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.”



Tom Graves Votes To Expand Access To Mortgages, Home Ownership

Representative Tom Graves voted on Tuesday for the Preserving Access to Manufactured Housing Act (H.R. 650) and the Mortgage Choice Act (H.R. 685), legislation that will make it easier for low- and middle- income families to qualify for a mortgage and purchase a home.  “The dream of home ownership is rightfully engrained in American life,” said Rep. Graves. “After all, ... (click for more)

Chattanooga Collaborative Senior Housing Seeks More Investors/Owners

Chattanooga Collaborative Senior Housing, an eight-unit development being created on Washington Street on the Southside, is for those retiring or thinking of retiring who want options other than assisted living and institutional care.  The units are designed to share some spaces in a condo-like setting, while maintaining privacy and independence.   "There are many people ... (click for more)

Prominent Business, Civic Leader, And Philanthropist Scotty Probasco Dies At 86

Prominent Chattanooga business, civic leader and philanthropist Scotty Probasco has died at the age of 86. Scotty, as he was affectionately greeted by most of Chattanooga, was known for his modesty, generosity, dependability, and unswerving loyalty. “Great work” was always on the tip of his tongue – a manifestation of his joyous humility. He was a man of high ideals, of kind ... (click for more)

Chemical Odor In Lookout Valley Traced To Chattanooga Tank Wash

Chattanooga firefighters in Lookout Valley were sent out Friday night to investigate reports of a strange odor in the area. The firefighters searched the area, but never found the source of the odor.  John Schultz, an investigator with the Air Pollution Control Bureau, was also out Friday night and eventually tracked the source of the odor to a business, the Chattanooga ... (click for more)

Proud Of Hometown Boy Turned Global Leader, Bob Corker

Time Magazine has it right.  Not only is Chattanooga’s own U.S. Senator Bob Corker one of the “100 Most Influential People in the World,” but he is probably now the most prominent leader in the history of our city.   At a time of extreme frustration with Washington and Congress in general, Bob continues to rise above the division and rancor to build consensus and solve ... (click for more)

Roy Exum: Great Work, Ol’ Pro!

Years ago I was lucky enough to be the seatmate of Scotty Probasco on an airplane bound for somewhere and he taught me a word that has helped me be a much better person than I ever thought I could. We were already swell friends, since he’d watched me grow up at First Presbyterian Church every Sunday with his kids, and he liked some of the stuff I tried to write back then. So ... (click for more)