December Caps Off "Stellar Year" Of Homes Sales

Thursday, January 23, 2014 - by Robert Nodes

For the Greater Chattanooga real estate community, 2013 exceeded the average of the record numbers of 2012. Home sales and prices were higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. Depending on where you lived in Greater Chattanooga, your neighborhood has undergone some changes in ownership. 

Closed sales rose 8.2 percent to 552 residential units sold. For the year, closed sales were up 8.4 percent, finishing strong with 7,247 homes. New listings in the Chattanooga region increased 3.4 percent to 602. Inventory levels shrank 4.0 percent to 4,673 units.

Prices softened somewhat. The median sales price decreased 3.2 percent to $138,000. Days on market were up 0.8 percent to 134 days. Absorption rates improved as months supply of inventory was down 7.0 percent to 8.0 months.

In her first market report of her 2014 term, incoming GCAR President Vicki Trapp added, “Housing is fortified by confident consumers and good jobs. A slowly improving labor market stunted by political gridlock marked the year of 2013, and the Federal Reserve's long-awaited taper announcement was not surprising.”  

Saying farewell to his fellow GCAR Members, outgoing 2013 President Mark Blazek concluded, “Interest rates remain low, prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year. It's no wonder that buyers were active in 2013. Here's to more of the same in 2014.”



Planning Commission Recommends Approval for 4-Story St. Elmo Commercial/Residential Building

The Planning Commission on Monday afternoon approved a four-story commercial/residential project near the Incline Railway in St. Elmo. A number of residents of the historic suburb had expressed concern about the height of the building near Mojo Burrito on Old Mountain Road. Paul Teruya, a developer from the Southside, said he had held several meetings with neighbors and ... (click for more)

City To Work With Developers On Utilizing Long-Vacant Infill Lots

The city plans to work with developers to utilize long-vacant lots owned jointly by the city and county, officials said Wednesday. The county is being asked to relinquish its rights to 34 lots. Paul Parker, county real property manager, said the city will be the lead agency in seeking to find developers to use the lots for new construction. The properties would go back ... (click for more)

Bradley County Schools Sue City Of Cleveland Over Liquor Tax Funds

The Bradley County Schools on Monday sued the city of Cleveland over the issue of liquor tax funds. Johnny McDaniel, director of schools, and Vicki Beaty, board chairwoman, said, "Our attorney, Jim Logan, has filed a complaint to recover for the Bradley County Board of Education the funds which are due and owing to Bradley County Schools by the city of Cleveland.  "We ... (click for more)

One Of "Worst Of The Worst" Gets 10-Month Federal Sentence

One of the men labeled as the "worst of the worst" in a Chattanooga round up was sentenced Tuesday  to 10 months and three years supervised release after he plead guilty to one count of conspiracy to distribute crack cocaine. Guy Wilkerson told Federal Judge Sandy Mattice, "I'm just a young father and I want the best for my kids." He said he apologized and that he knew ... (click for more)

What's Wrong With The City Recycle Program? - And Response (2)

Being new to recycling, I have lots to learn.  I rely on 311 and the attendants at the neighborhood collection centers to assist in building my knowledge.   Recently, I had an experience that makes me reconsidered my recycling efforts.  I loaded up my car, called 311 to verify what I could take, only to be blocked by the attendant at my neighborhood collection ... (click for more)

Roy Exum: That Billboard & Much More

Now that early voting has started and our strawberries have hopefully survived this last blush of winter, allow me to catch up on some things but, first, here’s a letter from a concerned reader I feel compelled to share: “There is something I have noticed throughout Brainerd, East Brainerd, Dayton, etc. A billboard has been put up, I believe by the Health Department of Hamilton ... (click for more)