Chattanooga Real Estate January 2015

Mtn Shadows Chattanooga Real EstateI’ve been doing Chattanooga real estate market reports for a lot of years now (ignore that long hiatus I took!). I got my real estate license the same month that Countrywide Mortgage essentially went bust. I think all of the blood drained from my brain when I heard that. My point is that, from the agent’s side, I’ve never experienced a really booming market. But that might be changing…

The thing that strikes me in comparing the stats for the Chattanooga real estate market from January 2014 to January 2015 is that the number of sales is almost identical. I don’t think you could make it closer if you tried. And then you look at the total dollar volume, average sales price & median sales price and the jumps are pretty huge: 14.4%, 13.9% & 9.7% respectively.

Does that mean that your home’s value went up 10% last year? Probably not. While I do think there have been some pretty big gains in value over the last 2-3 years, 10% in one year is a stretch. It’s more likely that it just happened to be some higher dollar homes that sold.

During the worst years of 2008-2010, you still had fairly strong sales in the first-time-buyer sort of price range. New buyers were taking advantage of low prices to get into the market. You practically couldn’t give away more expensive homes. Those are the ones that you’ll usually buy as your 2nd or 3rd home. And if you couldn’t sell the house you already had for a decent price, you weren’t going out and buying a bigger more expensive one. You were kinda stuck.

But no more! Anecdotally, you really can’t find those rock bottom homes anymore. The under $100,000 market is practically non-existent unless you’re willing to do a LOT of work. Investors snatch those up pretty quickly, fix ’em, then put them back on the market either as rentals or sales in the $120-140k range. The market for the $120-140k homes is strong so those sellers can move up to a $150-200k home, which means that the $150-200k sellers can move up to a $225-275k home…you get the idea.

Check out the image gallery to see the ghost of Januaries past, including the fact that dollar volume for 2015 is up, wait for it……98% (almost double!) from 2009. That’s pretty incredible.

 

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North Hamilton County Real Estate Market Stats for December 2009

Hixson, Soddy Daisy & North Hamilton County Residential Real Estate Sales through the Chattanooga MLS

All active listings as of 1/5/10: 445
Pending or contingent listings (under contract) as of 1/5/10: 64
Residential listings closed (sold) during December 2009: 57
Number of months to sell current actives at December’s sales pace: 7.8

Under $100,000

Active, residential listings: 42
Pending or contingent listings: 18
Residential listings closed during December 2009: 10
Number of months to sell current actives at December’s sales pace: 4.2

$100,000-200,000

Active, residential listings: 202
Pending or contingent listings: 33
Residential listings closed during December 2009: 30
Number of months to sell current actives at December’s sales pace: 6.7

$200,000-400,000

Active, residential listings: 153
Pending or contingent listings: 11
Residential listings closed during December 2009: 16
Number of months to sell current actives at December’s sales pace: 9.6

Over $400,000

Active, residential listings: 48
Pending or contingent listings: 2
Residential listings closed during December 2009: 1
Number of months to sell current actives at December’s sales pace: ’bout 2-4 years (that one hurts)

What does all of this mean? All the way up to a $200k price tag, you can expect a home in Hixson or Soddy Daisy to sell within a reasonable time. The higher you get in that range, expect it to start looking more like a 10 month supply. Once you start moving into the higher end of the market you’ll see significantly increased marketing times.  Settle in for a long wait if you’re priced over $400k (there was only one sold in November and none in October in that price range). The good news for those guys? They’re living in a beautiful house that probably has a stunning view or, better yet, lake access. Life could definitely be worse.

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St. Elmo Real Estate Market Report for December 2009

Another brand spanking new report, this one for my St. Elmo neighbors.

