Based on reported Sales Data*, there were 356 home sales in Midtown Memphis in 2010. The area reported is roughly bounded by I-240 on the West, Vollintine on the North, Southern on the South and Hollywood on the East. Sales were down a bit from the 425 sales in 2009, but value indicator, “Sold $/Square foot” (Sales price÷Square footage), stayed amazingly close to 2009. Average days on the market didn’t change much either, staying at around 100.
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Buyers got an average of over 8% reduction from listing price, taking more control of this buyer-dominated market. Average sales price dropped from $162,668 to $144,486 (-11.2%), another indicator of weak demand in a buyers’ market.
Some Midtown neighborhoods are seriously impacted by foreclosures, and we see the transition in homes that were owner-occupied to investor rental properties. Significant pockets of foreclosures can affect property appraisals of normal sales.
With this seemingly bad news in mind, remember that Midtown is a very popular and beloved place to be. That is why I have concentrated my real estate business in Midtown for the last 14 years. The neighborhoods are some of the strongest in the Greater Memphis area, and the livability level is quite high. I don’t think 2011 will be worse for Midtown residential real estate than 2010. I will even stick my neck out and declare that we have seen the bottom of the market in Midtown. That’s not to say that we are going to see pre-2007 prices anytime in the near future, but as buyers decide to take advantage of the competitive prices and very favorable mortgage rates, we will see the number of sales and house values rise.
*Information based on reported Multiple Listing Services Sales through the Memphis Area Association of REALTORS®, and do not necessarily represent all property transfers.
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