The local real estate market took a leap forward during the month of March, according to data released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of Realtors. Statistics for March indicated that the Southeast Tennessee and the Northwest Georgia area saw the sale of 519 residential units, a 0.4% year-to-year growth from the same period of 2011, while increasing 14.8% compared to the previous month’s sales.
GCAR President Mark Hite saidd, “When the weather heats up, so do home sales. Spring and summer months are always a great time for buyers and sellers to go out there and find their new home.”
March’s median home price was $133,000. That represents a welcomed rise of 6.4% from the same period one year earlier and an increase of 6.4% from the same period in February of this year. “It’s always a great sign for the local market to see a month-to-month rise in the median home price. This shows that while some parts of the country may still be struggling, the Greater Chattanooga area continues to see consistent improvements,” he said.
The Average Days on Market continued to drop, sliding from 147 to 136, indicating a 12.3% decrease from 2011. The months supply of inventory also decreased to an absorption rate of 9.4 months.
“Continuing the trend in 2012, our area is definitely showing the signs of transition from a buyers’ market to a sellers’ market. This indicates a positive turn for our local economy heading into what looks to be an exciting 2nd quarter,” Mr. Hite said.