Home Sales In Chattanooga Rise 8.9% In May

Thursday, June 20, 2013

Home sales in May again increased, during the month of May. Once again, Closed Sales rose 8.9% topping out at 683 residential homes sold. New Listings in the Chattanooga region were up 5.6 percent to 1,146. Inventory shrank 8.1 percent to 4,876 units.  

Prices moved higher as the Median Sales Price was up 5.2 percent to $144,000. Days on Market decreased 2.4 percent to 122 days. Months Supply of Inventory was down 15.7 percent to 8.6 months, indicating that as always, demand increased relative to supply. 

Officials said, "We're halfway through the year and it seems our collective attention has shifted from monitoring price and sales gains to eagerly anticipating more new listing activity on the part of sellers. This shift is the result of an imbalance between strong demand for homes and constrained supply. In some markets, purchase agreements are being written up directly after a showing. Your experience and local market conditions may differ, but the market as a whole has summertime heat."

GCAR President Mark Blazek added, “Interest rate risk is back in the headlines after Fed chief Ben Bernanke's latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate.”

Source: 10k Research and Marketing


Real Estate Transfers For Sept. 18-24

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)

Enclave At East Hamilton Project To Feature Only Commercial And Retail Space

During a community meeting, it was announced that the Enclave at East Hamilton project will no longer feature luxury apartments, instead featuring only commercial and retail space. The Enclave will be located between East Brainerd Road and Ooltewah-Ringgold Road. Phase one, which is set to start in 2016, will involve constructing turn lanes on Ooltewah-Ringgold Road into ... (click for more)

Witnesses In 17-Year-Old Murder Case Say They Saw Hollingsworth Threaten, Mistreat Wife

Two potential witnesses in a 17-year-old murder testified Monday that they saw Adolphus Lebron Hollingsworth threaten and mistreat his wife Vicky before she disappeared in 1997. Hollingsworth, who is under $200,000 bond, is set for trial on Nov. 4. Orville Hughes said he lived around the corner from Vicky when he was on Chamberlain Avenue and they were on Duncan Avenue. ... (click for more)

Family Makes Treasure Trove Of Early Chattanooga Photographs Available For Book; Stokes Collection Has Been Passed Down To Descendants

A treasure trove of Chattanooga photographs that have been passed down in the Stokes family for generations has now been assembled in an upcoming book. Chattanooga Around The Turn Of The Century: The Remarkable Stokes Collection will be published by Chattanoogan.com. Pre-orders are now being taken for the book, which includes over 700 photos on large-size pages. Publisher ... (click for more)

How To Reform The City Industrial Development Board - And Response (3)

My aims is to bring to the public’s attention the need for procedural changes that, if implemented, would significantly improve the information available the public, to the City Council and to the City Industrial Development Board about the verifiable benefits and costs of tax incentive financing structures and to make the entire process transparent. The public, the City ... (click for more)

Roy Exum: He Can Never Go Home

When Florida State quarterback Jameis Winston sparked top-ranked Florida State to a 56-41 comeback over N.C. State last Saturday, you would have thought the world had forgotten and virtually excused his vulgar rant from the week before. His inexcusable mid-week antics kept him sidelined during the Clemson game and brought down the nation’s scorn but less than a week later he was ... (click for more)