Chattanooga Real Estate Blog

For the week ending September 4, New Listings in the Chattanooga region were down 12.0 percent versus the same week last year as 250 new properties came onto the market.

Buyer activity was once higher than year’s again last levels as 156 contracts were written, representing an increase in Pending Sales of 10.6 percent.

This mix helped to hold inventory down below last year’s count for the tenth consecutive week. There were 6,511 Active Listings for Sale which represented a 3.7 percent decrease over the same period last year.

Based on August numbers, Days on Market were down 2.2 percent to 116 days, and Percent of Original List Price Received at Sale was near even with last year, down a slight 0.8 percent to 90.2 percent. Median Sales Price rose a bit last month to arrive at $134,900.

Got a spare $350 per month?  Would you spend it on ‘ultra high speed internet’.   Personally, I wouldn’t but it seems that by the end of the year EPB will be offering service at 1 gigabit a second or 200 times faster than the average broadband speed.  Read the entire New York Times article here.

“In the global race to see who can offer the fastest Internet service, an unlikely challenger has emerged: Chattanooga, Tenn.

The city-owned utility, EPB, plans to announce on Monday that by the end of this year it will offer ultra-high-speed Internet service of up to one gigabit a second. That is 200 times faster than the average broadband speed in America.

Only Hong Kong and a few other cities in the world offer such lightning-fast service, and analysts say Chattanooga will be the first in the United States to do so. “This makes Chattanooga — a midsized city in the South — one of the leading cities in the world in its digital capabilities,” said Ron Littlefield, the city’s mayor.

There is one caveat: the highest-speed service will cost $350 a month, a price that may appeal to some businesses but few households, even though the service will be offered to all the 170,000 homes and businesses EPB serves.”

For the week ending August 28, New Listings in the Chattanooga region were down 5.1 percent since the same week last year as 259 properties came onto the market.

Buyer activity remained above 2009 levels. There were 153 purchase agreements signed last week, representing a 10.9 percent increase over last year.

This combination of market activity helped to keep inventory levels lower than last year for the ninth consecutive week. The number of Active Listings for Sale was down 2.4 percent to 6,610 properties.

Based on July figures, sellers received an average of 90.6 percent of their original list price after about 114 days on the market. Median Sales Price stands at $130,000, and the Months Supply of Inventory metric remains fairly elevated at 12.8 months.