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.”



Home Sales Increase In April In Chattanooga

Home sales increased in April in Chattanooga, according to a report from the Greater Chattanooga Association of Realtors.   The report said, "As we turn the page to the second quarter of 2015, a proliferation of new  listings is expected in most markets across the U.S. Spring is traditionally the  commonplace time of the year that we see some of the most desirable ... (click for more)

Georgia Real Estate Investor Pleads Guilty To Bid Rigging And Fraud Conspiracies At Public Foreclosure Auctions

A Georgia real estate investor pleaded guilty on Tuesday for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia, the Department of Justice announced. Felony charges against Eric Hulsman were filed on March 27, in the U.S. District Court of the Northern District of Georgia in Atlanta. According to court documents, from ... (click for more)

National Championship Bicycle Racing Gets Underway In Chattanooga

National championship bicycling racing got underway in Chattanooga on Saturday morning under glorious Memorial Day weekend weather. Individual Time Trial Para-Cycling began at 8 a.m. at the Volkswagen facility. Individual Time Trial Female was at 11 a.m. and for the men was at 2 p.m. The Para-Cycling road race is Sunday at Volkswagen. The female road race kicks off ... (click for more)

Flora Tydings Selected As Chattanooga State’s Next President

Flora Tydings is expected to be named the next president to lead Chattanooga State Community College pending approval by the Tennessee Board of Regents at a special called meeting next Wednesday. The board will meet at 9:30 a.m. CDT at the TBR System Office in Nashville. Included on the agenda is TBR Chancellor John Morgan’s recommendation for Dr. Tydings to replace Interim President ... (click for more)

Shame On The Housing Authority

With Chattanooga and other cities around the nation struggling to find solutions to chronic homelessness it's cruel to evict families likely with children over a fight.   When you evict the adults you're also evicting any and all children in the household.  Intelligence would dictate looking for a root cause. Compassion would dictate looking for alternatives. Both ... (click for more)

Roy Exum: A Great Orthopedic Success

Mark Freeman, the chief of orthopedic surgery at Erlanger Hospital, shared a dazzling look at our area’s Level One Trauma Center Friday morning. Yet, as he described the dramatic changes that have occurred in just the past 12 months, the promise of what will happen within the next year was even more appealing. Believe this, our flagship hospital is getting well in a hurry. “If ... (click for more)