June '09 Held the Best Chattanooga Area Sales This Year

The best home sales statistics for this year came in June.  Sales were up to the highest level since September of 2008.  In June, the Southeast Tennessee and the Northwest Georgia area saw the sale of 553 residential units, a 14.3% increase compared to the previous month’s sales.  It is hard to say that the market has recovered, but the lower home sales compared to a year ago seem to be narrowing.  Foreclosures are still happening, which could affect home prices in some area, but as the president of the Chattanooga MLS said, "I think that we’re seeing the start of the proverbial 'perfect storm' of circumstances – improved economic environment, savvy and motivated buyers, and dedicated, hard-working realtors who are making things happen. I continue to be thankful that the Chattanooga marketplace never mirrored the activity that took place in most of the rest of the U.S. in the last several years. Like the president of the Chattanooga Association of Realtors, I’m cautiously optimistic, but I also believe that we’ve turned a very big corner.”  The median home price is only down 3% from this time last year, but up 6.3% from May.  In 2009 the number of days that homes are on the market has increased.  Experts say that it is due mostly to the continuing pressures in the financial markets as credit remains tight for even the most qualified of buyers.