And that’s a wrap…. the 2017 Real Estate Market is closed out and buyers and sellers are marching forward into the new year. Let’s take a minute to recap what happened over the past 12 months.
Closed Sales of residential units were up +1.1% for the year, thus closing out a total of 9,766 sales which is the largest sales year in the Greater Chattanooga Region history. To give this some perspective, one would simply need to look back a short 4 years to 2013 when annual sales stood at 7,634. This four-year change represents a 28% growth in sales.
Also on the move up were prices this past year. The average sales price finished the year at $211,156 which is a +9% change over the previous year. The median price was up +8.7% and came in at $175,000. Again, to give some perspective, the Average price of a home sold in 2013 was $161,200, so the average price of a home closing in our region has increased 30.9% in a short 4 years.
It took a very short 59 days for the average home to sell in 2017. This statistic is down from 65 days in 2016 and 106 days in 2013. Another big change was in the amount of negotiation that was taking place in 2017. Sellers achieved 95.6% of the list price this past year, which was a +.6% improvement from the previous year. In contrast sellers were achieving 92.4% of list price in 2013.
While sales continued at record levels and prices increased, the amount of inventory available for sale dropped by -26.2% from the previous year. The region finished 2017 with 2,530 residential units for sale which less than half of the 5,132 units available at the end of 2013.
With strong economic indicators across the board and interest rates remaining at very low levels, there is nothing to indicate that 2018 won’t be a repeat of 2017 in the world of residential real estate. If you are considering buying or selling this year, contact the Mark Hite TEAM and put our collective 200 years of experience to work for You!