Very Good News about the Chattanooga Area Real Estate Market!
Rewritten from a “release” by Robert Nodes with the Chattanooga Association of Realtors.
How ironic that these stats be released the day after the post on foreclosure properties. Thhe First Time Home Buyer Tax Credit which required purchase contracts be written by April 30 and escrow closed by June 30 “fed” these statistics and most likely set the stage for a “drop off” in sales as we head into the second half of 2010. note: Our son Jake, recently home from deployment with the Army in Iraq does have until Sept. 30 to take advantage of the $8,000 tax credit! Keep this in mind if you have been out of country during the qualifying period.
The local real estate market showed positive signs of recovery, according to data released by the Multiple Listing Service (MLS) of the Chattanooga Association of REALTORS®. In the second three month period of 2010, the Southeast Tennessee and Northwest Georgia area saw the sale of 1,919 residential units, a
30.5% increase over the same quarter’s sales in 2009.
Median price figures for the period witnessed a negligible decrease to $129,500 – a drop of 0.4% from the 2nd Quarter of 2009, and showed a gain of 7.9% over the 1st Quarter of this year.
While a positive sign, in terms of affordability, the increase over the previous quarter is also surprising in light of the reported increases in foreclosures over the past 12 months. I post new foreclosure listings daily, update pricing and remove those that go under contract providing you with an up-to-date source. click here for lists by area.
The statistics indicating the number of days a home is on the market has shown quarterly decreases over last year, decreasing by 4 days during the same period of 2009 –and a full 10 days from the 1st Quarter of 2010 which is positive news for home sellers.
Here is a three year comparison to show how 2010 compares with recent history.
– Jeff & Patrice Wishmyer – Full Time Realtors® with Keller Williams Realty here in Chattanooga are the real estate experts for anyone considering relocation to our “Scenic City”. We are passionate about this wonderful town!
ChattanoogaAndBeyond.com is quickly becoming the Relocation Guide for the Southeastern Tennessee area featuring housing, events, attractions, recreation, schools, dining, local news and much more.
If you are considering buying or selling a home in the Southeastern Tennessee area…Put Us to Work for You Today! Call us at 423-503-6953 or 424-8749 or write Patrice & Jeff