The Memphis Area Association of REALTORS® has released December, 2010 home sales stats for the Memphis area. December unit sales trailed 2009 sales by 22.6% with a total of 896 sales recorded. Sales for the entire year 2010 were off 9.7% from 2009, with a total of 13,711 properties sold. Average sales price edged up by .8% from 2009. With the props of the home buyer tax credits removed for 2010, we are seeing the reality of the market, and there is a feeling that we are experiencing a real bottoming out. I am seeing more buyers in the market than this time last year, and there seems to be a perception in the Memphis market that there are deals to be had.
The 800 pound gorilla
I have written about the shadow market – homes where the owners have defaulted, but the banks holding the mortgages have not moved forward with foreclosures. It’s called the shadow market because no one really knows what the number of foreclosures that could be dumped on the market at any time. Foreclosures not only impact inventory, but also comparable values, both of which will be contributing factors for the overall lower prices predicted for the next few years.
Click image for full report
According to recorded trustee deeds, through November, foreclosures were down in 2010 by 15.12%, as banks suspended foreclosures for various reasons. Banks are going to have to get a better handle on the foreclosure and REO mess.
Probably the most interesting section of the MAAR report is the neighborhood details. Click on the image for the full report to check what has happened in your neighborhood. It’s interesting to look at sales information on the micro level and you may be surprised at the positive changes you find.
Click image for full report
Everyone I run into these days asks about the state of the local real estate market and the real estate business in general. There is more interest in real estate in general than there was last year. Of course, the most significant measure for me, personally, is that I am much busier with customers and clients this year than I was last year, and that’s the best market indicator of all!
If you have specific questions, email or give me a call. Your comments on this post are welcome.
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