Median Sales Price Blossoms In May

Monday, June 23, 2014

While some have noted a slight pause this year in the housing recovery, the American dream of homeownership is alive and well, according to the Greater Chattanooga Association of Realtors.

Officials said, "We must still contend with market fluctuations. If buyers are expected to buy homes, they need homes for sale. Also, buyers need reliable financing, better jobs and stronger wage growth. The opportunities are out there, and it is important for people take advantage of them."

Home sales decreased by 9.7% in the month of May, closing with 635 residential homes sold. For buyers out there looking, it’s encouraging that in May, New Listings in the Chattanooga region increased 6.4 percent to 1,227. Despite a slight shrink in inventory levels shrank by 0.6 percent to 5,215 units. Also absorption rates slowed as Month’s Supply of Inventory was up 4.5 percent to 9.3 months. Days-on-Market increased 8.1 percent to 133 days.

The Median Sales Price increased 6.7 percent to $154,450.  The Average Sales Price increased to $185,145, which reflects a 5.4 percent increase from April’s numbers. Even better news regarding prices is that both the median and average sales price are up nearly 8 percent from a year ago.

Vicki Trapp, president of the Greater Chattanooga Association of Realtors said, “We’ve had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We’ve now had more than four straight years of monthly private sector job growth. It hasn’t been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators.More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.”


Andy Hodes Receives RCS-D Designation

Andy Hodes, with Keller Williams Realty East Brainerd has completed course work to earn the RCS-D  designation as a Real Estate Collaboration Specialist – Divorce. An RCS-D realtor is professionally trained to neutralize divorce real estate as a business transaction in the best interest of the house – and each divorcing spouse. Mr. Hodes can be reached at 423 595-7355 ... (click for more)

Entrepreneurs Bring A Tiny House Lodging Experience To Chattanooga

Live A Little Chatt., a fresh company bringing a luxury tiny house vacation experience to Chattanooga, is officially open for business at the foot of Lookout Mountain.    Live A Little Chatt., the culmination of nearly two years of development by local entrepreneurs Brian Morris and Joe Curro, will assert Chattanooga as a true hub for the tiny house movement.  Live ... (click for more)

Man Says He Did Nothing To Provoke Shooting At Bakewell Gas Station; Suspect Says Victim Was Coming Toward Him

A 33-year-old man who was shot in the face during a clash at a Bakewell gas station said he did nothing to provoke the shooting. The man charged said the victim cursed him, then started toward him. General Sessions Court Judge Clarence Shattuck, after a hearing on Tuesday, bound to the Grand Jury a charge of attempted first-degree murder against Donald Stuard II, 29, of Old Washington ... (click for more)

Councilman Banks Asks Bradley Schools To Dismiss Liquor-By-The-Drink Lawsuit; Fivas Hits The Ground Running

The courts have twice ruled in favor of the city of Cleveland regarding taxes generated by the sale of liquor-by-the-drink, Councilman Richard Banks noted at the Cleveland City Council meeting Monday afternoon. Therefore, he made a motion to ask the new Bradley County School Board to dismiss its lawsuit against Cleveland. That board has been seeking to be paid a large portion of ... (click for more)

Of Course Gangs Are A Public Nuisance

Now, I don't know it all.  Beginning with my parents, folks of all sorts have been actively pointing out my ignorance for more than seven decades now.  So I'm well aware that I don't know it all.  In recent months I've begun to develop an appreciation for the local work of Mr. Neal Pinkston; I've been impressed with several things he's been doing in his official ... (click for more)

Roy Exum: Arnold Palmer’s Greatness

This is hardly meant to be flippant but I’d be willing to bet I’ve been in the presence of more great people than anyone you know. I’ve never ranked them, or ever dared to wonder who was the greatest, such as Muhammad Ali or Elvis Presley, but there are two traits that those who reach the highest pinnacle have in common. First, not a one of them was any good at what made them famous ... (click for more)