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.”


Hard Hats And Heels Habitat For Humanity Event Set For April 1

Habitat for Humanity of Cleveland’s fourth annual Hard Hats and Heels event will take place on April 1 at Toyota of Cleveland, 3560 Village N Blvd. in McDonald at 6 p.m. This fundraising event includes a time of raffles, silent auction, and a live auction. The proceeds from Hard Hats & Heels will fund the construction of the Basora and Bell families in Bradley County. ... (click for more)

HFF Closes Sale And Arranges Financing For Cleveland Towne Center

Holliday Fenoglio Fowler, L.P. announced Tuesday that it has closed the sale and arranged acquisition financing for Cleveland Towne Center, a 152,839-square-foot regional power center. HFF marketed the center on behalf of an institutional client.  Wicker Park Capital Management, LLC purchased the asset free and clear of existing debt.  Additionally, working on behalf ... (click for more)

Alabama Man Faces Murder Charge In Shooting Death At Bradley County Landfill

An investigation by  s pecial agents with the Tennessee Bureau of Investigation has resulted in the arrest of an Alabama man in a shooting death that occurred last fall at the Bradley County landfill.   At the request of 10 th  District Attorney General Steve Crump, last Sept. 8 TBI special agents began investigating a shooting death that occurred that ... (click for more)

3 People Shot Early Saturday Morning On East 3rd Street

Three people were shot on East 3rd Street early Saturday morning. They were identified as Countess Clemons, 24, Kezia Jackson, 23, and Dutchess Lykes, 26.   The Chattanooga Police Department responded at 2:40 a.m. to a person(s) shot call at a local hospital. All three victims were transported to the hospital via a personally-owned vehicle.   All three ... (click for more)

Proud Of Chattanooga And The Women's March

I was very happy to participate in the Women’s March on Chattanooga yesterday afternoon. The diversity and the sheer numbers of women, men and children were incredible. One estimate was at least 3,000. Standing together with all of these like-minded souls was overwhelming and humbling.  I have rarely been so happy and so proud of my town.  One question is, why is ... (click for more)

Roy Exum: Jumoke’s Thuggery Ends

Jumoke Johnson, the most notorious criminal in Chattanooga’s recent history, was killed by a rain of bullets in the 2100 block of East 12 th Street at little after 8 o’clock Friday night and for the many of us who have kept up with the 23-year-old, you wonder how he ever lasted this long. He was aptly proclaimed as the “most dangerous man” to ever have been sentenced in Chattanooga’s ... (click for more)