Home Sales Surge In January

Thursday, February 21, 2013

In the month of January, the greater Chattanooga area saw a huge increase to Closed Sales, increasing an astounding 34% from last year’s mark, finishing at 457 residential units. New Listings in the Chattanooga region were down 3.6 percent to 960. Inventory shrank 10.3 percent to 4,499 units.

Prices rallied higher as the Median Sales Price was up 4.0 percent to $130,000. Days on Market decreased 14.0 percent to 117 days, the ninth consecutive month of year-over-year declines. Month’s Supply of Inventory was down 22.3 percent to 8.0 months, indicating that demand increased relative to supply.

Officials said, "As we take our first gentle steps into the first year of predicted housing market improvement in many years, let's look at why we're feeling bullish. Affordability is high; coupled with historically low interest rates; people are ready to lay their money down. Inventory is generally down, creating more competition among those searching for homes.

"Desire plus demand has created more frequent tickles of price rising just as foreclosures and short sales are selling through the market, becoming less of a drag on those prices. The residential real estate recovery is tentative and fragile, but it's still a recovery."


GCAR President Mark Blazek said, “It's important to watch the economy, since job growth directly fuels home purchases and since the housing industry generates jobs. The economy has added about 6.1 million jobs over the past 35 months, a sluggish but encouraging trend. Interest rates are slowly moving higher in some regions, though the affordability picture remains extremely attractive.”

 


Real Estate Transfers For Aug. 11-17

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)

Group Questions Continued Tax Forgiveness For Walnut Commons

A taxpayer activist group asked a number of questions at a city board on Thursday about a complex tax abatement deal for Walnut Commons on Walnut Street. The city, through its Chattanooga Downtown Redevelopment Corporation, has held title to the land under the apartments. However, the new owner has opted to buy that land, causing a new round of paperwork involving the ... (click for more)

State Board In Nashville Approves New Erlanger Behavioral Health Hospital

Members of the board of the Tennessee Health Services and Development Agency in Nashville on Wednesday unanimously approved a new $25 million Behavioral Health Hospital planned by Erlanger Health Systems on Holzclaw Avenue.   Parkridge Valley Hospital and CADAS had opposed the issuance of Certificate of Need.  The 88-bed facility will provide "acute adult inpatient ... (click for more)

Pinkston Says Offer Was Made To Dismiss Lawsuit Against Him If Prosecution Of Detective Burns Was Dropped; Judge Greenholtz "Greatly Bothered" By Any Such Offer

District Attorney Neal Pinkston said at a hearing Tuesday that an offer was made to drop a lawsuit filed against him by Gatlinburg detective Rodney Burns if he would dismiss two perjury counts against Burns. The district attorney said he should not be disqualified from continuing to prosecute the case or else attorneys would begin suing him or the judge to get a new DA or trial ... (click for more)

Downtown Needs Cleaned Up

My son and I parked on Broad Street and walked to the Billiard Club on Cherry Street this past weekend. It's probably a total of two blocks. In that short walk we passed where Rone Regency used to be on 6th Street and in that doorway was about a years worth of human feces and urine covering the doors and walls. The concrete sidewalk on the street is all broken up and the metal ... (click for more)

Roy Exum: Ooltewah & The Bullies

During the week of Christmas I got an email from a longtime friend at the Knoxville News-Sentinel that laughingly wondered what kind of basketball do you people play (in Chattanooga?) It included sketchy details of the rape, and subsequent surgery, of an Ooltewah High School basketball player who had been assaulted by his own teammates at a Gatlinburg holiday tournament. Today ... (click for more)