Chattanooga’s March Real Estate Report Shows Recovery
In March, 519 residential housing units sold. That’s a .4% year to year growth. Those statistics are up from Feb by 14.8%. The median home sale price was $133,000 in March of 2012 reflecting a 6.4% rise in price from last March and a 6% rise in price from February of 2012. Some areas of the country continue to have sluggish home sales, but Chattanooga is showing recovery and growth in the housing market.
The average days on the market in the Chattanooga area dropped from 147 days to 136 days from March 2011 to March of 2012. That is a 12% decrease. The absorption rate (time it will take to sell the inventory that Chattanooga has available) is 9.4 months.
9.4 months of inventory means that the Chattanooga real estate market is getting healthier & healthier. It is a significant statistic that the inventory of homes has dropped over the past year from 12.9 months in 2011 to 9.4 months in 2012. These sales trends are continuing to show signs of the real estate market transitioning slowly from a buyer’s market to a seller’s market.
Averages of Market Supplies:
- Seller’s Market: 1-4 month(s) supply of homes
- Buyer’s Market: 6 months or more supply of homes
- Neutral Market: 5-6 months supply of homes
Real Estate’s Bidding Wars Are Back
Home prices are low. When houses hit the market at the right price, many home buyers end up showing up. Inventory is also lower right now, rents are up, sellers are holding firm on their prices, and rates are low.
Surprisingly enough, those combinations are creating some multiple offer situations even in Chattanooga right now (not 30 or 50 offers as the CEO of Redfin states in this video about DC). I crossed path’s with an agent showing the same house I was showing in North Chattanooga, and she commented that she hadn’t had that happen since the market was hot in 2007. Take a look at this video to see some of the changes in the market for home buyers.
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Chattanooga Area Happenings…
Live Music: Switchfoot ($). Friday, May 11, 2012. 9:00 PM – 11:00 PM. 1400 Market St., Chattanooga, TN 37402. www.track29.co. 423 521-2929
Chattanooga River Market/Tennessee Aquarium Plaza (FREE). Saturday, May 12, 2012. 10:00 AM – 5:00 PM. Chestnut Street & Riverfront Parkway, Chattanooga, TN 37402. www.chattanoogamarket.com. Held weekly on Ross’s Landing in the TN Aquarium plaza. Includes: live music, produce, vendors, etc. Saturdays 5/12/12 – 9/1/12.
Beer Over Dirt Festival ($). Saturday, May 12, 2012. 3:00 PM – 8:00 PM. Renaissance Park: River St., Chattanooga, Tennessee 37405. beeroverdirt.com . 423-842-1163
Also check out Lookout Mountain Events & News @ http://www.LookoutMountainBuzz.com.
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