I think most of us would agree that winter has lingered a bit longer than expected this year. I mention the weather because February has turned in some impressively cold and rainy days that have stalled some buying and selling activity for our area, and for large portions of the country. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
New Listings in the Chattanooga region increased 6.5 percent to 1,005. Pending Sales were up 13.7 percent to 869. Inventory levels shrank 1.9 percent to 2,537 units.
Prices continued to gain traction. The Median Sales Price increased 3.7 percent to $182,000. Days on Market was down 12.3 percent to 57 days. Sellers were encouraged as Months Supply of Inventory was down 6.3 percent to 3.0 months.
The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some activity during February 2019, yet buyers have shown determination toward achieving their homeownership goals.
The weather is starting to be a bit more favorable, which means spring will be in full bloom soon. Then things will really heat up. In fact, we’re already making plans for Greater Chattanooga Realtors Open House Weekend, which will be held on April 27-28. Stay tuned for details about this annual event to showcase the local inventory of available homes.