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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 here for a recent blog post or see what’s for sale right now.

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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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Julia Odom enjoys long walks on the beach, debating the restoration vs. renovation question and hanging out with plumbing inspectors

Visit her website to search for homes.

Do you have a Chattanooga area image you’d like to share (credit given),

a community event to promote or maybe even a crime to report?

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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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Julia Odom enjoys long walks on the beach, debating the restoration vs. renovation question and hanging out with plumbing inspectors

Visit her website to search for homes.

Do you have a Chattanooga area image you’d like to share (credit given),

a community event to promote or maybe even a crime to report?

Don’t want to miss a thing?? Subscribe to Chattanooga Real Estate.

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These stats are pulled from the 37363 ZIP code. Click here to see what was goin’ on last month.

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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Julia Odom enjoys long walks on the beach, debating the restoration vs. renovation question and hanging out with plumbing inspectors

Visit her website to search for homes.

Do you have a Chattanooga area image you’d like to share (credit given),

a community event to promote or maybe even a crime to report?

Don’t want to miss a thing?? Subscribe to Chattanooga Real Estate.

Read Full Post »

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 12/7/09: 119
Pending or contingent listings (under contract) as of 12/7/09: 26
Residential listings closed (sold) during November 2009: 13
Number of months to sell current actives at November’s sales pace: 9.2

North Chattanooga Real Estate, Under $200,000

Active, residential listings: 50
Pending or contingent listings: 17
Residential listings closed during November 2009: 4

Number of months to sell current actives at November’s sales pace: 12.5

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

Active, residential listings: 39
Pending or contingent listings: 5
Residential listings closed during November 2009: 7

Number of months to sell current actives at November’s sales pace: 5.6

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

Active, residential listings: 9
Pending or contingent listings: 2
Residential listings closed during November 2009: 0

Number of months to sell current actives at November’s sales pace: Ummm, infinity? I’m going to call it around 5 based on what’s pending.

North Chattanooga Real Estate, $600,000+

Active, residential listings: 21
Pending or contingent listings: 2
Residential listings closed during November 2009: 2
Number of months to sell current actives at November’s sales pace: 10.5

North Chattanooga is definitely where you are going to see a disproportionate share of upper end homes selling. 10.5 months worth of inventory compared to a couple of years elsewhere in Hamilton County. After all there really aren’t any cheap ones left out there (if you’ve got one let me know and I can probably find you a buyer lickety split). Most of what makes up that under $200,000 market is probably in Red Bank. Not a bad thing, just not walking distance to Coolidge. If you’ve got a decent house – maybe even an indecent one – in North Chatt and you price it even reasonably well, it’s gonna sell.

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These stats are pulled from the 37421 & 37363 ZIP codes

All Ooltewah & East Brainerd Residential Real Estate Sales through the Chattanooga MLS

All active listings as of 11/5/09: 720

Pending or contingent listings (under contract) as of 11/5/09: 155

Residential listings closed (sold) during October 2009: 76

Number of months to sell current actives at October’s sales pace: 9.5

Under $100,000

Active, residential listings: 29

Pending or contingent listings: 9

Residential listings closed during October 2009: 7

Number of months to sell current actives at October’s sales pace: 4.1

$100,000-200,000

Active, residential listings: 266

Pending or contingent listings: 77

Residential listings closed during October 2009: 43

Number of months to sell current actives at October’s sales pace: 6.2

$200,000-400,000

Active, residential listings: 315

Pending or contingent listings: 60

Residential listings closed during October 2009: 23

Number of months to sell current actives at October’s sales pace: 13.7

Over $400,000

Active, residential listings: 110

Pending or contingent listings: 9

Residential listings closed during October 2009: 3

Number of months to sell current actives at October’s sales pace: 36.7

What does all of this mean? It’s been pretty hard to find anything for less than about $125k in this area for a while now and that shows in the 4.1 month supply of homes for under $100k. When something comes on the market it gets scooped up pretty quickly. Even going up to $200k, there’s still only a 6 month supply. Of course, there’s a disproportionate number of upscale and luxury homes in this area so you would expect it to be a little depressed given the state of the luxury real estate market in Chattanooga/Hamilton County. The upper end here is actually faring a little better than the rest of the area with a 37 month supply. Not great, but hey, I’m a glass half full kinda gal.

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Yep, I’m still a real estate geek

All Hamilton County Residential Real Estate Sales through the Chattanooga MLS

All active listings as of 11/5/09: 2,705
Pending or contingent listings (under contract) as of 11/5/09: 464
Residential listings closed (sold) during October 2009: 305
Number of months to sell current actives at October’s sales pace: 8.9

Hamilton County, under $100,000

Active, residential listings: 591
Pending or contingent listings: 113
Residential listings closed during October 2009: 85
Number of months to sell current actives at October’s sales pace: 6.9

Hamilton County, $100,000-200,000

Active, residential listings: 1,004
Pending or contingent listings: 222
Residential listings closed during October 2009: 150

Number of months to sell current actives at October’s sales pace: 6.7

Hamilton County, $200,000-400,000

Active, residential listings: 749
Pending or contingent listings: 102
Residential listings closed during October 2009: 63

Number of months to sell current actives at October’s sales pace: 11.9

Hamilton County, over $400,000

Active, residential listings: 361
Pending or contingent listings: 27
Residential listings closed during October 2009: 7
Number of months to sell current actives at October’s sales pace: 51.6

What does all of this mean? Another very small drop  (~50) in inventory for October but the exact same number of sales as in September (couldn’t do that again if we tried). The under $200k market remains in reasonably good shape for the most part. No real change in the numbers for either under $100k or $100-200k. $200-400k is pretty much unchanged as well. The luxury market? Well, unfortunately it hasn’t changed much either. Sales went down but pendings went up more than sales fell so that could just be an indication that it’s taking a little longer to close these than expected. If you’ve got a house in this range, prepare to wait out the market or reduce your price significantly. The good news? Three sales near the million dollar mark means that there are at least a few buyers out there in the stratospheric range. The other good news? If you’re looking to buy at this end of the Chattanooga real estate market, you might be in for some good deals.

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