Home sales down from last month, but outperform 2010. The local real estate market witnessed a decrease in month-over-month performance, according to statistics released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of Realtors. In November of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 398 residential units, a 5 percent decrease compared to the previous month’s sales.
However, local real estate leaders were encouraged by an increase in sales from the same period of 2010. That figure showed a 6.1 percent increase from the sale of 375 units reported at this time last year.
November’s local median home price was $125,000. That represents a decrease of 2.7 percent from the previous month, but matches exactly the November 2010 median price. Average Days on Market rose by 12 days from last month, and 11 days over the same period of 2010.
Foreclosure sales made through the Chattanooga Area Multiple Listing service remained fairly static at 32.2 percent of total transactions, and the local inventory remains at a near constant of 12.7 months’ supply.
“Without the aberrant figures of the past mid-decade, this month would not look significantly different than November does in most years,” said Jennifer Grayson, President of the local real estate Association. “Nothing in our report causes me to worry about the state of the market overall, or the direction it’s heading.” She added, “As the year comes to a close, I still believe that we are fortunate to live and work in an area that’s seeing real progress, and not one that’s struggling to survive. Like most people in our area, Realtors have much to be thankful for this year.”
Dan Griess, President of the Chattanooga Area Multiple Listing service said that he felt the same way. “For us, consistency has been the key element of staying on a positive track.”
Griess also noted that there were recent media reports of misstated sales statistics nationally. “For the sake of our GCAR members, and in fact, everyone within the region, I want to make it abundantly clear that all of our statistical reporting is accurate and carefully vetted before we release it to the public and the media. Local citizens can read our statistics and analysis and feel the highest level of confidence that they are receiving the true picture of the home sales market in the Greater Chattanooga area.”