Home Sales Report For April

Friday, May 23, 2014

The public has finally grown used to talk of a real estate market in recovery. With prices going up, people are starting to wonder if a new bubble is forming. Most metropolitan markets are somewhere between recovery and normalization. Supply is still tight but improving in some areas. What housing really needs is further job and wage growth to support healthy demand levels fueled by new household formations.

New Listings in the Chattanooga region decreased 5.2 percent to 1,121. Pending Sales were down 43.2 percent to 400. Inventory levels shrank 3.3percent to 4,990 units.

Prices remained determined. The Median Sales Price increased 11.4 percent to $149,900. Days on Market was up 2.4 percent to 129 days. Absorption rates slowed as Months Supply of Inventory was up 2.3 percent to 8.9 months.

Officials with the Greater Chattanooga Association of Realtors said, "April's job growth was above expectations. Growth is likely to accelerate through the year, but the types of jobs being created is also important. We're producing more low-wage jobs as opposed to high-wage jobs. That's not conducive to increasing the number of potential buyers. It also means less disposable income sloshing around. Even so, some local markets may pause but are unlikely to falter thanks to suppressed supply levels and an improving sales mix. Don't confuse temporarily weak demand indicators for stagnation."



Red Bank Commission Approves Rezoning For Bulldozer-Scarred Hedgewood Tract Despite Opposition

The Red Bank City Commission on Thursday approved rezoning for a bulldozer-scarred tract on Hedgewood Drive despite some opposition from neighbors.   Developer Tyler Smith said he owns two adjacent homes that he fixed up and he had long had his eye on the land that was once a one-and-a-third acre heavily wooded, gently sloping lot at 252 Hedgewood. The previous owner, ... (click for more)

Real Estate Transfers For May 10-16

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)

City Stormwater Board Approves Water Quality And Development Fee Increases

The city Stormwater Regulations Board on Monday recommended that the city approve water quality and land development increases sought by the Berke administration, though board members said there had not been enough time for the board and the public to study the fee hikes. Bill Payne, city engineer, said the water quality fee increase would amount to an average $11 per year per ... (click for more)

Blakemore Gets 23-Year Prison Term For Selling Heroin That Caused Death Of Red Bank Man

Federal Judge Sandy Mattice on Monday sentenced Darius Jermaine Blakemore to 23 years in federal prison for selling heroin to a Red Bank man who overdosed and died.   Blakemore, 29, had gone to trial on the case, but it was announced in the middle of the trial that both sides had agreed to the 23-year term. Blakemore had faced 30 years to life.   Blakemore ... (click for more)

Liberal Conspiracy Afoot

According to Roy Exum’s Sunday column, there are now upwards of six or seven Democrats in Hamilton County, and all of them have secretly maneuvered their way onto the boards of a couple of dozen local organizations. Unlike Republicans, some of them serve on multiple boards and some of them serve with one another on the same boards. This is outrageous. We all know that boards and ... (click for more)

Roy Exum: Is This Civil War II?

Jack Minzey, by all accounts, was a beloved professor at Eastern Michigan and, as the head of the university’s School of Education, wrote many books and papers. Some were on the Civil War – he was an avid student of our nation’s worst moment – and his beliefs how to better public education will be quoted for years. Dr. Minzey died at age 89 last month and just last week, the ... (click for more)