Home Sales were up in January 2012 , which is good news for sellers, and prices were down, and that’s good news for buyers, according to data released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of Realtors.
In January, Southeast Tennessee and the Northwest Georgia area saw the sale of 327 residential units, a 2.8 percent year-to-year rise from January of 2011 home sales.
“This year over year increase in the number of units sold is welcomed news for home owners who are considering selling residential real estate” said Russ Elliott, president of the Chattanooga Area Multiple Listing Service.
For the month of January, the local median home price was $126,900. That represents a decrease of four percent from the same period one year earlier and a 2.4 percent decrease from the median price reported the previous month. This is good news for prospective home buyers, CAR officials said, noting that it continues to support the affordability that is at the highest point in over 40 years.
The start of 2012 also saw an increase of fifteen days to the Average Days on Market, moving from 136 to 151, which can be related to the slower month of selling. The overall inventory of homes available for sale was down 19.5 percent in comparison to a year ago.
GCAR President Mark Hite said, “There’s good reason to feel a strong sense of optimism about the trending sales numbers we’re seeing this month. When you contrast the mild weather this season with the multiple snow storms of Winter 2011, the comparison could not be more pronounced.”
He added, “Pending sales in the market are showing a tremendous improvement, and will be bringing some much-needed good economic news across the board. My sense of it is that the next twelve months might finally begin to show the noticeable recovery we’ve all been waiting for over the past four years.”