Hamilton Herald Masthead


Front Page - Friday, March 18, 2016

February 2016 home sales

REALTOR Association President's Message

Nathan Walldorf

The primary story, both nationally and in local submarkets, is a dwindling months’ supply of inventory. The cure, of course, is more inventory. However, new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves.

The heart of the selling season has yet to begin, so we’re still optimistically watching for an increase in activity in the coming months.

New Listings in the Chattanooga region increased 31.2 percent to 1,140. Pending Sales were up 10.6 percent to 846. Inventory levels shrank 17.4 percent to 3,576 units.

Prices continued to gain traction. The Median Sales Price increased 12.4 percent to $153,750. The Average Sales Price increased 14.7 percent to $179,504.

Days on Market was down 22.2 percent to 77 days. Sellers were encouraged as Months Supply of Inventory was down 25.4 percent to 4.7 months.

National housing starts were up by 10.8 percent at the end of 2015 when compared to 2014, and the unemployment rate is holding low and steady at or near 4.9 percent. Meanwhile, mortgage rates continue to astound below 4.0 percent, and we have witnessed an unprecedented 70 consecutive months of private-sector job growth. As consumers navigate their options, competition for the best available properties should be profound, especially if the market remains hobbled by a lack of supply.

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.