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.”



Alexander Says “Blacklisting” Regulations Will Bury Contractors Under Mountains Of Paperwork

Senate labor committee Chairman Lamar Alexander on Wednesday made the following statement on the administration’s release of its final “blacklisting” regulations implementing the president’s 2014 executive order: “These regulations will bury federal contractors and subcontractors under mountains of paperwork and then prevent some from getting work for a labor violation they ... (click for more)

Focus On The Future With Universal Design

All across the Chattanooga region, many families are making adjustments to their homes in order to stay with their families as they age. As part of this “aging in place” movement, universal design allows people with different abilities, shapes and sizes to all enjoy the same house, even as some family members’ needs change over time. Universal design refers to the way home ... (click for more)

Red Bank Commercial Centers Sell For $9.4 Million

Two nearby Red Bank retail centers have sold for a combined $9.4 million. Red Bank Mayor John Roberts called it "the largest transactions in the history of Red Bank." The Red Bank Town Center at 3901 Dayton Blvd., that includes a Food City, sold for $7,750,000. The sale was  to White Realty & Service Corp from Red Bank Ii Llc. A commercial center that includes ... (click for more)

Jury Awards 25 City Police Personnel Total Of $562,000 On Claims That Pay Plan Was Not Followed

A Chancery Court jury on Wednesday gave a verdict totaling $562,000 for 25 city police personnel who filed suit almost five years ago alleging that the city never lived up to terms of a 2010 pay plan. Attorney Stevie Phillips, who tried the case along with Janie Parks Varnell, said, "The jury awarded each officer what we had asked for to the penny." She stated, "These 25 members ... (click for more)

Alexander Should Do Something About The Affordable Health Care Act Price Increase - And Response (3)

Re:  Alexander's remarks about Tennesseans not affording "Affordable Health Care Act" prices Mr. Alexander,  Your message stated, Tennesseans can't afford a 44 percent to 62 percent increase in the Affordable Care prices.  I simply ask, as Senate Health Committee chairman, why don't you do something about it?  Don't tell us something most know already.  ... (click for more)

Roy Exum: Abused By An EpiPen

It is a good guess that for about 30 years I have kept an EpiPen on the top of my refrigerator. I have never had to open the box, much less jab a dose of life-saving epinephrine into a person suffering from anaphylaxis. Whether it is a bee sting, peanut butter, shellfish or other allergies, I watched somebody come within inches of dying in my early 20s and swore I would have one ... (click for more)