Home Sales Up In November; Mortgage Rates At Historic Low

Thursday, December 20, 2012

November 2012 gave realtors much to be thankful for, according to information being released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors. Homebuyers were also thankful for historically low mortgage rates and still-affordable prices.

GCAR President Mark Hite said, “Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism.”

New Listings in the Chattanooga region were up 16 percent to 819. Not to be outdone, Closed Sales increased to a stellar 543 units for the month; a 32.8 percent rise. Inventory shrank 9.7 percent to 4,712 units.

Prices turned higher, once again, as the Median Sales Price was up 16.0 percent to $145,000. Days on Market decreased 8.5 percent to 129 days. Months’ Supply of Inventory was down 21.8 percent to 8.6 months, indicating that, as always, demand increased relative to supply.

Mr. Hite said, “There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.”

Source: 10k Research and Marketing


Fidelity Trust Remains Bullish On Central Business District; Buying Old Krystal Headquarters On Cherry Street

Fidelity Trust Company has a contract to purchase the old Krystal headquarters at 701 Cherry St., Matt McGauley said. He stated, "We're very bullish on the Central Business District. We already have six buildings there, and this will be our seventh." The three-story business block includes the Cherry Street Diner. The building has 19,000 square feet of space. With the ... (click for more)

Real Estate Transfers For Sept. 4-10

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

EPB Says "Close To A Wash" On City Street Light Billing

EPB President Harold DePriest denied Wednesday that EPB owes the city over $1 million on street light billing. He stated,  “EPB has never said that we owe the city $1.2 million. When all the facts are taken into account, the financial difference is close to a wash.” Mr. DePriest said, "I regret that this complicated issue has been oversimplified in some reports. As we’ve ... (click for more)

New Red Bank Zoning Ordinance Is Ready For Review

The new Red Bank zoning ordinance is ready for review, City Manager Randall Smith said Tuesday night. It can be seen on www.redbanktn.gov and the link to zoning regulations. The new ordinance will replace one that was created 30 years ago.    The plan will encompass both residential and commercial development and is intended to direct ... (click for more)

Why So Much For A Rail Study?

From the things that make you go hmm department. Ok, so the feds are giving us $400k and the city is kicking in another $300k for a total of $700k to do a study on having in town rail service. Why so much for a study? Don't get me wrong, I'm totally down with Chattanooga having some passenger trains running around. I get that. It's awesome. We've needed it for a long time. I ... (click for more)

Roy Exum: I’m Certainly No Expert

Sometime on Monday night, after I had written a piece on getting swatted with a switch as a kid, I got an email from ESPN Canada asking if I would be a televised guest on “Off the Record,” the most watched daily sports show in Canada. The subject: corporal punishment in America. Are you kidding me? I am hardly an expert. All weekend my world of sports and its excitement was warped ... (click for more)