In our continued effort to provide you with superior service, we will be releasing Chattanooga's Housing numbers to you on a monthly basis. If you have any questions about the specifics of these numbers, please don't hesitate to contact us.
The Chattanooga Association of Realtors just recently released their numbers for August and you might find them just a little more promising than the media portrays. In August, 721 sales were recorded through our Multiple Listing Service, an 8 percent increase over July's 667 units sold. One bit of not so good news is that August 2007 numbers are an 11 percent decrease over August 2006 numbers (803 units sold). Yet, on the flip side, the median home price in August 2006 was $132,000 vs. August 2007's $141,000.
What does all this mean? I feel like the Chattanooga market is quite stable. Yes, our days on the market is a little longer than it has been, but the buyers are still out there and the listings are definitely out there. We can be very thankful for the fact that Chattanooga really didn't see the massive price inflation that a lot of other markets saw over the last few years. This in itself can keep our home prices pretty stable. When buyers can come to the realization that they are not going to be able to steal houses from sellers during this period and sellers come to the realization that they are not going to be able to live in a home for 1-2 years and make a huge profit when they sell, then we will level out.
Also, if the national news would take a breather about the "Catastrophe" happening to home prices across the United States, then us Chattanoogan's wouldn't feel any of the burn.
Realtor Ryan, Broker
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