Monthly Market Update - April 2023

A Rhythmic Comparison: 2022 vs. 2023

Ladies and gentlemen, gather round for a melodic exploration of Chattanooga's real estate realm. I'm Ryan, your guide through this symphony of numbers, freshly released by the Greater Chattanooga Association of Realtors. Let's dive into the overture that April has composed for us.

In the grand comparison between April 2022 and its 2023 counterpart, the tempo has shifted. New listings in April 2023 performed a graceful solo, numbering at 1051. Contrast this with the 1422 listings that graced the stage last year - a 26% decrease, signaling a distinctive cadence of change.

A Sonata of Closures: The Dynamics of Demand

As the curtains fell in April of this year, a total of 842 listings took their final bow, accompanied by 822 properties. Last year, the encore echoed for over a thousand properties. This year's 19% drop in closures sets a new rhythm, reflecting a shift in demand dynamics.

The Tempo of Transition: Days on the Market

Ah, the days on the market, the heartbeat of anticipation. Last year, properties danced into the hearts of buyers in a mere 15 days. This year, they've chosen to waltz at a slightly slower pace, strumming along at 36 days. Sellers, take heed, for patience and presentation now share the spotlight.

The Harmonious Dance of Pricing: Median and Average

The median and average sales prices step in, holding the audience captive. Despite the crescendo of appreciation witnessed over the years, the median sales price remains steady at $300,000, a mere one-note change from the previous year. The average sales price maintains its cadence at $348, a tune unchanged.

Negotiating on the Melodic Scale: Percent of Original Price Received

Imagine the seller as a virtuoso, seeking the perfect note of negotiation. Currently, they're striking a chord at 97.5% of the list price, a slight shift from the virtuoso days of last year's 100% to 101%. The harmony of negotiation finds its own tempo in this symphony.

Inventory, the Orchestra's Strength

The ensemble swells as we glance at the number of homes gracing the market. Last year, we had a troupe of 1200 to 1300 homes. Now, our stage is set for over 1500 performers, a 16% increase, breathing vitality into the market's composition.

The Encore: Months Supply of Inventory

How long can this symphony continue without new players joining the stage? Last year, the finale arrived after a brisk 1.2 months. Now, we have expanded our repertoire to 1.6 to 1.7 months, ensuring the rhythm flows on.

The Coda: Vacancies and Rental Cadence

In a surprising development, the rental market takes a poignant turn. April witnesses the highest number of vacancies in the past two years, a melancholic note in the otherwise lively symphony. This shift may offer a refreshing interlude for those seeking shelter in the rental domain.

In closing, if you seek further guidance on how this symphony of numbers impacts you or your cherished Chattanooga neighborhood, don't hesitate to connect. Visit us at thechattanoogalife.com or send a message to 423-595-7958. Let's keep the symphony playing, and may your days be filled with harmonious melodies. Cheers to a splendid day, and until we meet again!

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