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.”

 



Sales Dip, Prices Rise, Inventory Tightens In September

Single-family home sales in Tennessee decreased a modest -2.7 percent in September (7,021 closings to 6,834), the median price rose +14 percent ($193,000 to $220,000), and available inventory fell -23.1 percent (27,450 to 21,097) over September 2016, according to data compiled by Tennessee Realtors.   Condominium statistics showed sharper changes, as condo sales dropped ... (click for more)

Kathy Tucker Named 2018 President-Elect Of Tennessee Realtors

Kathy Tucker, CRS, GRI, managing broker of Crye-Leike Realtors in Chattanooga, was installed as 2018 president-elect for Tennessee Realtors at its fall convention. She will serve in this key role as part of the statewide association’s 10-member executive committee.   A veteran of 40 years as a realtor, Ms. Tucker is a member of the Greater Chattanooga Association ... (click for more)

Ooltewah High's Robin Copp Is State Principal Of The Year

Ooltewah High School principal Robin Copp has been named Tennessee’s 2017-18 Principal of the Year.   Officials said of the second-year principal, "No matter the grade level, she believes in creating student-centered schools, which are first and foremost focused on teaching and learning. To support this model, Copp has instituted a professional learning framework ... (click for more)

City Has Apparently Found Buyer For Chattanoogan Hotel

The city of Chattanooga has apparently found a buyer for the Chattanoogan hotel on Broad Street. A city board will meet next Monday to consider several resolutions. One item before the Chattanooga Downtown Redevelopment Corporation is approving the hiring of the Husch Blackwell law firm "as special counsel in connection with the preparation of a sale and purchase agreement ... (click for more)

Vote No On The Rezoning For A New Landfill In Harrison - And Response (2)

County Commissioners, please consider the following facts when voting on the rezoning request for a new privately-owned C&D landfill in Harrison.  Use of this property for a landfill has been rejected by the county three times in the past (1971, 1984 and 2007).  In 1971 and 2007 the County Commissioners unanimously rejected the proposal.  In 1984 the ... (click for more)

Roy Exum: UT A 34-Point ‘Dog

I can’t remember a time in my life when a University of Tennessee football team has been a five touchdown underdog and this comes at a time when my primary-care physician tells me, “Let’s face it … you are old.” That said, even when I look at myself naked in the bathroom mirror I ain’t as ugly as what I fear will happen in Tuscaloosa this coming Saturday. I can remember the Tide ... (click for more)