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.

Click image for full report

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.

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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.

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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.

Related articles

• What will it take for the real estate market to snap back? (memphisrealestatebuzz.com)

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
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The Memphis Area Association of Realtors has released residential real estate sales results for September,2009. For the past few month, the MAAR Official residential sales numbers have been lagging about a month behind, due to a more accurate reporting method based on recorded deeds rather than MLS transaction data.

Download the full report here

Total sales are down more than 2000 units from September, 2008, but average sales price increased by $8000 to $137,679. This is a good indicator of a strengthening market in the mid to higher tier price ranges. Another positive indicator is bank sales (foreclosures) are down by 111 for a total of 425 in Sept; however, the sentiment from many in the know folks is that the banks are holding onto foreclosed properties until values stabilize, and hopefully improve.

If you are interested in how your neighborhood is doing, MAAR provides that data, both by month and YTD.  Here is just a small clip for Downtown and Midtown:

Download the full report here

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
If you enjoy this blog, please subscribe to the RSS Feed. 

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According to information provided by national real estate site, Trulia, Memphis home sales are up only slightly, indicating that our market has not really turned the corner.  However the decline seems to be over, and the flattening curve could be good news going into the slower sales months.

I am not an agent who does a lot of market conjecture, but I like to present my clients with the hard data available.  This is a great buyers’ market. There is good inventory; prices are obviously lower; intrest rates continue to be remarkably low; and indications are that the Feds will extend and expand the home buyer credit.  If you have been thinking about buying a home, let’s talk.

Trulia reports median sales prices in Memphis have been on the upswing since May, 2009.  Those prices look pretty low compared to other resources, but look at the shape of the graph.  Are we over the pricing decline, or just seeing a blip in the overall scheme of things?  We will not know except in retrospect.

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
If you enjoy this blog, please subscribe to the RSS Feed. 

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Special note for current RSS Subscribers – If you subscribe to Memphis Real Estate Buzz via RSS feed, Please subscribe and start following this new feed for spake.com.  This will assure that you do not miss any items from either blog as I begin the process of merging the 2 blogs into one feed. Watch for future updates