| Market Condition Report |
U.S. and Chattanooga's Real Estate Market
NATIONAL PERSPECTIVE
Nationally, buyers bought homes at a seasonally adjusted annual rate of 4.7 million.
2010 looks like the worst year for home sales since 1997.
Economists say it could take at least two years or longer to return to a more normal level of sales of around 6 million units per year. "The housing market is still flat on its back, but there are signs that it is starting to pick itself up", said Mark Zandi chief economist at Moody analytics. "But even with the improvements we expect, next year will still be a very weak market."
LOCAL PERSPECTIVE
from the Chattanooga Association of Realtors:
Area Home Sales Prices Drop
Chattanooga area home sales continued to plummet in November, decreasing by 13.1% to 371, down from 427 the previous month.
Sales were down 27% compared with November 2009.
The median home sales price dropped sharply to $125,000, down 8.6% from the prior $136,700 the prior month.
The average number of days that a home was on the market before it sold actually increased to 134 days, almost 3 weeks longer than homes stayed on the market only a year ago.
Sales have fallen consistently since the expiration of the federal tax credit for home buyers in June.
NOVEMBER 2010 PERSPECTIVE FOR CHATTANOOGA -
The highest sales in the past decade were in November 2005, with 617 houses sold.
The lowest was November 2008, with only 349 houses sold.
The top areas for sales in November 2010 were:
North Hamilton County, 30 homes sold.
Brainerd and East Brainerd, 24 sold.
Downtown, 23 sold.
North Chattanooga, 22 sold.
The LOCAL PERSPECTIVE is somewhat different according to the Real Estate web site Trulia:
"Average price per square foot for Chattanooga TN was $143, an increase
of 24.3% compared to the same period last year. The median sales price
for homes in Chattanooga TN for Sep 10 to Nov 10 was $112,500 based on
615 home sales. Compared to the same period one year ago, the median
home sales price increased 2.3%, or $2,500, and the number of home sales
decreased 30%.
There are currently 2,166 resale and new homes in
Chattanooga on Trulia, including 388 homes in the pre-foreclosure,
auction, or bank-owned stages of the foreclosure process.
The average
listing price for homes for sale in Chattanooga TN was $223,853 for the
week
ending Dec 29, which represents an increase of 0.3%, or $729,
compared to the prior week.
Popular neighborhoods in Chattanooga include
North Chattanooga Neighborhood Association and Missionary Ridge
Neighborhood Association, with average listing prices of $415,823 and
$364,994."
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