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VOL. 45 | NO. 20 | Friday, May 14, 2021

Record April sales obliterate April 2020’s record sales

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Buyers and Realtors alike are lamenting the paucity of real estate inventory in the area. With enormous demand and many homes receiving more than 30 offers – many for hundreds of thousands of dollars more than over list price – April sales numbers are staggering.

Sales for April eclipsed April 2020 by 43%, and 2020 was a record-setting year.

The number seemed impossible to those within the industry considering an overwhelming lack of inventory. At first glance, it might appear that the Mayor John Cooper’s Stay at Home order might have had some impact on home sales last year. However, that was not issued until after most of the April sales were closed or in the pipeline.

Another surprising statistic is that sales for April sales hit 4,119, an increase of 8% compared to March, when sales hit 3,787.

A sampling of some 30 sales in one April weekend reveal the properties generated on average of 24 offers. That’s 720 offers for 30 properties, leaving 690 buyers in the lurch.

Had there been another 690 homes, there could have been 690 more sales that week in the $600,000 to $800,000 price range in Williamson County. That scenario is repeating itself all over the Midstate and, to some extent, across the country.

So how many houses would sell if there were more houses to buy?

In the past, an announcement that Oracle was moving into the area with its 8,500 jobs would have Realtors dancing in the streets, but such news only elicits pulling of hair and gnashing of teeth.

One of the best lines in the movie Jaws was uttered by Police Chief Martin Brody, played by Roy Scheider, after Brody seeing the gigantic shark for the first time.

Brody turns to the Quint, brilliantly portrayed by Robert Shaw, and utters: “You’re gonna need a bigger boat.” This is line has been listed as the third best movie line of all time. And with Oracle and the others swimming upstream in the Cumberland, Nashville is going to need a bigger boat.

Ironically, the second greatest quotation might also pertain to the Oracle deal: “I made him an offer he couldn’t refuse,” uttered by Marlon Brando in “The Godfather.” Hopefully, No. 1 has no place in the current Nashville lore: “Frankly, my dear, I don’t give a damn.”

Sales of the Week

Over the past months, many have been astounded from reports coming from Williamson County describing how the real estate world turns in that area. Unfortunately, Nashville is generating its own horror stories, at least for those trying to buy homes.

3100 Woodlawn Drive

In Traceside, a neighborhood off Highway 100 between the Natchez Trace Parkway and the Barn Dinner Theater, a house was listed for about $500,000. No home in that development had sold for that much before. That is until Saturday, when the listing agent received three offers for more than $600,000.

In Green Hills, veteran Realtor Shelly Bearden listed 3100 Woodlawn Drive, 3,677-square-foot residence, for $1.1 million. The seller had paid $480,000 in 2010, a good time for home buying. The previous owner had paid $477,500 in 2002.

In real estate, as in comedy, timing is everything.

Bearden says the owners had updated the kitchen with marble countertops, and she noted the house included a formal dining room with French doors that open onto a screened porch. Of utmost importance was the banquette in the breakfast nook. The only thing lacking was the scullery.

Additionally, the HVAC systems had been upgraded in the past five years, and the water heaters were replaced during that time period. A large deck overlooks an expansive backyard on a 0.84-acre lot.

Bearden included a deadline for offers, the implication being that there would be more than one. There were offers aplenty.

Not surprisingly, the wise sage of Nashville real estate, Betty Finucane, was able to reel the home in for her buyers, something she has done for over 30 years.

The award-winning Finucane has teamed with the affable Camille Crawford as of late, and the duo has registered unmeasured success, as has their adversary in this transaction, Bearden, a highly regarded Realtor with 20 years of experience.

Finucane’s buyers paid $56,500 more than list price to win the prize at $315 per square foot.

There are those who monitor real estate activity and feel that the term “list price” should be replaced with “starting price.”

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC and can be reached at richard@richardcourtney.com.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0