Realtors See Some Positives In June Sales Figures

Monday, July 21, 2014

Officials of the Chattanooga Association of Realtors said they see some positives in June sales figures.

Officials said, "Upon first review of our June residential market statistics, housing seemed to have had a slow start in the spring selling season. But don’t let appearances deceive. As you dig into that spring soil, you begin to unearth differences in individual areas and segments of the Greater Chattanooga market.

"Inventory is slowly rising in some areas and activity is picking up in the upper price tiers.

Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others. Let’s take a detailed look at the monthly numbers."

In June, Closed Sales rose by 11.2%, totaling out with 734 residential units sold. New Listings in the Chattanooga region increased 6.5 percent to 1,237. This increase is also reflected in our year-to-date increase of 3.8 percent. The Median Sales Price decreased slightly to $150,000, which shows a 1.6 percent decrease. However, year-to-date, the Median Sales Price is up 6.6 percent.

Average Sales Price improved this month by 1.5 percent to $182,382, which follows the upward year-to-date trend of a 6.8 percent increase. Sales prices averaging to 92.8 percent of the Original List Price.

Another positive cited is the drop in Days-on-Market and the increase in inventory. Officials said, "Sellers experienced less time on the market, with a decrease of 4.6 percent to 125 days. Buyers must act more quickly, yet buying them some time to make a purchase decision is the 4.4 percent increase in months’ supply of inventory to 9.5 months. However, overall, inventory levels shrank 0.5 percent to 5,378 units."

Vicki Trapp, president of the Greater Chattanooga Association of Realtors, said,  “Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive.

“Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.”

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