posted August 25, 2008
Chattanooga area real estate sales slipped in the month of July according to figures from the Multiple Listing Service (MLS) of the Chattanooga Association of Realtors.
With 575 units sold throughout July, the total is off 14 percent from the same time one year ago. Compared to June of this year, local sales were down 5 percent.
“The hot summer months are usually hot times for buyers and sellers,” said Pam Duffy, president of the Chattanooga Association of Realtors. “Unfortunately we’re still dealing with timid consumers when it comes to the real estate market. All real estate is local and the national headlines don’t reflect the great opportunity we have right here in the greater Chattanooga area.”
She said, "With a housing inventory filled with choices, home prices that are both practical and affordable, credit available for the bulk of homebuyers and now an up to $7,500 first-time homebuyer tax credit, today’s local real estate market certainly favors buyers. Unlike some of the most depressed real estate markets in parts of states like California, Nevada, Arizona, Michigan and Indiana, the Southeast Tennessee and Northwest Georgia markets have faired much better in these adjusting real estate times."
Randy Durham, MLS president, said, "yes, the market has changed and challenging economic times are forcing more buyers and sellers to approach real estate differently.
“Serious buyers understand that sellers are pricing their homes competitively and making there way to the closing table. Sure, it’s a buyer’s market but sellers are still seeing a return on their investment in homeownership through the equity they’ve built up over the years. Real estate is still a great investment both financially and in the social gains homeowners bring to the community.”
For the month of July, the median price remained stable, registering at $141,500. Officials said, "This figure is statistically minor when measured against the $142,750 median price point in July 2007 and this year’s previous month’s report of $140,000."
July, according to NAR figures, saw the national median price come in at $212,400. Regionally, the South’s median price is being reported to be $179,300.
Mr. Durham said, “Buyers and sellers hear the generalizations in real estate and take it as fact. We’re saying this is the right time and right market. Conditions are ideal for those looking for some good deals and are ready to make that move.”
Ms. Duffy added, “It’s a unique market and people would be well served to do their homework and investigate where they are in terms of being ready to buy or sell. And we can’t say how long the conditions will be aligned like this. We’re encouraging renters, first-time buyers, growing families, retirees and anyone else interested in this great real estate opportunity to speak with a Realtor before it’s too late.”
Previous Year Statistical Comparison
July 2008 Home Sales: 573
July 2008 Median Price: $141,500
July 2007 Home Sales: 668
July 2007 Median Price: $142,750
Previous Month Statistical Comparison
July 2008 Home Sales: 573
July 2008 Median Price: $141,500
June 2008 Home Sales: 605
June 2008 Median Price: $140,000
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