By Nathan Walldorf, ABR, GREEN, GRI, SFR, e-Pro
President, Greater Chattanooga Association of REALTORS®
According to the latest data from the Chattanooga Multiple Listing Service (MLS), the number of available homes for sale has gone down over the past 3 months alone by 662 homes. That’s a decrease of 15.32%. The inventory of homes for sale is the lowest that it has been since the middle of 2005. There is a 4.8 month supply of inventory of homes for sale, which is down 30.4% from January of 2015. People are getting an average of 96% of the sales price for their Chattanooga homes. The median sale price of Chattanooga homes is up 5.9% from last year, and homes are also selling 36.1% faster than 1 year ago.
The Chattanooga real estate market needs more homes for sale in order to keep the market stable, and the public is starting to respond with a 6.2% increase in homes listed over the past 3 months. If you have been thinking about selling your home, this is the time to do it. The statistics above say that homes are selling for more money, in less time, for prices closer to the sale price, and with less competition. It’s a perfect storm of events for a home seller.
Call your REALTOR® today to see what your home is worth and to get it on the market. Interest rates are so low, that you can move up into your next home for a great deal.