Charts and Graphs

For those who love stats about the Memphis residential real estate market, here are some graphs from various “reliable” sources about our market. Remember, though, they don’t necessarily tell the whole story.

Altos Research: 1 Year Median Price vs Average Days on Market

Data is, of course, reflective of the areas Altos has chosen to describe as Memphis, TN, but the 1 year trends reflect the market pretty well in general.

(note:  this doesn’t come close to the Memphis area’s inventory as reported by the Memphis Area Association of REALTORS® report a number closer to 9000 for the area it covers.  The up tic in the number of listings is reflected in the MAAR numbers, and we can expect inventory to increase as we move into the warm months.

Median Prices as reported by Zillow:

similar shape, different numbers.

Here is the way the actual recorded sales figures went for 2009, compared to 2008, as reported by MAAR:

Number of units down 12.4% in 2009 from 2008.  Median price down 2.5%.  Average sales price down 5.3%

What does all this mean?

You can follow the trends.  You can wring your hands over falling prices and lost equity, or the fact that just not as many houses are selling as they were in the housing boom.  OR, you can accept the FACT that real estate is local MICRO-local.  I am not talking about the Memphis metro area, or Cordova,  Germantown, Downtown or Hickory Hill – I am talking your neighborhood, your block.

We are constantly bombarded with numbers spun by the national companies, local real estate boards, and real estate agents themselves.  It makes interesting copy for blog posts, press releases and advertising, but what is more important to you than how those numbers impact YOUR particular situation?  Now, more than ever, is the time to consult a real estate professional if you are considering a purchase or sale.  There ARE solid win-win real estate transactions happening in our market place.  Don’t let the generalities of the stats alter your perception.  Get out the microscope and analyze your micro-market.

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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Memphis in-city home sale prices are showing an upward trend, according to national real estate site, Zillow.

It seems that we are barraged with so much real estate data and opinion these days, that it is hard to decipher what is really happening in our micro-market.  Here is data for the in-city areas:  Downtown, Midtown, and East Memphis, as well as the Memphis line.  The in-city properties are on an upward trend.  That may not be true for other micro markets in the area, but thing are starting to look better in my market specialty areas.l

2009 Median Sales Prices for  Memphis, Midtown, Downtown and East Memphis

2009 Median Price $/square foot – for Memphis, Midtown, Downtown and East Memphis

By the Way, Check the countdown clock in the right sidebar. Time is running out for the $8000 tax credit. Remember you have to be closed on a home before December 1, 2009 to be eligible. Will the credit be extended, as the current buzz is saying? Who knows? Do you really want to gamble on losing an $8000 windfall?

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. 

If you use Google+, I have just started a brand new business page. Visit it HERE.