Submitted by Anonymous on Tue, 05/15/2007 - 05:00.
Tennessee housing market normalizing
With 1,804 total sales being reported through the Chattanooga Association of Realtors’ Multiple Listing Service, the numbers represent a two percent dip from year-ago levels.
Spokesman Chris Sexton said, "While the national market continues to see drastic declines, the local market provides a truer picture in understanding what is happening in the Southeast Tennessee and North Georgia. For each month in the first quarter there was a steady increase in the number of units sold."
Jason Farmer, association president, said, “Real estate is local and each market is distinctly different from another."
Dan Griess, president of the association’s Multiple Listing Service, said, “Our regional market continues to perform well and is not facing the downturns several other real estate markets are seeing.”
OAR officials said, "The downturn referenced is being driven by various economic factors and real estate trends. One of the most influential causes has been drastic price adjustments being witnessed in some markets. Following a particularly robust time for residential real estate, various communities saw selling prices increase past a point of sustainability. Buyers soon began to be priced right out of the market and real estate was no longer affordable."
Mr. Farmer stated, “The price increases were astounding, especially in places like Miami, San Francisco, and Las Vegas. Buyers and sellers were not seeing eye-to-eye. It couldn’t be expected to last and we’re seeing realism work its way back into those local markets. And that’s going to take some time.”
Locally, affordability is on the consumer’s side, as seen by the median home price – the price at which half sold for more and half sold for less, it was stated.
While the national median home price is $212,300, the greater Chattanooga area is considerable less. First quarter numbers show the local median home price at $136,500. This figure represents a nearly 4 percent increase over the same time one year ago.
Mr. Farmer said, “What you’re seeing is that while national trends can and do impact home values and sales, it’s really local market activity that is much more influential. It’s still a great time to buy or sell.”
Source: www.chattanoogan.com
Spokesman Chris Sexton said, "While the national market continues to see drastic declines, the local market provides a truer picture in understanding what is happening in the Southeast Tennessee and North Georgia. For each month in the first quarter there was a steady increase in the number of units sold."
Jason Farmer, association president, said, “Real estate is local and each market is distinctly different from another."
Dan Griess, president of the association’s Multiple Listing Service, said, “Our regional market continues to perform well and is not facing the downturns several other real estate markets are seeing.”
OAR officials said, "The downturn referenced is being driven by various economic factors and real estate trends. One of the most influential causes has been drastic price adjustments being witnessed in some markets. Following a particularly robust time for residential real estate, various communities saw selling prices increase past a point of sustainability. Buyers soon began to be priced right out of the market and real estate was no longer affordable."
Mr. Farmer stated, “The price increases were astounding, especially in places like Miami, San Francisco, and Las Vegas. Buyers and sellers were not seeing eye-to-eye. It couldn’t be expected to last and we’re seeing realism work its way back into those local markets. And that’s going to take some time.”
Locally, affordability is on the consumer’s side, as seen by the median home price – the price at which half sold for more and half sold for less, it was stated.
While the national median home price is $212,300, the greater Chattanooga area is considerable less. First quarter numbers show the local median home price at $136,500. This figure represents a nearly 4 percent increase over the same time one year ago.
Mr. Farmer said, “What you’re seeing is that while national trends can and do impact home values and sales, it’s really local market activity that is much more influential. It’s still a great time to buy or sell.”
Source: www.chattanoogan.com
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