Local Realty Sales Up 13.5 Percent Over Previous Month
posted September 21, 2011

The local real estate market continues to defy the odds, and the downward trend throughout the rest of the U.S., according to data released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of Realtors.

In August, Southeast Tennessee and the Northwest Georgia area reported the sale of 595 residential units, a 13.5 percent increase compared to the previous month’s sales, and an eye-opening 24 percent advance from one year ago.

Local Realtors Association President Jennifer Grayson said that customers are reacting to the market’s affordability, and the high quality of options available to buyers. “Admittedly, we’ve seen a slight uptick in foreclosures this month, which to some degree, helped to increase sales.” She added, “However, this was accompanied by a significant decrease in our inventory, down from 10.9 months in July, to 9.4 months in August, which we feel is getting much closer to the normal levels we expect to see over the long run.”

Ms. Grayson also noted that another sign of good market health is to be found in the value of all transactions. “Our members sold over $92 million in local area property last month, which is a testament both to our region’s continued healthy outlook and the dedicated hard work of our members. We always expect August to be a good month, but this was our best since 2007.”

Chattanooga Area MLS President Dan Griess said, “I believe as well, that our decrease in the median price during August also contributed to the higher sales. The median is a statistic that we follow closely because it is a great barometer of the current total value of the market. However, I think the month-over-month decrease was enough to spur sales but not significant enough to generate any alarm about the fundamental soundness of our market’s overall value.”

“Days on the market were up by only a week during August. I agree with Jennifer that we’re seeing positive indicators on where we’re trending, and that our realtors are getting the job done for sellers and buyers. Not only was this the top month of 2011, but it’s also the best since June of last year. I’m optimistic about where we’re heading now, and looking for positive things moving into 2012.”

 

Paula McDaniel
Cell: 423-355-0311
Fax: 423-598-7277


Shelley Talton
Licensed Assistant to Paula McDaniel
Direct: 423-308-5447
Prudential RealtyCenter.com
7522 E. Brainerd Rd.,
Chattanooga, TN 37421
Office: 423-899-5943

 

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