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In the spirit of election season, today we are going to be giving you a “State of the Union” for Chattanooga and North Georgia real estate. It was an awesome year for our market; here are some changes you should be aware of.
The biggest news is the absorption rate. This figure measures how much inventory we have on the market by determining how long it would take to sell all of the current inventory if no new homes came on the market. At the end of 2014 our absorption rate was at about 9.2 months. Right now, it is down near just 6 months. This means the market is moving faster and homes are selling quicker, which brings us to the next biggest item: days on market.
The average days on market here in North Georgia has decreased dramatically over the last year. In 2014, a home was on the market for an average of 140 days. Today, that average is down an incredible 50% to 70 days.
Another big increase we saw was in the average home sale price. It rose from $167,000 at the end of 2014 to $181,000 in 2015. A dramatic appreciation of $15,000-$20,000 in home values is incredible. There has never been a better time to sell.
Certain price ranges saw even bigger increases in home appreciation. The $200,000 to $250,000 market had an increase of over 25% in appreciation, and the $300,000 to $400,000 market saw an increase of over 30%!
As for our team, we are excited to announce we were number one in our market here for the 3rd year in a row, selling almost $70 million in real estate. We are so appreciative of all our dedicated agents, as well as all our customers who choose to work with us. We are honored to be in business with you.
If you have any questions, give us a call or send us an email. We would love to speak with you!
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