All St. Elmo Real Estate Sales through the Chattanooga MLS

All active listings as of 1/5/09: 23

Pending or contingent listings (under contract) as of 1/5/09: 1

Residential listings closed (sold) during December 2009: 2

Number of months to sell current actives at December’s sales pace: a respectable 11.5

And because everybody is a nosy neighbor, here’s what actually sold in December:

DOM= Days on Market

Notice anything there? Not much sold (although it’s a fairly small area without a great deal on the market) but what did sell, went awfully fast. I’m not saying that everything in St. Elmo goes that quickly but that just goes to show you that if you price it right it will go, and quickly.

Want to know more about this charming little community? Click over to see a recent post I wrote about St. Elmo (Chattanooga) or see what’s for sale right now.

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Downtown Chattanooga, MLK & Southside Market Stats for December 2009

Brand spanking new report for your viewing pleasure. I haven’t done a downtown market report before. Many of these sales are going to be condos & lofts with a few single family homes sprinkled in for good measure. These statistics are for the downtown, MLK & Southside areas. The boundaries I’ve used are the river on the north and east, I-24 on the south & Central Avenue to the west.

All Downtown & Southside Chattanooga Real Estate Sales through the Chattanooga MLS

All active listings as of 1/5/09: 140

Pending or contingent listings (under contract) as of 1/5/09: 9

Residential listings closed (sold) during December 2009: 2

Number of months to sell current actives at December’s sales pace: Mmmm, looks like about 70

Downtown & Southside Chattanooga Real Estate, Under $150,000

Active, residential listings: 16

Pending or contingent listings: 1

Residential listings closed during December 2009: 0

Number of months to sell current actives at December’s sales pace: I’m going to use the one pending and call it 16

Downtown & Southside Chattanooga Real Estate, $150,000-350,000

Active, residential listings: 88

Pending or contingent listings: 6

Residential listings closed during December 2009: 2

Number of months to sell current actives at December’s sales pace: 44

Downtown & Southside Chattanooga Real Estate, $350,000-600,000

Active, residential listings: 19

Pending or contingent listings: 0

Residential listings closed during December 2009: 0

Number of months to sell current actives at December’s sales pace: Ad infinitum – this price range is where it hurts.

Downtown & Southside Chattanooga Real Estate, $600,000+

Active, residential listings: 17

Pending or contingent listings: 1

Residential listings closed during December 2009: 0

Number of months to sell current actives at December’s sales pace: Again, I’m going to pretend I don’t see that goose egg and call it 17.

The chart below shows what is under contract now or sold in December

S=Status, either Pending, Sold or Contingent; TYP= Type of Home, either residential (single family), townhouse or condo; DOM= Days on Market; Prices shown reflect list prices – not contract prices

The numbers look pretty dismal but that’s a little misleading since we’re looking at such a small, high-end inventory. Like North Chattanooga real estate, the nature of the sample size you’re working with results in some big fluctuations. And upper end real estate is suffering all over Chattanooga and Hamilton County. Since that’s the majority of what you have in this area, it only makes sense that the market here would be a little soft.

If you look at November, there were 4 sales in this area, 7 more for October. What conclusions can we draw from this? Here’s what I think. This area has been a little overbuilt for current demand in this economy but that demand is going to start catching up to the supply within the next year or so, especially as the economy & upper-end market improves.

This is overwhelmingly a lifestyle driven area, much more so than any other place in the metro Chattanooga area. Want to stumble home from the local watering hole or walk to Riverbend? – can’t really do that unless you live here. Jefferson Heights is probably the only single family community that truly is an easy walk from a commercial area (some parts of North Chatt would also qualify). Clearly, there are a limited number of buyers who want a condo/loft but those who are willing to put up with little parking and no personal green space really, really want to live in here. Life is a trade off.  As Chattanooga starts to draw more residents who are accustomed to urban living (it’s already happening, we just aren’t quite there yet), this area is going to take off like a rocket ship.

Think you might be interested in this up and coming area? Check out what’s available right now.

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North Chattanooga Real Estate Stats for December 2009

Stats listed are coming from the 37405 ZIP code. In other words, if you’re a North Chatt snob purist be forewarned that this is going to include Stringer’s Ridge, a little of Red Bank and some of Signal Mtn Blvd too.

