July Home Sales Report

Thursday, August 16, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. At Greater Chattanooga Realtors’ Economic Outlook Luncheon on Wednesday, keynote speaker Lawrence Yun, Chief Economist for National Association of Realtors spoke to Greater Chattanooga’s economy as strong because of low unemployment rates, new jobs for the past eight years, and low interest rates.

It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cool down are present. Wages are up but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices.

At the same time, demand is still outpacing what is available for sale in many markets.

New Listings in the Chattanooga region increased 7.1 percent to 1,256. Pending Sales were up 7.9 percent to 956. Inventory levels shrank 16.0 percent to 2,830 units.

Prices continued to gain traction. The Median Sales Price increased 1.9 percent to $186,500. Days on Market was down 25.9 percent to 40 days. Sellers were encouraged as Months Supply of Inventory was down 17.1 percent to 3.4 months.

Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since 2014. Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble.

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


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)