The local real estate market continued to improve throughout the month of May, the fifth straight month of increases in 2012, according to data being released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of Realtors (GCAR).
Statistics for May indicated that the Southeast Tennessee and the Northwest Georgia area saw the sale of 608 residential units, a 22.8% rise from the previous years sales and an 11% jump from the previous month.
Mark Hite, GCAR president said, “Combined with reliable sales volumes, fewer active listings have translated into competing bids on existing inventory and modest price gains in select neighborhoods. Informed sellers have noticed some homes selling quicker and for closer to asking price.”
Home prices also continued their increase. The Median Sales Price increased 9.9% to $137,000. The average days on market dropped 6.7% from last year’s number to 126 days. Absorption rates improved as Months Supply of Inventory was down 25.4% to 10 months.
“With home sales and prices increasing, coupled with days on market and supply decreasing, the Greater Chattanooga area continues to buck the national trends as we look to carry that momentum into our sixth straight month,” Mr. Hite said.