All Northshore/North Chattanooga Real Estate Sales through the Chattanooga MLS

All active listings as of 1/5/09: 125

Pending or contingent listings (under contract) as of 1/5/09: 19

Residential listings closed (sold) during December 2009: 8

Number of months to sell current actives at December’s sales pace: 15.6

North Chattanooga Real Estate, Under $200,000

Active, residential listings: 59

Pending or contingent listings: 13

Residential listings closed during December 2009: 5

Number of months to sell current actives at December’s sales pace: 11.8

North Chattanooga Real Estate, $200,000-400,000

Active, residential listings: 35

Pending or contingent listings: 5

Residential listings closed during December 2009: 1

Number of months to sell current actives at December’s sales pace: 35

North Chattanooga Real Estate, $400,000-600,000

Active, residential listings: 8

Pending or contingent listings: 1

Residential listings closed during December 2009: 2

Number of months to sell current actives at December’s sales pace: 4

North Chattanooga Real Estate, $600,000+

Active, residential listings: 23

Pending or contingent listings: 0 (ouch)

Residential listings closed during December 2009: 0 (double ouch)

Number of months to sell current actives at December’s sales pace: A hair past forever?

North Chattanooga definitely took a bit of a nose dive for December – click here to see November’s stats. Not anything that you don’t expect in this industry, there just aren’t that many people out there looking to move right around the holidays. The most striking issue is that there weren’t any sales at all in the over $600k range (and nothing pending right now either). Does that mean that the high dollar love affair with Forest Ave is coming to an end? Probably not but North Chatt has been one of the few areas where you could count on some of these upper end homes to sell. Looks like that’s at least slowing a little.  Of course, when you are dealing with a very small sample size you really aren’t going to see steady numbers so these fluctuations aren’t cause for too much alarm.

On this chart, DOM = Days on Market, everything else is pretty self-explanatory.

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Ooltewah Real Estate Market Stats for December 2009

These stats are pulled from the 37363 ZIP code. Click over to see what was goin’ on in the Ooltewah real estate market for November 2009.

All Ooltewah Residential Real Estate Sales through the Chattanooga MLS

All active listings as of 1/4/10: 330

Pending or contingent listings (under contract) as of 1/4/10: 58

Residential listings closed (sold) during December 2009: 39

Number of months to sell current actives at December’s sales pace: 8.5

Under $200,000

Active, residential listings: 91

Pending or contingent listings: 29

Residential listings closed during December 2009: 16

Number of months to sell current actives at December’s sales pace: 5.7

$200,000-400,000

Active, residential listings: 186

Pending or contingent listings: 24

Residential listings closed during December 2009: 20

Number of months to sell current actives at November’s sales pace: 9.3

Over $400,000

Active, residential listings: 54

Pending or contingent listings: 5

Residential listings closed during December 2009: 3

Number of months to sell current actives at December’s sales pace: 18

What does all of this mean? Not any big changes since last month’s report which is actually pretty good news. I was expecting a drop off given the expiration of the first time buyer credit, not to mention the typical seasonal slow down. Even though the credit ended up being extended, lots of sales were being pushed through for the end of November supposedly leaving the ‘pipeline’ empty for December. Doesn’t seem to have happened.

So I’ll say exactly what I said last month: If you have a home to sell in Ooltewah for under $200k there’s not much reason to wait around for the market to pick up. Even in the $200-400k range, there’s still only an 9 month supply (not completely optimum for definitely within reason). The upper end of the real estate market fares better in Ooltewah than in the rest of Hamilton County with only an 18 month supply compared to 28.5 for Hamilton County as a whole. If you’ve got a lower to mid level home to sell in Ooltewah and want to move up to a bigger house nearby…get your selling shoes on. If you’ve lived in your house for 5 of the last 8 years you might even qualify for the new $6,500 tax credit.

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