Home Sales Up In November; Mortgage Rates At Historic Low

Thursday, December 20, 2012

November 2012 gave realtors much to be thankful for, according to information being released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors. Homebuyers were also thankful for historically low mortgage rates and still-affordable prices.

GCAR President Mark Hite said, “Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism.”

New Listings in the Chattanooga region were up 16 percent to 819. Not to be outdone, Closed Sales increased to a stellar 543 units for the month; a 32.8 percent rise. Inventory shrank 9.7 percent to 4,712 units.

Prices turned higher, once again, as the Median Sales Price was up 16.0 percent to $145,000. Days on Market decreased 8.5 percent to 129 days. Months’ Supply of Inventory was down 21.8 percent to 8.6 months, indicating that, as always, demand increased relative to supply.

Mr. Hite said, “There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.”

Source: 10k Research and Marketing

Real Estate Transfers For Nov. 12-18

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)

Sherie Westerfield Joins Signature Brokers

Signature Brokers announced the addition of Sherie Westerfield to the Ooltewah-based firm. Ms. Westerfield joins as the latest of several new hires for the real estate company this year. A graduate in business from Western Kentucky University, she will be focusing her business to serve a variety of clients, from first-time homebuyers to selling luxury properties. She ... (click for more)

Residents Concerned Over 7-Story Building On The Southside

Downtown Chattanooga residents expressed their concerns with the proposed seven-story apartment building on Cowart Street on the Southside at Tuesday night’s City Council Meeting. The apartment building, originally zoned at four stories before Belle Investment petitioned for seven, has not been adequately publicized, residents claimed.   Architect and Planning Professional ... (click for more)

Commissioner Graham Chides Chairman Bankston For Shredding Arts Cigarette Tax Letter; Says Sunshine Law Violated

County Commissioner Joe Graham on Wednesday chided Chairman Chester Bankston for shredding a letter related to the proposed cigarette tax to aid the arts. "Have you shredded any other county legal documents?" he demanded. Chairman Bankston replied, "No, I have not done that." He said the letter did not get the necessary six signatures to forward to the Legislature. ... (click for more)

An Extra Helping Of Gratitude

After being thankful for the grace of God, my family and good health, this year I have an extra helping of gratitude to live in a special place called Chattanooga.   We endured the trauma of terrorism on July 16 and emerged more united and stronger than ever before.  We claim our heritage and celebrate our diversity like no other city in America.  We honor our ... (click for more)

Roy Exum: Vote DesJarlais Out!

There are two good bills in both the Senate and the House of Representatives right now that are directly aimed at the sadistic villains who derive some sick pleasure out of torturing helpless Tennessee Walking Horses. They call it “soring,” where caustic materials are lathered into a horse’s forelegs and then wrapped in plastic so they’ll cook. Sometimes they use nails or screws ... (click for more)