We are entering the 4th quarter of the year and that could mean a change in what’s happening in real estate. The Chattanooga market has had an epic third quarter and while prices will remain steady, there is potential for a slow down, which is traditional for this time of year. Below is an article by Dave Flessner that recently ran in the Chattanooga Times Free Press which reports on the increase not only in sales, but also in price.
Chattanooga Realtors boosted August home sales by 14.1 percent above year-ago levels in August even as the number of listings and the median price of homes sold also continued to increase.
The Greater Chattanooga Association of Realtors said today that 833 homes were sold through the local Realtors’ multiple listing service last month at a median price of $157,950. In August, 2014, local Realtors sold 730 homes at a median price of $140,900.
In the first eight months of the year, home sales by Chattanooga Realtors were up 13.4 percent while the median sales price was up 8.6 percent.
Total listings of homes for sale were up 17 percent last month from a year ago to 1,240 homes. The average home sold by a Realtor last month in Chattanooga was on the market 76 days, or 33 days less than a year ago.
“As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year,” the Greater Chattanooga Association of Realtors said in its monthly report on local home sales.
What does that mean for buyers as we enter the fourth quarter? The potential slow down could mean an increase in the days on market giving buyers an extra bargaining chip. Sellers who want to sell before the end of the year to avoid taxes might be more willing to negotiate price. The rise in listing in August also means those home still on the market are in the sweet spot for price reduction.
A slow down could also mean less buyers looking, meaning homes that come on the market have less buyers vying for them offering more choices. The opportunity for a multiple offer situation is less likely. Last month, our team was in three multiple offer situations on listings that had been on the market less than a week.
Now is the time if you are considering purchasing a home in Chattanooga or Ringgold to call your experienced real estate agent. Our team is knowledgeable in local neighborhoods and has experienced the gamut of real estate life experiences including relocation, first home purchases and empty nest downsizing. Info@chattanoogapropertyshop.com or Chattanoogapropertyshop.com for more info.