Was it the tax credit deadline or is the market in recovery?
The recently posted April figures show “LOCAL HOME SALES REACH 33-MONTH HIGH”
The Chattanooga Area real estate market posted a sales that have not been seen in for 3 years, in terms of number of homes sold according to numbers released by the Multiple Listing Service (MLS) of the Chattanooga Association of REALTORS®. In the month ending April 2010, Southeast Tennessee and the Northwest Georgia area saw the sale of 611 residential units, a 5.9% increase compared to the previous month’s sales, and a 49% increase over the same period of 2009.
In the month of April, the local median home price was $125,000. This represents an increase of 4.6% from the previous month of March, and flat again when compared to April 2009. This performance of the local market shows that the Chattanooga Area is a good investment when compared to other mid size markets.
During the same period, April 2010 the average days on market for property dropped 5 days to and average of 135 most likely a direct result of the first time home buyer tax credit deadline of April 30.
The trend so far in 2010 mirrors seasonal expectation in a normal market and again April posted the highest sales in 3 years.
Foreclosures (scroll down for listings by area) are still a drag on the real estate recovery that will depend heavily on job creation in the local market. The very positive news is mortgage interest rates today are below 5% for 30 year fixed rate loans that enable the home buyer to purchase more house!
Here is a chart showing average home price by area with the number of homes sold!
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