Many sellers and builders are in a good position for financial gains as the economy continues to favor putting existing homes on the market and building new homes for sale. Moreover, we’re finally beginning to see some upward movement in new listings after two years of positive outlook.
There might not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
New listings in the Chattanooga region increased 6.1 percent to 1,202. Pending Sales were up 6.4 percent to 970. Inventory levels shrank 27.6 percent to 2,331 units.
Prices continued to gain traction with the median sales price increasing 3.5 percent to $179,000. Days on market decreased 5 percent to 57 days. Sellers were encouraged as inventory declined 30 percent to 2.8 months.
This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market.
Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops even lower. If that wasn’t enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.
Take a more detailed look at April 2018’s home sales numbers and connect with a Realtor on www.gcar.net. Whether you’re looking to buy, sell, or simply stay in-the-know with what’s happening in Greater Chattanooga real estate, you can count on us to keep you in the loop.
Greater Chattanooga Realtors is “The Voice for 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.
Information: www.gcar.net, 423 698-8001