October Produces A Strong Month Of Home Sales

Wednesday, November 21, 2012

Home sales increased in the Greater Chattanooga area, according to information released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors.

Officials said, "It's been a giant year for the housing market, as we round out the remaining two months of the 2012. Most markets shed listings, resulting from strong sales and lessened seller activity." 

Closed sales for the month of October increased by 31.3% finishing at 562 homes sold. New listings coming to market in the Chattanooga region were up 17.8 percent to 892 for the month compared to the same period last year. However, overall inventory available for sale shrank 10.4 percent to 4,814 units. 

There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less right now than in recent years. Prices turned higher as the Median Sales Price was up 12.3 percent to $144,601. Days on Market decreased 6.9 percent to 121 days. Months Supply of Inventory was down 21.2 percent to 8.9 months, indicating that demand increased relative to supply. 

GCAR President Mark Hite said, “The economy is growing, but not at the pace most of us desire and economic growth in 2013 is expected to outpace 2012 which is positive if it this prediction becomes a reality mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy.”


Real Estate Transfers For Aug. 11-17

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Group Questions Continued Tax Forgiveness For Walnut Commons

A taxpayer activist group asked a number of questions at a city board on Thursday about a complex tax abatement deal for Walnut Commons on Walnut Street. The city, through its Chattanooga Downtown Redevelopment Corporation, has held title to the land under the apartments. However, the new owner has opted to buy that land, causing a new round of paperwork involving the ... (click for more)

State Board In Nashville Approves New Erlanger Behavioral Health Hospital

Members of the board of the Tennessee Health Services and Development Agency in Nashville on Wednesday unanimously approved a new $25 million Behavioral Health Hospital planned by Erlanger Health Systems on Holzclaw Avenue.   Parkridge Valley Hospital and CADAS had opposed the issuance of Certificate of Need.  The 88-bed facility will provide "acute adult inpatient ... (click for more)

Pinkston Says Offer Was Made To Dismiss Lawsuit Against Him If Prosecution Of Detective Burns Was Dropped; Judge Greenholtz "Greatly Bothered" By Any Such Offer

District Attorney Neal Pinkston said at a hearing Tuesday that an offer was made to drop a lawsuit filed against him by Gatlinburg detective Rodney Burns if he would dismiss two perjury counts against Burns. The district attorney said he should not be disqualified from continuing to prosecute the case or else attorneys would begin suing him or the judge to get a new DA or trial ... (click for more)

Downtown Needs Cleaned Up

My son and I parked on Broad Street and walked to the Billiard Club on Cherry Street this past weekend. It's probably a total of two blocks. In that short walk we passed where Rone Regency used to be on 6th Street and in that doorway was about a years worth of human feces and urine covering the doors and walls. The concrete sidewalk on the street is all broken up and the metal ... (click for more)

Roy Exum: Ooltewah & The Bullies

During the week of Christmas I got an email from a longtime friend at the Knoxville News-Sentinel that laughingly wondered what kind of basketball do you people play (in Chattanooga?) It included sketchy details of the rape, and subsequent surgery, of an Ooltewah High School basketball player who had been assaulted by his own teammates at a Gatlinburg holiday tournament. Today ... (click for more)