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.”




Shepherd Hills Apartments Sell For $5.9 Million

The Shepherd Hills Apartments have sold for $5.9 million. The apartment complex, built in 1965, is at 404 Tunnel Blvd. The 5.53-acre property includes total square footage of 99,760 square feet. The sale was  to 404 Homes Llc from Shepherd Hills Llc, of Las Cruces, New Mexico. (click for more)

Real Estate Transfers For June 7-13

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)

Red Bank Finalizes 20-Cent Property Tax Increase

The Red Bank commissioners voted Tuesday night to adopt the fiscal year 2018-2019 budget that includes a property tax increase. Mayor John Roberts said that along with the increase in both commercial and residential development, comes increased traffic. Infrastructure has not kept up with the growth, including the secondary roads. The cost of paving these roads is $1 million. Money ... (click for more)

Attorney Poston Says Man In Viral Video Seen Fighting Officer Was Trying To Break Up Fight

Attorney McCracken Poston said William Alexander Floyd, the young man seen in the recently published “viral” video who is seemingly engaged in a boxing match with a Chattanooga police officer, started out trying to break up a fight.   The attorney said, "Things are not always as they appear. There is a much more interesting story in the seconds leading up to the events ... (click for more)

The Boss, Claude Ramsey

I try not to overuse the word great, but we lost a great man today, Claude Ramsey. I had the pleasure of serving under him as director of Commercial and Industrial Properties for 14 years while he was the Hamilton County Assessor of Property. He was probably the smartest person I have ever known. He was tough but patient, kind, caring and compassionate. He knew how to get ... (click for more)

Roy Exum: So, You’re Invisible?

Several weeks ago I was in the middle of My Morning Readings when, somehow, I came across a wonderful story written by Nichole Johnson. Her website says she is a speaker, a motivator, and an author whose gift is to “capture the inner-most feelings of women facing life's daily struggles, and it has enabled her to create a unique sense of community for people of all ages.” That’s ... (click for more)