Chattanooga Real Estate Blog

For the week ending August 21, New Listings in the Chattanooga region were down 3.1 percent since the same week last year as 252 properties came onto the market.

Buyer activity remained above 2009 levels, as it has for 29 out of the 33 full weeks this year. There were 146 purchase agreements signed last week, representing a whopping 36.4 percent increase over 2009.

This helped to keep inventory levels lower than last year for the eighth consecutive week. The number of Active Listings for Sale was down 3.6 percent to 6,559 properties. This marks the largest inventory decline in over a year (56 weeks to be exact).

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.

For the week ending August 14, New Listings in the Chattanooga region were down 16.7 percent in year-over-year comparisons as 250 properties new came on the market.

Buyer activity remained above 2009 levels with 128 contracts written last week, representing a 7.6 percent increase.

This helped to keep inventory levels lower than last year for the seventh consecutive week. The number of Active Listings for Sale was down 3.5 percent to 6,553 properties.

Based on July figures, those sellers who are still waiting for an offer could expect to receive 90.8 percent of their list price and a market time of 114 days, though this number has been coming down in recent months. Median Sales Price remained at $132,000 taking into consideration overall market activity.

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In February of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 406 residential units, a gratifying 35.8% increase compared to the previous month’s sales, and a 19.1% increase in sales over the same period last year.

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.

The local real estate market remained inconsistent, with underperformance as its only constant, according to statistics released today, in both number of homes sold and median price, according to data released by the Multiple Listing Service (MLS) of the Chattanooga Association of REALTORS®. In September of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 507 residential units, a 4% decrease compared to the previous month’s sales, in a retrenchment from previous growth trends observed this year. Earlier statistics had shown three consecutive months – May, June, and July – of small, yet steady, gains in the market.

Year to date number of homes sold:

Three year comparison:

For the month of September, the local median home price was $129,900. That represents a decrease of 6.2% from the same period one year earlier and a statistically negligible decrease from the median price reported the previous month. However, it continues to represent a continuing trend of real affordability, the adjusted median price remains one of the more attractive for U.S. regions of this size.

With the population aging and fewer young people to take the place of baby boomers, the demand for housing may slow for years to come, keeping home values from increasing as they have done since World War II, according to at least one well-known national expert.

In terms of the number of average days on the local market, September 2009 saw a small increase over figures from the same month in 2008, and from the previous month of August 2009. Many economists attribute this pattern to a continuingly slow easing of pressures in the financial markets, returning to their previous averages and are hopeful of more consistency over the next few quarters.

The local real estate market continued its strong rebound from the disappointing sales earlier in the year according to statistics released today, in both number of homes sold and median price, according to data released by the Multiple Listing Service (MLS) of the Chattanooga Association of REALTORS^®. In July of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 575 residential units, a 4% increase compared to the previous month’s sales, in the best monthly showing since August of 2008. For the first time in this calendar year, monthly sales have exceeded the same month’s sales of 2008, by .3%, a sign seen by many experts as a return to growth mode.

Demonstrating again the recovery power of the Chattanooga marketplace, the July statistics are showing that, despite the nagging persistence of the nation’s economic challenges and disappointing unemployment statistics on a national level, real estate continues to be the stalwart leader in the U.S. economic recovery picture.

It has long been an article of faith among real estate professionals that affordability is a key indicator in both the pace and depth of the market dynamics shaping home sales. In the Greater Chattanooga and Northwest Georgia area, this can be seen in the local median home price, which is the price that half of all units sell for more and half sell for less. For the month of July, the local median home price was $131,000. That represents a decrease of 7.4% from the same period one year earlier and a 3.7% decrease from the median price reported last month. While it represents a continuing trend of real affordability, the adjusted median price also speaks well for the area’s ability to attract new residents who now see the Greater Chattanooga Area as a multi-sided success story in new manufacturing job opportunities, a place of cultural renaissance, and one of the U.S.’s most attractive places to live and work.

In terms of the number of average days on the market, July 2009 remained consistent with figures from 2008, while seeing a dramatic decrease from the previous month of June 2009. Many experts attribute this to a slow and gradual easing of pressures in the financial markets. Though credit often remains tight for even the most qualified of buyers, it is believed that lender confidence will increase, allowing for greater access to credit. Authorities see the number of days on market now returning to their previous averages and predict more consistency over the next few quarters.

Average Days on Market

The Chattanooga Association of REALTORS^®, the region’s premier voice for real estate, is made up of real estate professionals engaged in every aspect of real estate throughout Southeast Tennessee and Northwest Georgia. Those interested in the region’s real estate market can visit www.RightTimeRightMarket.com, an informative Web site with up-to-date information about the state of the Northwest Georgia and Southeast Tennessee real estate market while also offering helpful tips on buying or selling a home, information on renting versus owning a home, information on the temporary tax credit for first-time homebuyers, and area facts for those relocating or retiring to the greater Chattanooga area.  Reprinted and edited with permission.

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