While national news and trends tell the broader picture, keep in mind that real estate is local. The Greater Chattanooga market doesn’t always follow the same movements as the national market.
For March, New Listings in the Chattanooga region decreased 1.6 percent to 1,332. Pending Sales were up 22.5 percent to 991. Closed sales were up 7.8 percent to 798. Inventory levels shrank 19.1 percent to 3,599 units.
Prices continued to gain traction. The Median Sales Price increased 1.4 percent to $147,000. Average Sales Price increased 12 percent to $182,531. Days on Market was down 27.7 percent to 73 days.
Sellers were encouraged as Months Supply of Inventory was down 27.0 percent to 4.6 months. Percent of Original Price Received increased 1 percent to 94.8 percent.
Should inventory stay low, it will be difficult to sustain sales increases in year-over-year comparisons. Nationwide prices seemingly are not so high as to stall the market completely. Demand is present but an abundance of choice is not, and therein lies the rub.
However, national employment figures are positive. Wages are going up, and employers are hiring. Consumers are holding for the right deal, even in the face of extremely low mortgage rates. As seller and builder confidence increases, we should see more activity in Q2 2016. Traditionally, the second quarter ranks as the best time to list a home for sale.
If you’re considering selling, I urge you to contact a Realtor today and list your home. Greater Chattanooga Open House Weekend (April 23-24) is just a week away, and buyers are anxious for more inventory in the local market.
The Greater Chattanooga Association of Realtors is “The Voice of Real Estate in Greater Chattanooga.” The Association is a regional organization with more than 1,500 members, and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. The Greater Chattanooga Association of Realtors services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net.