The Memphis Area Association of Realtors has published the June 2009 residential real estate Home Sales Report
as I mentioned last month, the reports have been delayed somewhat to obtain more accurate sales figures based on actual recorded deeds, as opposed to the old method of using MLS reported data.
I am not going to anlyze the figures in the 5 page .pdf document. I will let you draw your own conclusions. There are plenty of ways to spin real estate stats, to make conditions look like a recovery is in the works, to imply market strength or increasing values. I take all market reporting with a grain of salt and try to present the most realistic picture possible to my readers.
Check these year to year comparisons 2007-Blue, 2008-Red, 2009-Green. You don’t need to be a statistician to see that last year was pretty bad, and this year is even worse, but there are signs that the bleeding has slowed some.  We won’t know the bottom of the market until we have passed it, and are verifiably on the rebound.
Not all news is bad. Look at the Area Details section, and you will see some notable positive bounces.
If you are thinking of selling your home or if you are considering a purchase, it will strengthen your position to follow market trends at a micro level. Some neighborhoods, or even blocks, are going to hold value better than others. The days of just putting a price on a house because “I need to get that amount” are over. A knowledgeable real estate person can help you work through the value issues, and set a reasonable price, or in the case of buyers, make a reasonable offer.
First Time Buyers: Don’t forget the $8000 tax credit runs out in November. If you are thinking about buying, time to get going. This is easy money, all you have to do is pick it up. Contact me for more details.
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What do you think? Leave your comments.