June 2018 Home Sales Increasing In Chattanooga

Thursday, July 12, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability.

New Listings in the Chattanooga region increased 8.7 percent to 1,388. Pending Sales were up 9 percent to 932. Inventory levels shrank 17.7 percent to 2,756 units.

Prices continued to gain traction. The Median Sales Price increased to 11.7 percent to $201,000. Days on Market was down 27.9 percent to 44 days. Sellers were encouraged as Months Supply of Inventory was down 19.5 percent to 3.3 months.

Inventory may be persistently lower in year-over-year comparisons, and home prices are still more likely to rise than not, but new listings may finish the summer on the upswing. The housing supply outlook in several markets is beginning to show an increase in new construction and a move by builders away from overstocked rental units to new developments for sale. These are encouraging signs of an already healthy marketplace.

On Aug. 14, join us for the Annual Economic Outlook Luncheon, co-hosted with Home Builders Association of Greater Chattanooga. We will look at how the Chattanooga region has thrived and changed in the past year and what’s to come. Tickets go quickly so purchase yours today on www.gcar.net or call 423 698-8001.


Decision On Controversial Single-Family Home Project Near Pineville Road Delayed Until Dec. 11

Normandy Apartments In Red Bank Sell For $5,850,000

Real Estate Transfers For Nov. 1-7


A controversial project involving the construction of 61 single-family homes on Stringer's Ridge above Pineville Road has been delayed. A number of nearby residents protested the project ... (click for more)

The Normandy Apartments in Red Bank have sold for $5,850,000. The complex is at 3507 Dayton Blvd. The sale was from Robert W. Monday to Andrew Sephos Raymus Tr, Toni Marie Raymus Tr, Marie ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)


Real Estate

Decision On Controversial Single-Family Home Project Near Pineville Road Delayed Until Dec. 11

A controversial project involving the construction of 61 single-family homes on Stringer's Ridge above Pineville Road has been delayed. A number of nearby residents protested the project by William Wilson of Beason View Land Company at a meeting of the City Council. Donna Shepherd, representing the developer, asked for a 30-day deferral to hold a community meeting and ... (click for more)

Normandy Apartments In Red Bank Sell For $5,850,000

The Normandy Apartments in Red Bank have sold for $5,850,000. The complex is at 3507 Dayton Blvd. The sale was from Robert W. Monday to Andrew Sephos Raymus Tr, Toni Marie Raymus Tr, Marie Antoinette Raymus Tr, Andrew S. Sephos and Toni Marie Raymus Community Property Trust. (click for more)

Breaking News

County Putting $10 Million Toward New Shelter For Humane Educational Society

County officials are committing $10 million toward a new shelter for the Humane Educational Society (HES). Only Commissioner Tim Boyd spoke against the allocation at a commission meeting on Wednesday. He said a more urgent need was a $5 million training center for police, fire and emergency workers. County Finance Director Albert Kiser said the county came up with a total ... (click for more)

Grundy County Deputy Charged With Voluntary Manslaughter In Chase Shooting Death

An officer-involved shooting investigation in Grundy County by special agents with the Tennessee Bureau of Investigation has resulted in the indictment of a deputy, charged with voluntary manslaughter. At the request of 12 th District Attorney General Michael Taylor, on Dec. 24, 2017, TBI special agents responded to an officer-involved shooting that occurred around 10:30 p.m. ... (click for more)

Opinion

County Commissioners, Stop Pandering And Lead

There is no shortage of public need in Hamilton County, and only a limited amount of revenue and capital bond issues. I cannot admire or appreciate an elected Hamilton County Commission that leads by warm and fuzzy kitty emotions over real and tangible needs. As Commissioner Tim Boyd correctly stated, there is immediate and emergent need for police and fire training facilities. ... (click for more)

Roy Exum: The Lamar Rants

Being a child of the South, I’ve marveled at our funny sayings for all of my life. I’ve been at a football game and heard a disgruntled fan in the stands say of his team’s quarterback, “That boy couldn’t play dead in a cowboy movie.” I’ve been at the Sunday supper table and heard, “I’m of a mind each one of his sermons is better than the next.” And I’ve sat in a Saturday morning ... (click for more)