Kim Bass: August Housing Market Statistics

Monday, September 16, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
As the summer is drawing to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. Yet most experts agree these reductions are unlikely to bring sufficient relief, at least in the short term, for first-time home buyers. The lack of affordable inventory and the persistence of historically high housing prices continue to affect the housing market, leading to lower-than-expected existing home sales at the national level.

New Listings in the greater Chattanooga area increased 1.5 percent to 1,316.
Pending Sales were up 16 percent to 1,039. Inventory levels shrank 12 percent to 2,793 units.

Prices continued to gain traction. The Median Sales Price increased 6.4 percent to $200,000. Days on Market was up 2.4 percent to 43 days. Sellers were encouraged as Months Supply of Inventory was down 18.4 percent to 3.1 months.

As many homeowners refinanced their homes to take advantage of declining interest rates, consumer confidence in housing was reported to be at historically high levels. Even so, Realtors will need to monitor the market for signs of continued imbalances. Although the inventory of affordable homes at this point remains largely stable, it is stable at historically low levels, which may continue to push prices higher and affect potential buyers across the U.S.

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. 

Former Food Lion On Wilcox Boulevard Being Redeveloped As Foxwood Plaza

Soddy Daisy Healthcare Center Sells For $16.4 Million

Real Estate Transfers For Sept. 26-Oct. 2


The former Food Lion at 3215 Wilcox Boulevard is being redeveloped as Foxwood Plaza. The project by Pointe Commercial Real Estate includes spaces ranging from 1,500 square feet to 26,752 square ... (click for more)

The Soddy Daisy Healthcare Center has sold for $16,412,500. The skilled care nursing home is located at 701 Sequoyah Road. The sale was to 701 Sequoyah Road Property Investment Llc from ... (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

Former Food Lion On Wilcox Boulevard Being Redeveloped As Foxwood Plaza

The former Food Lion at 3215 Wilcox Boulevard is being redeveloped as Foxwood Plaza. The project by Pointe Commercial Real Estate includes spaces ranging from 1,500 square feet to 26,752 square feet. Design on the project is by Artech. (click for more)

Soddy Daisy Healthcare Center Sells For $16.4 Million

The Soddy Daisy Healthcare Center has sold for $16,412,500. The skilled care nursing home is located at 701 Sequoyah Road. The sale was to 701 Sequoyah Road Property Investment Llc from Eclipse Grace Sequoyah Road Llc. (click for more)

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Opinion

Would Foreign Teachers Make Better Instructors For Inner-City Students? - And Response

It seems a week doesn't go by, sometimes more in one week, without Roy or someone writing some coded messages denigrating inner-city schools and the students (using another code-hint hint) that attend inner-city schools. Which reminded me of something from decades ago about teachers from foreign countries perhaps making better instructors for inner city students. At least those ... (click for more)

Roy Exum: The Same Ole ‘Bored’

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