The local real estate market is heating up with the unseasonably warm weather this year, according to sales figures released today by the Greater Chattanooga Association of Realtors.
Chattanooga area Realtors sold 442 houses during February, up nearly 22 percent over the same month a year ago and 35.2 percent above the sales volume in January.
“This growth in sales, in comparison to last year, was in line with the number of pending transactions that we’ve seen since the first of the year,” Mark Hite, president of the Chattanooga Realtors group, said in a report released today.
February’s median home price in Chattanooga was $124,450, or 3.7 percent more than in the same month a year ago.
“The median price for 2012 has started out stronger than the last two years, which is a sure sign of an improving economy and a good indicator of the true strength of the market,” Hite said.
The average home sold in February had been on the market for 147 days. Hite said the number of homes on the market is down 20 percent from a year ago “and with sales increasing, we can expect the days on the market to decline further along with the supply of inventory as we transition from a buyers’ market toward a sellers’ market,” Hite said.
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...