May 2018 Home Sales Review

Tuesday, June 12, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.

New listings in the Chattanooga region increased 3.0 percent to 1,323. Pending sales were up 8.4 percent to 1,019. Inventory levels shrank 23.3 percent to 2,467 units. 

Prices continued to gain traction. The median sales price increased 5.1 percent to $186,000. Days on market was down 12.5 percent to 49 days. Sellers were encouraged as months supply of inventory was down 25.0 percent to 3.0 months. 

Although home sales may drop in year-over-year comparisons over the next few months, that has more to do with love inventory than lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals that were in place a decade ago.

Get a more detailed look at May 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.

 



Geoff Ramsey: September 2018 Residential Market Report

10-Acre Ooltewah Site At Volkswagen Exit Of I-75 Sells For $2.8 Million

Invista Sells Property On Amnicola Highway For $9.6 Million


Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although ... (click for more)

A 10-acre site near the Volkswagen exit of I-75 has sold for $2.8 million. It is located directly in front of the new Fed Ex ground facility off Volkswagen Drive. The sale was ... (click for more)

Invista Sarl has sold property across from Chattanooga State Community College for $9.6 million. The property is at 4500 Amnicola Highway. The sale was to 4500 Amnicola LLC. Invista ... (click for more)


Real Estate

Geoff Ramsey: September 2018 Residential Market Report

Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward ... (click for more)

10-Acre Ooltewah Site At Volkswagen Exit Of I-75 Sells For $2.8 Million

A 10-acre site near the Volkswagen exit of I-75 has sold for $2.8 million. It is located directly in front of the new Fed Ex ground facility off Volkswagen Drive. The sale was to Big G 3 Llc from Pattillo Construction Co Inc. (click for more)

Breaking News

WWTA Releases Timetable That Would Have Ooltewah Sewage Treatment Plant In Operation By 2025; Public Meetings Set At Central High

The Hamilton County Water and Wastewater Treatment Authority has released a timetable that would have a new sewage treatment plant in Ooltewah in operation by 2025. A request for a site at Mahan Gap Road goes before the Planning Commission at Nov. 12 at 1 p.m. It goes to the County Commission Zoning Committee on Dec. 12 and the full commission on Dec. 19. The WWTA also ... (click for more)

Downtown Post Office Finally Getting Handicap Ramp

Chattanooga's Downtown Post Office, after some lawsuits and numerous complaints over the years, is finally getting a handicap ramp. Federal Judge Sandy Mattice said the complaints had increased in recent months and the General Services Administration agreed to fund the project at the historic building on Georgia Avenue. The judge said, "It's a beautiful building, but it's ... (click for more)

Opinion

Too Many Questions

First it was about 2,000, then we were told it’s up to 4,000. We have no way of knowing who’s coming or what their purpose is. NBC and CNN assure us they are seeking sanctuary but how can we know? Neither Honduras or our subjective media in America have been honest with us in the past. So, how do we know why that many people are marching across Central America? Then this morning ... (click for more)

Roy Exum: An Answer For Amy

Amy Schumer, whose cousin is Senate Minority leader Chuck Schumer, is said to be a very successful comedian and an activist of note. You may remember her most recent appearance was when she was arrested at the U.S. Capitol three weeks ago. She was part of a disgraceful mob who unlawfully protested the nomination of Brett Kavanaugh and the hunch is Amy wanted to get arrested so she ... (click for more)