May 2018 Home Sales Review

Tuesday, June 12, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.

New listings in the Chattanooga region increased 3.0 percent to 1,323. Pending sales were up 8.4 percent to 1,019. Inventory levels shrank 23.3 percent to 2,467 units. 

Prices continued to gain traction. The median sales price increased 5.1 percent to $186,000. Days on market was down 12.5 percent to 49 days. Sellers were encouraged as months supply of inventory was down 25.0 percent to 3.0 months. 

Although home sales may drop in year-over-year comparisons over the next few months, that has more to do with love inventory than lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals that were in place a decade ago.

Get a more detailed look at May 2018’s Home Sales numbers and connect with a realtor on www.gcar.net. Whether you’re looking to buy, sell, or simply stay in-the-know with what’s happening in Greater Chattanooga real estate, you can count on us to keep you in the loop.

 



Kristen Hardy Earns CNHS And RCC Designations

Jasper Highlands Establishes Wellness Center, Restaurant And General Store

The Crabtree On Williams Street Sells For $2,270,000


The Paula McDaniel Group announced that Kristen Hardy has completed the real estate industry’s most comprehensive new home sales course to earn her national certifications as a Certified New ... (click for more)

Jasper Highlands, a mountain community on the Cumberland Plateau, is constructing a 4,300-square foot wellness center, restaurant and general store. The complex, which will be known as The Village, ... (click for more)

The Crabtree, an historic three-story brick building on Williams Street on the Southside, has been sold for $2,270,000. The sale was to 1426 Williams Gp from Strada Development Co Llc. ... (click for more)


Real Estate

Kristen Hardy Earns CNHS And RCC Designations

The Paula McDaniel Group announced that Kristen Hardy has completed the real estate industry’s most comprehensive new home sales course to earn her national certifications as a Certified New Home Specialist as well as a Residential Construction Certified professional. With these certifications, she joins a group dedicated to providing the highest level of professionalism and service ... (click for more)

Jasper Highlands Establishes Wellness Center, Restaurant And General Store

Jasper Highlands, a mountain community on the Cumberland Plateau, is constructing a 4,300-square foot wellness center, restaurant and general store. The complex, which will be known as The Village, will be open to the public and located atop Jasper Mountain just before the gates to the community. “The Village will expand our exceptional amenities for residents, while providing ... (click for more)

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It seems there has been quite an increase in calls from telemarketers and I asked my man Cleo if he had any idea how to stop them. “What works if you are male -- Telemarketer: "Hi, my name is Judy and I'm with XYZ Company." You wait for a second and, with a real husky voice, ask, "What are you wearing?" If you are a female try this: Cry out in surprise, "Judy? Is that you? Oh my ... (click for more)