By Nathan Walldorf, ABR, GREEN, GRI, SFR, e-Pro
President, Greater Chattanooga Association of REALTORS®
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 tends to rank as the best time to list a home for sale.
If you’re considering selling, I urge you to contact a REALTOR® today and get your home listed. Greater Chattanooga Open House Weekend (April 23-24) is just a week away, and buyers are anxious for more inventory in the local market.