The local real estate market continues to lag behind the achievements of the first quarter of last year, according to data released by the Multiple Listing Service (MLS) of the Chattanooga Association of Realtors.
In the first three months of this year, the Southeast Tennessee and Northwest Georgia area saw the sale of 1,113 residential units, a 23.3% decrease compared to the same quarter’s sales in the previous year.
Officials said, "The continuing economic challenges and depleted consumer confidence continues to weigh down on the real estate market. Home sales generally lead the way in any recovery, but require help from more positive employment numbers to do so.
"With the spring and summer months being the strongest sales period for buyers, realtors are continuing to hold out hope for a continued upsurge in sales activity.
"Median price figures for the period witnessed a decrease to $128,000 – a drop of slightly over 5% from the 1st quarter of 2008. However, the increase of only six extra days on the market – from 124 a year ago to 130 in the past quarter is not considered significant."