Charts and Graphs
For those who love stats about the Memphis residential real estate market, here are some graphs from various “reliable” sources about our market. Remember, though, they don’t necessarily tell the whole story.
Altos Research: 1 Year Median Price vs Average Days on Market
Data is, of course, reflective of the areas Altos has chosen to describe as Memphis, TN, but the 1 year trends reflect the market pretty well in general.
(note: this doesn’t come close to the Memphis area’s inventory as reported by the Memphis Area Association of REALTORS® report a number closer to 9000 for the area it covers. The up tic in the number of listings is reflected in the MAAR numbers, and we can expect inventory to increase as we move into the warm months.
Median Prices as reported by Zillow:
similar shape, different numbers.
Here is the way the actual recorded sales figures went for 2009, compared to 2008, as reported by MAAR:
Number of units down 12.4% in 2009 from 2008. Median price down 2.5%. Average sales price down 5.3%
What does all this mean?
You can follow the trends. You can wring your hands over falling prices and lost equity, or the fact that just not as many houses are selling as they were in the housing boom. OR, you can accept the FACT that real estate is local MICRO-local. I am not talking about the Memphis metro area, or Cordova, Germantown, Downtown or Hickory Hill – I am talking your neighborhood, your block.
We are constantly bombarded with numbers spun by the national companies, local real estate boards, and real estate agents themselves. It makes interesting copy for blog posts, press releases and advertising, but what is more important to you than how those numbers impact YOUR particular situation? Now, more than ever, is the time to consult a real estate professional if you are considering a purchase or sale. There ARE solid win-win real estate transactions happening in our market place. Don’t let the generalities of the stats alter your perception. Get out the microscope and analyze your micro-market.
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What do you think? Leave your comments.