Local Market Update for April – E Brainerd (Ooltewah)

I was anxious to update you with the latest available information about the market in the E Brainerd area which includes Ooltewah. This information makes it clear that we are in the throes of a difficult market.
The three figures are the top are most indicative of the changes that took place during the month of April.
The good news is that less homes are being placed on the market—17.2% less when compared with April of 2010. Normally, we would expect an uptrend if the market was improving--especially as we are just entering the time of the year when the market traditionally improves. That means for the homes currently on the market the competition has been reduced.
Unfortunately, the Closed Sales are significantly down—14.3%. It is no wonder that a number of families are not putting their home on the market at this time.
Finally, the change in the Median Sales Price. The drop in the Median Sales Price was from $195,600 in April of 2010 to a price of $156,000 for April of 2011. That is a whopping 20.2% in one year. The silver lining is in the Year to Date Median Sales price. For the first 4 months of 2010, the Median Sales Price was $179,900, but for the first 4 months of 2011 it rose to $219,013 for an increase of 21.7%.
It would appear that if one wishes to sell their house, it should definitely be on the market at this time while we are seeing reduced competition coupled with a Year to Date price increase.

Brought to your attention by The Green Team:

Jon Green, Associate Broker
Cell: 423.505.3195
Web site: www.CollegedaleRealEstate.com

Crye-Leike Realtors
5913 Main St.
Ooltewah, TN 37363
Phone: 423.238.5440