The Memphis Area Association of REALTORS® has released the April, 2009 sales figures for the organization’s MLS coverage area.
Although the overall numbers look kind of dismal compared to 2008, in the 3 major indices, Units, Median Price, and Average Sales Price:
there are some good indicators among the statistics. The number of active listings continues to decline. To me this is saying that a lot of listings have come off the market either through sales or by sellers decision to take them off the market and wait out the economy. The shrinking of inventory has the effect of directing demand toward the properties that remain on the market, and stabilize prices.The biggest news, though, is the dramatic decline in foreclosure sales.
Providing that foreclosure listings are not increasing accordingly, this could be another indicator of price stabalization in forseeable future. Price stabization doesn’t necessarily mean prices will be skyrocketing, or even increasing at all. It just means that value will be tied to the actual property instead of arbitrary numbers and fire sale prices. Stability=Confidence.
We are still in a strong buyer market; buyers are feeling empowered, and that “pent-up demand” we have been hearing about for the last 2 years is manifesting itself in buyers who enter the arena expecting a great deal on their terms. The $8,000 credit for first time buyers seems to be working well, and contrary to what we see in the media, there are still quite a few people who have stable jobs and want homes.
If you have questions about the valuation of your property, please contact me for a pricing and marketability opinion.
The Area Details portions of the report present sales figures by neighborhood. View the entire report.
data and charts provided by the Memphis Area Association of REALTORS®
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