The big real estate story today has to do with the lack of the inventory of homes for sale.
The National Association of Realtors says, “The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties.” The NAR chief economist also reports that 60% of homes nationally are selling within 30 days. The days thsat homes are on the market has dipped some since last spring, so you still may have some buying opportunities this year compared to last spring. New listings on the market are down by 26% in Chattanooga, TN. Pending sales and closed sales are also both down in Chattanooga mostly due to the lack of inventory. The stats show that the inventory of homes for sale in Chattanooga is up 33%, but, on the ground level, Realtors are having to call home owners and ask if they are will to sell their homes to their home buyers because of the lack of homes for sale. The median sales price in Chattanooga is down by a negligible .3% to $300,000, so home prices are fairly level in Chattanooga. In other words, homes are not loosing value in Chattanooga. The % of the list price that home buyers are paying is down from last year, but it is still around 97%. Entry level homes and luxury homes are a competitive price ranges in the Chattanooga area right now.
Call Nathan Walldorf for any of your real estate needs at 423-544-7700