Memphis area real estate sales continue to languish, with sales staying below 2008 levels. The Memphis Area Association of REALTORS® has released the final sales figures for May, 2009. A new reporting method is described in coverage by The Memphis Business Journal :
With this month’s report, MAAR also further refined how it tracks and reports certain data. Researchers stripped out trustee deeds, which track when a bank reclaims a property through foreclosure. MAAR is now reporting that data separately, it noted in a news release.
The new reporting methods should give a better picture of what’s happening in the market for normal sales and will probably be more useful to the general market, both buyers and sellers in determining value and sales activity in non-foreclosed properties.
The Commercial Appeal led it’s story with:
Residential sales in May dropped steeply from the same month a year ago with total home sales down 24.1 percent and the median sales price down 20.3 percent.
later mentioning the increase in pending sales:
Total pending sales for May reached 1,806, the most for any month in 2009 but down 8.8 percent from May 2008.
Normally we would expect more pending sales at this time of the year, but with more pressure on appraisers and mortgage underwriters, as well as buyer domination of the market, a more interesting figure might be the number of pending sales that cross the hurdles and actually make it to closing.
As the National Association of REALTORS is fond of saying: All Real Estate is Local.  I would take that a step further and say all real estate is MICRO-local. There are still sales being made, still neighborhoods that are not plagued with foreclosures, and still good deals to be made. If you are thinking of selling your home or considering buying, either your first home (don’t forget that the $8000 tax credit will run out soon) or moving up, or downsizing, don’t be discouraged with the numbers. Remember it is all about Micro. Talk to a Realtor about your particular situation.
Click here to download the entire MAAR Sales report for May
- Thank You, Essential Workers - September 7, 2020
- Mid-Century Modern for sale – 346 Waring, Memphis, TN - July 9, 2013
- RE Buzz – Real Estate News Roundup – July 9, 2013 - July 9, 2013
[…] Posted an item Memphis Area Real Estate Sales – May, 2009 […]