, up 2
  • Twin Cities – 52, up 17
  • Greeneville –28, up 19

$600,000 – $799,999

This price range accounted for 0.7% of sales, which was the same market share of the previous 12-month period.

  • Johnson City – 28, down 2.
  • Twin Cities – 12, up 8
  • Kingsport – 8, up 2
  • Greeneville – 5, up 2

$800,000- $1 million and up

The top-end price range had an 0.3% market share – unchanged from last year – the for the 12-month period.

  • Johnson City -11, up 2
  • Twin cities – 7, up 1
  • Kingsport – 5, up 3
  • Greeneville 2, up 1

There were minor inventory improvements in April with slight increases in the $200,000 – $399,999 and $600,000 – $799,999 price ranges.



Categories: CORE DATA, REAL ESTATE

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