As things begin to slow in the Register’s office, it is important to remember that real estate experiences a seasonal lull annually around the beginning of fall and stretches through the end of the year. Therefore, instead of focusing on the slightly reduced numbers in comparison to weeks prior, it is important to look back at the same period during previous years. With that being said, it is noteworthy that the 1,360 warranty deeds recorded during the month of September is 47 more than 2020, and both years outweigh 2019 by more than 200 sales. To add perspective, the value of sales throughout September in the three years are as follows, starting with 2021 and listing back to 2019: $438 million, $375 million, and $341 million. Thirty-six properties sold in the month of September for over $1 million each.
September was a busy month for lenders, too. They loaned more than $669 million dollars in the 2,446 trust deeds that we recorded, and 42 of the loans obtained were for amounts of a million dollars or more. I hope to see even more million-dollar transactions in October.
Nick McBride
With the week ending on October 1, the total number of Warranty Deeds (sales) recorded was 359, and those carried a total value of $104.37 million. There were seven recordings for properties over one million dollars, but only one of those was a commercial property: Hickman Development sold the property on the corner of W. 5th Ave and King Street to 119 W 5th LLC for $1.55 million.
The end and beginning of each month are always busy for the lenders – this past week they sent in 626 loans to be recorded. Those loans came to the sum of $177 million dollars. The largest single loan funded was by Central Bank & Trust in the amount of $26.89 million. The other lenders funding sizeable loans were:
- Citizen’s Bank – $6.76 million
- CBBC – $5.8 million
- Home Federal Bank – $3.7 million
- Peoples Bank of the South – $2.5 million
- FirstBank – $1.9 million
- Pinnacle Bank – $1.79 million
- Rocket Mortgage – $1.7 million
- Consumer Credit Union – $1.63 million
- ORNL FCU – $1.0 million
Our monthly numbers look great and so do the year-to-date numbers vs 2019 & 2020. We are all hoping that we can keep this pace up even through 2022!
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Nick McBride is register of deeds for Knox County.