posted June 26, 2008
Local real estate sales in the month of May grew to the highest level of the year. According to figures from the Multiple Listing Service (MLS) of the Chattanooga Association of Realtors, May saw 606 sales, which is down over 20 percent from the same time last year, but up 14 percent over the figures reported for the month of April.
Though off from last year, the region’s third best year in real estate, the May figures do mark the strongest showing since August, officials of the Chattanooga Association of Realtors said.
For the current year, May sales numbers are better any other previous month by nearly 6 percent.
“This is the time of year people really start looking to make that move to a new house,” said Pam Duffy, president of the Chattanooga Association of Realtors. “Area realtors know this is the right time, right market and we’re getting that word out to the public. We didn’t have the unrealistic price increases and over production that is plaguing other markets and crushing consumer confidence. Our buyers and sellers are seeing eye to eye.”
“Overcoming the soured confidence in the market is the key to continued momentum,” said MLS President Randy Durham. “People have been sitting on the sidelines with a wait and see approach; but they’re missing the opportunity in front of them right now.”
In May, the median price was $146,250, a figure more in reach for Americans compared to the aggregate median price of about $208,600, as most recently reported by the National Association of Realtors. Statistically, the local figure is virtually unchanged from the $145,000 price this same time last year but 10.8 percent higher than the previous month. The latest released figure also points to positive news for sellers with it being the year’s highest median value by over 5 percent, CAR officials said.
“We’re not ignoring the softer times in real estate, nor are we immune from the challenges in the economy and tighter lending standards. But this remains a steady market and an investment in homeownership is still the best way to build equity and personal wealth,” said Mr. Durham.
Ms. Duffy advises, “I think first-time buyers and those thinking about moving up need to get off the fence and contact a Realtor to see what’s available. And do it soon before this opportunity slips away.”
Previous Year Statistical Comparison
May 2008 Home Sales: 606
May 2008 Median Price: $146,250
May 2007 Home Sales: 793
May 2007 Median Price: $145,000
Previous Month Statistical Comparison
May 2008 Home Sales: 606
May 2008 Median Price: $146,250
April 2008 Home Sales: 530
April 2008 Median Price: $132,000
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