April 2012 marks the 100th anniversary of the Greater Chattanooga Association of Realtors and there is cause for celebration on many fronts.
Both home sales and median sales price are on the rise for the first quarter of 2012. Home buyers, spurred by record low mortgage rates and a sense of renewed optimism, are "getting off the fence" and embracing home ownership, according to Mark Hite, president of the Greater Chattanooga Association of Realtors (GCAR).
Local realtors closed nearly 1,300 homes in the First Quarter of 2012 representing an eight percent increase from 2011. "There's good reason to feel a strong sense of optimism about our local real estate market. The number of homes sold is on the rise, as is median home price, and the supply of available inventory is decreasing," Mr. Hite said. "Locally our home inventory was down 20 percent from February 2011 to February 2012 - music to the ears of prospective home sellers."
According to statistics from GCAR, the really good news is pending sales. Local pending homes sales for first quarter 2012 are up a whopping 51.9 percent over this time one year ago. The Pending Home Sales Index (PHSI) is a leading indicator for the housing sector. Specifically, Pending Home Sales become Existing Home Sales one-to-two months later thereby making it possible to predict actual home sales activity.
Housing sales are up, all indicators are positive that this trend will continue and improve, median sales prices are up, and available homes on the market are down - it is the perfect anniversary gift for the Greater Chattanooga Association of Realtors as it marks its 100th anniversary this spring and one the association is eager to share with the Chattanooga area.
Representing more than 1,500 realtor members in Hamilton and Sequatchie counties in Tennessee and Catoosa, Dade and Walker counties in Georgia, GCAR works for Chattanooga area property owners and for the protection of private property rights and ownership on many fronts, according to Executive Director Francie Ryder.
"For 100 years, through boom markets and challenging real estate markets - our association and its realtor members have worked for our community as the leading advocates for home and property ownership," Ms. Ryder said.
GCAR provides education and training to its members, statistical compilation and analysis of local real estate trends and serves as an advocate for homeowners on government and legislative issues affecting property rights and ownership. GCAR members also give back to the community through fundraising and advocacy programs like Habitat for Humanity.