Trulia’s monthly report on Sales Price Reduction, seems to show a slowing in across the board price reductions for listed homes; however, a closer read shows that price reductions have impacted values significantly in most areas.
See full report HERE.
The post includes info for the Memphis market which shows that 35% of all listed homes have been reduced by an average of 9%. We are still feeling the impact of the price bubble in a number of micro markets in Memphis where prices were hyper-inflated due to the high demand that created the strong seller’s market of the mid 2000′s. Owners who bought at the historic top of the market may have to wait quite a while for the sales prices/values to rise to the mid-2000′s level.
Better news for the overall market is that median sales prices are increasing, with a significant move noted in the last half of 2009. Of course, a lot of factors are involved here, but I think that is a good sign. Here is Trulia’s graph:l
Contrast Trulia’s graph with Zillow’s:
Totally different results. Totally different median prices. I could write a few thousand words on why these numbers are different, but why not let me or another real estate professional explain it to you as it impacts YOUR property and life situation.
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