Brand spanking new report for your viewing pleasure. I haven't done a downtown market report before. Many of these sales are going to be condos & lofts with a few single family homes sprinkled in for good measure. These statistics are for the downtown, MLK & Southside areas. The boundaries I've used are the river on the north and east, I-24 on the south & Central Avenue to the west.
All Downtown & Southside Chattanooga Real Estate Sales through the Chattanooga MLS
All active listings as of 1/5/09: 140
Pending or contingent listings (under contract) as of 1/5/09: 9
Residential listings closed (sold) during December 2009: 2
Number of months to sell current actives at December's sales pace: Mmmm, looks like about 70
Downtown & Southside Chattanooga Real Estate, Under $150,000
Active, residential listings: 16
Pending or contingent listings: 1
Residential listings closed during December 2009: 0
Number of months to sell current actives at December's sales pace: I'm going to use the one pending and call it 16
Downtown & Southside Chattanooga Real Estate, $150,000-350,000
Active, residential listings: 88
Pending or contingent listings: 6
Residential listings closed during December 2009: 2
Number of months to sell current actives at December's sales pace: 44
Downtown & Southside Chattanooga Real Estate, $350,000-600,000
Active, residential listings: 19
Pending or contingent listings: 0
Residential listings closed during December 2009: 0
Number of months to sell current actives at December's sales pace: Ad infinitum - this price range is where it hurts.
Downtown & Southside Chattanooga Real Estate, $600,000+
Active, residential listings: 17
Pending or contingent listings: 1
Residential listings closed during December 2009: 0
Number of months to sell current actives at December's sales pace: Again, I'm going to pretend I don't see that goose egg and call it 17.
The chart below shows what is under contract now or sold in December
S=Status, either Pending, Sold or Contingent; TYP= Type of Home, either residential (single family), townhouse or condo; DOM= Days on Market; Prices shown reflect list prices - not contract prices
The numbers look pretty dismal but that's a little misleading since we're looking at such a small, relatively high-end inventory. Like North Chattanooga real estate, the nature of the sample size you've got is going to result in some big fluctuations. And upper end real estate is suffering all over Chattanooga and Hamilton County. Since that's the majority of what you have in this area, it only makes sense that the market here is a little soft.
If you look at November, there were 4 sales in this area, 7 more for October. What conclusions can we draw from this? Here's what I think. This area has been a little overbuilt for current demand but that demand is going to start catching up to the supply within the next year or so, especially as the economy & upper end market improves. This is overwhelmingly a lifestyle driven area, much more so than any place in the metro Chattanooga area. Want to stumble home from the local watering hole or walk to Riverbend? - can't really do that unless you live here. Jefferson Heights is probably the only single family community that truly is an easy walk from a hip and happening commercial area (some areas of North Chatt would also qualify). Clearly, there are a limited number of buyers who want a condo/loft but those who are willing to put up with little parking and no personal outside space really, really want to live in these areas. Life is a trade off. As Chattanooga starts to draw more residents who are accustomed to urban living (it's already happening, we just aren't quite there yet), this area is going to take off like a rocket ship.
Think you might be interested in this up and coming area? Check out what's available right now.
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