The local real estate market continued to improve throughout the month of April, according to data released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of Realtors (GCAR).
Statistics for April indicated that the Southeast Tennessee and the Northwest Georgia area saw the sale of 540 residential units, an 11.6 percent year-to-year growth from the same period of 2011, while increasing 2.2 percent compared to the previous month’s sales.
Mark Hite, GCAR President added, “April Showers didn’t keep the homebuyers indoors. April indicated yet another month of consistent increases, a trend we look to carry into the month of May.”
Also in the month of April, the medium home price was $130,000. That represents a steady rise of 5.5 percent compared to the previous year and slight decrease of 1.5 percent from the previous month.
The average days on market maintained its position at 136 days, a 0.7 percent increase from last year's mark and consist with last months total. Absorption rates improved as the Months Supply of Inventory was down 27.8 percent to 9.6 months.
“In uncertain economic times nationally, each month, the Greater Chattanooga area continues to shine as a beacon of light for families seeking a destination of excitement and prosperity.” Mr. Hite said.