The Memphis Area Association of Realtors has released its Memphis Area Home Sales Report – November 2011.  Headlines were made this month as November unit sales rose 28.4% above November 2011.  However, year to date unit sales lag 2010 numbers by 8.3%.  The decreases in November and YTD median and average sales prices is troubling as we see values continuing to erode.  New home sales were flat, foreclosures increased, and listing inventory shrunk.   Area detail reports will show yout stats in your areas of interest at a more micro level.  Get the free full report HERE.

Memphis Area Home Sales -Nov. 2011

Even though I link to the report every month, it looks like not very many of you are downloading or viewing the full report.  I did this screen cast as an overview so you could see the amount of relevant data it includes.

As usual, your comments are encouraged and welcomed.

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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People never believe me when I tell them they have a good choice of houses for sale for less than $10,000; many below $5000.  Looking for a deal?  Check out these from the Memphis Area Assoc. of Realtors MLS:

Some investors buy houses like these by the dozen. If you have some cash, some of these, or others like them could be quite rewarding to you urban pioneers out there.

[Note: This slide show is dynamic and will update as properties come on the market or are sold.]
Also added a cheap house page on spake.com http://spake.com/memphis-cheapest-houses/

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.

Thanks you for reading Looking for a deal? Memphis’ cheapest houses. For similar Memphis Real Estate articles visit Memphis Real Estate Buzz ,

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

Based on reported Sales Data*, there were 356 home sales in Midtown Memphis in 2010.  The area reported is roughly bounded by I-240 on the West, Vollintine on the North, Southern on the South and Hollywood on the East.  Sales were down a bit from the 425 sales in 2009, but value indicator, “Sold  $/Square foot” (Sales price÷Square footage),  stayed amazingly close to 2009.  Average days on the market didn’t change much either, staying at around 100.

click image to enlarge

Buyers got an average of over 8% reduction from listing price, taking more control of this buyer-dominated market.      Average sales price dropped from $162,668 to $144,486 (-11.2%), another indicator of weak demand in a buyers’ market.

Some Midtown neighborhoods are seriously impacted by foreclosures, and we see the transition in homes that were owner-occupied to investor rental properties.  Significant pockets of foreclosures can affect property appraisals of normal sales.

With this seemingly bad news in mind, remember that Midtown is a very popular and beloved place to be.  That is why I have concentrated my real estate business in Midtown for the last 14 years.  The neighborhoods are some of the strongest in the Greater Memphis area, and the livability level is quite high.  I don’t think 2011 will be worse for Midtown residential real estate than 2010.  I will even stick my neck out and declare that we have seen the bottom of the market in Midtown.  That’s not to say that we are going to see pre-2007 prices anytime in the near future, but as buyers decide to take advantage of the competitive prices and very favorable mortgage rates,  we will see the number of sales and house values rise.

*Information based on reported Multiple Listing Services Sales through the Memphis Area Association of REALTORS®, and do not necessarily represent all property transfers.

Related articles

• Midtown Memphis neighborhood map (joespakeblog.com)
• Memphis is a great bungalow town (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.
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.

Thanks you for reading Midtown Memphis residential sales – 2010. For similar Memphis Real Estate articles visit Memphis Real Estate Buzz ,

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

Don’t miss this outstanding, well-maintained traditional home tucked away in one of the most charming East Memphis neighborhoods.  Three very large bedrooms, all with built-in bookshelves, updated kitchen, formal LR and DR, den (could be 4th BR), plenty of closets and storage, and 2-car garage. Hardwood throughout, NEW roof and all new, energy-efficient windows!  Private, fenced in backyard with deck and children’s playset make this a great family home.  Convenient to schools, shopping, restaurants, and the University of Memphis.  Owners have found another home and are motivated to sell.

For lots more info go to 4399Fairmeadow.com.  Contact me directly for showings.

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.

Thanks you for reading 4399 Fairmeadow, Memphis, TN 38117 – New Listing. For similar Memphis Real Estate articles visit Memphis Real Estate Buzz ,

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

I got a call from a reporter a while back doing an article about the practice of burying a St. Joseph statue in your yard to facilitate the sale of your home. While I have never tried this myself, I did post about the purported power of St. Joseph in December, 2007.

It was fun to re-read the post from Ardell at Seattle’s Rain City Guide that prompted that post 2 years ago.  It tells the long story of the tradition.   I was thinking about St. Joseph today and what he could do for today’s real estate market.  Perhaps it will take divine intervention to turn things around, but I would really like to know what the Church’s position is on the St. Joseph-buried-in-the-yard procedure.

Amazon.com offers 11 different St. Joseph Home Selling kits, ranging from $6.95-14.99, with even more in the sponsored links (some as low as $3.69).  I guess I should order some for testing purposes.

I was especially attracted to EcoJoe, the Original Eco-Friendly Saint Joseph Statue Real Estate Home Selling Kit, billed as “The Hardest Working Saint in Real estate.”  Hmmm, the packaging and marketing message certainly reaches out and grabs you.

So what do you think?  Is burying a religious icon in the yard a good way to get a house sold?  Can a friendly Eco-Joe bring in buyers for my listings?  Or can a real estate broker named Joe get the job done all alone?

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.

Thanks you for reading Can St. Joseph revive the real estate market?. For similar Memphis Real Estate articles visit Memphis Real Estate Buzz ,

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