Home Sales Off To Sluggish Start In 2014

Friday, February 21, 2014

If there were any indications as to what the real estate market would be like in January, it would be the weather. Cold temperatures and wintry mixes kept most homebuyers (and many realtors for that matter) indoors. Nearly all key indicators for the month of January saw slight decreases compared to last year.

Closed Sales dropped by 7.9 percent, ending with 429 homes sold. New Listings in the Chattanooga region decreased 3.

0 percent to 931. Inventory levels shrank 4.8 percent to 4,624 units.

Prices marched higher. The Median Sales Price increased 6.5 percent to $138,500. Days on Market were up 16.2 percent to 136 days, and Absorption Rates improved as Months’ Supply of Inventory was down 4.8 percent to 8.0 months.

GCAR President Vicki Trapp said that many of the changes in financial trends have had buyers and sellers alike questioning what the future will hold, not just for the real estate market, but for the entire fiscal picture. She said, “While most business owners are preparing their year-end taxes throughout the first quarter, they’ll also continue to keep a close eye on where the nation’s economy stands."

“As mid-term elections draw closer, many consumers are still struggling in a sluggish economy, and will be asking tough financial questions to those seeking office. While interest rates remain attractive and should remain below their long-term average, we will be closely following the direction that the new Chairman of the Federal Reserve will set,” Ms. Trapp said.

She added, “The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace, since the market appears to be returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year.”

 


THDA Now Accepting Blight Elimination Applications

The Blight Elimination Program from the Tennessee Housing Development Agency is officially active.    THDA can now begin accepting loan applications and funding demolition and greening activities to stabilize local housing markets.    "We're thrilled to be able to put these Treasury dollars to use in neighborhoods where one or two abandoned houses are ... (click for more)

Chattanooga's Compass Auctions & Real Estate To Sell Tracts Around Atlanta's Turner Field

Chattanooga-based Compass Auctions & Real Estate, LLC has been selected by the Federal Deposit Insurance Corporation (FDIC) to list and sell a real estate portfolio in the Metro and Southern Atlanta area totaling nearly $20 Million.  The highlight of the group of properties is 40 parcels adjacent to Turner Field Stadium. The 40 parcels equal 4.67 acres and are located ... (click for more)

Blakemore, Corbett, Rachels Charged In Red Bank Heroin Death

Three Chattanooga residents have been charged with distribution of heroin that led to the death of an individual in Red Bank in February. Authorities have cited a recent rise in heroin abuse in the Chattanooga area, causing several overdose deaths, including three in one recent weekend.   A federal grand jury on Tuesday returned a superseding indictment charging ... (click for more)

Teen Shot Multiple Times On 4th Avenue; 2nd Youth Shot Twice On Pinewood Avenue; Woman Shot Twice On 25th Street

A teen was shot multiple times on 4th Avenue on Monday night. The victim was 19-year-old JaMarcus Davis. A second teen, 18-year-old Jaylain Ballard, was shot twice early Tuesday morning on Pinewood Avenue. Marion Heard, 45, was shot twice early Tuesday morning on 25th Street. In the first incident, Chattanooga Police responded at 7:20 p.m. to the area of the 2600 block ... (click for more)

General Bell: Chattanooga Needs The Coolidge Medal Of Honor Heritage Center - And Response (7)

I'm pleased and indeed compelled to let you know a bit more about the exciting and most honorable "Charles H. Coolidge Medal of Honor Heritage Center" planned for Coolidge Park.     Here's what the Heritage Center will be:  It will be a fitting capstone for Chattanooga's Coolidge Park on Northshore in downtown Chattanooga.  While this exceptional Chattanooga ... (click for more)

Roy Exum: Pat Summitt’s Dash

In 1996 a woman named Linda Ellis wrote one of life’s most beautiful poems. Called “The Dash,” its first two verses read like this: “I read of a man who stood to speak at the funeral of a friend. He referred to the dates on the tombstone from the beginning…to the end. “He noted that first came the date of birth and spoke the following date with tears, but he said what ... (click for more)