The current projections for residential mortgage interest rates have shown little change within the past few home sales reporting periods.

For the month of February, the local median home price was $121,750. That represents a decrease of 3.0% from the same period one year earlier and a slight gain of 1.9% from the median price reported the previous month. The adjusted median price remains one of the more attractive for U.S. regions of this size.

In terms of the number of average days on the local market, February 2010 saw a small increase over figures from the same month in 2009, but down somewhat from the previous month of January of 2010. Those swings do not seem to portend anything more extraordinary than the variety of factors that comprise the overall operational vagaries of a recovering market system.

A review of the historical sales activities during the month of February over the past ten years shows a remarkable consistency, with the often stated sole exception of the “boom” years of the past mid-decade.

In the fourth three month period of the year just ended, the Southeast Tennessee and Northwest Georgia area saw the sale of 1,527 residential units, a 19.8% increase over the same quarter’s sales in 2008, but a drop of 6.5% over the July through September sales of 2009.

Median price figures for the period witnessed a decrease to $128,500 – a drop of 4.8% from the 4th Quarter of 2008 and a statistically negligible decline of 1.2% from the previous quarter. While a positive sign, in terms of affordability, the price drop is often interpreted by some authorities as a sign of a continuing sluggish economic outlook. However, the index indicating the number of days on the market has remained remarkably consistent – from 120 a year ago to 120 in the 4th Quarter of 2009 – and only 5 days less than the 3rd Quarter.

For the month of December, the local median home price was $128,250. That represents a decrease of 5.2% from the same period one year earlier and a small decrease of 1.3% from the median price reported the previous month. REALTORS® are quick to point out that it continues to represent a continuing trend of real affordability, and that price sensitive buyers should strongly consider purchasing now, and avoiding the inevitable increases in an improving market.

The average number of days on the market showed a slight increase, attributed to the busy period of
any holiday season. From recent highs (above 130 days), the average is now showing 126 days, which
has not been interpreted as showing any significant trend.

Sales and Inventory History

Category – Residential