The local real estate market witnessed a decrease in month-over-month performance, according to statistics released today by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of REALTORS.
In November of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 398 residential units, a 5% decrease compared to the previous month’s sales. However, local real estate leaders were encouraged by an increase in sales from the same period of 2010. That figure showed a
6.1% increase from the sale of 375 units reported at this time last year.
November’s local median home price was $125,000. That represents a decrease of 2.7% from the previous month, but matches exactly the November 2010 median price.
Average Days on Market rose by 12 days from last month, and 11 days over the same period of 2010.
Foreclosure sales made through the Chattanooga Area Multiple Listing service remained fairly static at 32.2% of total transactions, and the local inventory remains at a near constant of 12.7 months’ supply.