Kim Bass: October 2019 Market Statistics

Wednesday, November 13, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.

In October, mortgage rates increased slightly from the three-year lows seen in September.
While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.

New Listings in the Chattanooga region decreased 4.0 percent to 1,130. Pending Sales were up 9.1 percent to 874. Inventory levels shrank 12.6 percent to 2,805 units. Prices continued to gain traction. The Median Sales Price increased 14.1 percent to $210,000. Days on Market was down 12.2 percent to 43 days. Sellers were encouraged as Months Supply of Inventory was down 20.5 percent to 3.1 months.

Markets may change, but realtors’ commitment to serving our clients doesn’t. Navigating a market that can shift quickly is just one reason why consulting a realtor is so important. We keep a watchful eye on trends locally and nationally that might affect our clients and community.
 
Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors®. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.

Real Estate Transfers For Dec. 5-11

Greentech Withdraws Controversial Residential Project On Mercer Street

Kim Bass: 2019 In Review


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)

Greentech has withdrawn from a controversial residential project on Mercer Street in Lupton City. Chris Anderson said he does not know what will happen to the property, but he said the owner ... (click for more)

As the end of the year approaches, I wanted to take a few lines to reflect on my year as the 2019 President of the Greater Chattanooga Realtors. Time flies, and I think it’s important to look ... (click for more)


Real Estate

Real Estate Transfers For Dec. 5-11

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 this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Greentech Withdraws Controversial Residential Project On Mercer Street

Greentech has withdrawn from a controversial residential project on Mercer Street in Lupton City. Chris Anderson said he does not know what will happen to the property, but he said the owner no longer wants to pursue the current plan. It included 23 single-family lots on 2.6 acres. Mr. Anderson said there had been meetings with the community for a year, but no agreement ... (click for more)

Breaking News

Suspect In Bayberry Apartments Murder Taken Into Custody In Dramatic Fashion In Courtroom; Police Give Details Of Shooting

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Attorney For Janet Hinds To Seek Change Of Venue; Trial May Be In Late Summer

An attorney for the Chattanooga woman who allegedly ran over and killed law enforcement officer Nicholas Galinger said he will ask a change of venue for her. Janet Hinds, 55, will be back in court in a couple of months. She is to have her trial date decided on Feb. 3. A trial date sometime in late summer was hinted at by defense attorney Ben McGowan. Other pre-trial hearings ... (click for more)

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Don't Stem The Tide Of Refugees In Tennessee

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Roy Exum: So Long ‘Til Next Time

There is a famous class that I’ve heard about years at Sewanee, one that is eagerly anticipated in the theology halls of the Episcopal seminary, where those hopeful of becoming priests must come to grips with one of life’s most daunting realities. Through the years I’ve talked to several of my friends who deeply appreciated the lessons because men and women of faith are each forced ... (click for more)