Hamilton Herald Masthead

Editorial


Front Page - Friday, October 16, 2015

September 2015 home sales report


REALTOR ASSOCIATION President’s Message



Travis Close

The third quarter of 2015 has come to a close, with all signs pointing toward normalcy. Across the country, there are pockets of interesting fluctuations, including some within the same state or city. However, the overall pace of real estate is marked with positive indications. The job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up, and there has

been good news in new household formation.

New Listings in the Chattanooga region increased 7.5 percent to 1,123, which is slightly ahead of the 12-month average increase of 6.4 percent. The increase in new listings also in line with the year-to-date increase of 8.9 percent.

Pending Sales were up 16.9 percent to 776, coinciding with the year-to-date increase of 18.1 percent. September’s trend for Pending Sales is a full percent ahead of the 15.9 percent 12-month average.

Closed Sales were up 12.9 percent to 772. Year-to-date comparison reflects a 13.6 percent increase from 2014, with current numbers being slightly ahead of the 12-month average.

We continue to see inventory levels shrinking across the country, and Greater Chattanooga is not immune in this regard. Inventory shrank 31.7 percent to 4,221 units, which is the greatest decrease we’ve seen in the last 12-months.

With a low inventory, homes are moving quickly and prices continued to gain traction. Sellers were encouraged as Months Supply of Inventory was down 41.1 percent to 5.6 months. Days on Market was down 32.3 percent to 67 days. The Median Sales Price increased 2.5 percent to $150,700. The Average Sales Price increased 4.5 percent to $179,221.

With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the mouths of market-analyzing pundits, we’re in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September – an increase in interest rates – didn’t happen. It most likely will before year’s end, though. Until then, get out and enjoy the season.

The Greater Chattanooga Association of Realtors is “The Voice of Real Estate in Greater Chattanooga.” The Association is a regional organization with more than 1,500 members, and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. The Greater Chattanooga Association of Realtors services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net.