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.”

 



Global Luxury Real Estate Brand Enters Chattanooga

Engel & Völkers announced the opening of a new shop in the historic city of Chattanooga, marking the first Tennessee location for the global real estate brand. The newly established Engel & Völkers Chattanooga comes as the result of a partnership with local real estate powerhouse Bridge City Realty, and will be led by license partners Tonjia and Jeremy Landreth, two experienced ... (click for more)

Mike Croxall: Bright Ideas For Home Interior Lighting

It’s hard to beat the great natural light of spring and summer, particularly in Chattanooga and throughout southeast Tennessee. But fall and winter do not have to be dark and gloomy. Take the opportunity to add interest, comfort and function to a room with lighting. A lot of rooms are really a blank canvas when it comes to lighting. You may have recessed lights already installed, ... (click for more)

Signal Mountain To Hold Public Meetings On Idea Of Setting Up Own School System

Discussion about follow-up public meetings regarding the Signal Mountain School System Viability Committee (SMSSVC) report dominated the council’s work session on Friday afternoon. Council member Dan Landrum’s opinion about how to proceed differed from the other four council members. Mr. Landrum argued to end the study and to hold no public meetings. His reason was that of the 738 ... (click for more)

Man Shot Multiple Times In Cleveland; Jesus Teague, 14, Is Wanted

On Saturday, at 6:12 a.m., Cleveland Police Department responded to 1210 Elrod Place SE in reference to a domestic disturbance.   A man sustained multiple gunshot wounds and was transported to Erlanger by Life Force. His condition is stable, at this time.   The suspect, Jesus Tyler Teague, 14, is still at large and considered armed and dangerous. ... (click for more)

October Is Breast Cancer Awareness Month: Myth And Fact Check

My husband and I recently had the privilege of participating in the American Cancer Society’s Making Strides Against Breast Cancer Walk in Chattanooga. I listened as my husband told the audience about how his mother was diagnosed with breast cancer when he was nine and how she died from the disease when he was fourteen. As a child, my husband didn’t understand what breast cancer ... (click for more)

Roy Exum: The Saturday Funnies

Bill Pennington, a sports writer for the New York Times, was lamenting the “huddle” is slowly disappearing in football due to the faster pace of the game and, during his search for more information, he called former Washington Redskins quarterback Joe Theismann. Bill wrote that Joe couldn’t stop laughing about the funny things that would happen between plays. Joe told this story: ... (click for more)