While Wall Street awaits the reports of Thanksgiving weekend sales to gauge the health of the national economy, the Greater Chattanooga Association of Realtors announces another positive month of real estate sales!
For the Month of October, GCAR reported a 31.3 percent increase in home sales compared to October 2011. This represents 12 straight months in a row that the Chattanooga region has produced an increase in home sales when compared to the previous year. For the last 12 months, the region has experienced a 15.1 percent increase in the number of units sold over 2011.
If the increase in sales is not enough to make local homeowners smile, then how about the nine straight months of increases in the median price of homes which actually sold? For the month of October the median, or midpoint of all sales, moved up 12.3 percent to $144,601 in comparison to $128,750 for October 2011. Despite value rollbacks this past December and January, the median price has moved up 4.7 percent over the last 12 months.
The average sales price of all homes sold in October moved up 15.2 percent to $171,496. This jump in pricing contributed to a 12-month average increase of 5.1 percent. Great news for homeowners and home sellers!
The regional home buying consumer took advantage of record low interest rates, which have kept affordability high, as they made their selections this fall. Smart consumers who have been on the fence have noted the trend of monthly increases in home sales. Rather than waiting for prices to continue to march upward, they got off the fence and took advantage of market at hand.
There is still time to have a new home for holidays. Contact a member of GCAR today and find your dream home tomorrow!