Home sales in Chattanooga area better than 2010
CHATTANOOGA (WRCB) - A report from the Greater Chattanooga Association of REALTORS on Thursday indicates a stronger housing market in July 2011 than the same month last year.
According to a news release emailed to Channel 3 Eyewitness News, Southeast Tennessee and the Northwest Georgia area saw the sale of 524 residential units, a 17.5% increase compared to July 2010. That is a 1.9% drop, or 534 homes, compared to June of this year.
"I'm so pleased to see the resiliency of the marketplace," said local REALTORS® Association President, Jennifer Grayson.
[READ: County-by-County breakdown]
"Clearly, we're going against the trends we're seeing nationally, and throughout the southeast region, and our market is setting its own pace."
Chattanooga Area MLS President, Dan Griess said, "For me, it is so gratifying to see the median price advance in the face of declining elsewhere. It's great news for sellers, because they can clearly see that the market is sustaining value in their home, and good news for buyers, because it shows that, besides a great place to live, their investment in a home is trending in the right direction, unlike a lot of other options they could have chosen".
For the month of July, the local median home price for the area was $142,145 which is up 9.4% over the same period in 2010. The price is up 11.1% over June of this year.
According to MLS data, it takes an average of 133 days to sell a home in the SE Tennessee and NW Georgia area.
Foreclosures make up 26.7% of MLS deals.