The story concerning residential real estate has remained consistent. In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn’t always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016.
New Listings in the Chattanooga region decreased 4.0 percent to 951, which is an annual trend during the holidays. Pending Sales were up 7.2 percent to 712. Inventory levels shrank 20.2 percent to 3,458 units.
Prices continued to gain traction. The Median Sales Price increased 5.2 percent to $159,900. The Average Sales Price increased 13.8 percent to $199.480.
Days on Market was down 5.9 percent to 64 days. Sellers were encouraged as Months Supply of Inventory was down 24.6 percent to 4.3 months.
Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after. Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Post-election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.
If you’re ready to enter the market as a seller or buyer, contact a Realtor today.
The Greater Chattanooga Association of Realtors is The Voice of Real Estate in Greater Chattanooga. The Association is a regional organization with more than 1,700 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.