Memphis Real Estate Buzz » homes

Memphis area residential real estate sales – June 2011

Joe Spake — Sun, 24 Jul 2011 11:50:58 +0000

I have been commenting for a while about the Memphis Area Association of Realtors’ publication of 2 separate sales reports each month, one based on MLS numbers and one based on recorded sales. The reports didn’t match up to my satisfaction and now MAAR admits they are working on reporting issues. The problem with the numbers is described in this Daily News article by real estate reporter Sarah Baker. Apparently the issue being addressed (it is mentioned on MAAR’s site), the recorded deed numbers for all the off 2011 are being reworked, and eventually comparing the 2 monthly reports will make a little more sense.

For the time being, let’s look at the June MLS sales.

It’s not hard to see that June unit sales dropped 7.5% from last year, with an accumulated drop in unit sales of 12.1% YTD. Average and median sales continue to trend down.

The full report provides some very interesting about the Memphis housing market:

1510 (28.2%) of 5351 total reported sales YTD for 2011 have had sales prices below $50,000, with 680 units (12.7% of total) selling for less than $20,000.
122 (2.2%) of the total had sales prices greater than $500,000
Average days on market – 115.13
Current listings – 8498
Total pending sales – 1639 -an indication of a stronger sales trend? I don’t put much stock in pending sales numbers. They don’t mean a thing until the sales close.

Click here for full report

In summary, more of the same kind of numbers we have been seeing for months in this distressed market. The economy is driving the housing market and not vice versa. It’s going to take jobs and a brighter economic outlook, not smoke and mirrors, but something the public can buy into, to turn this market around.

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 area real estate sales – January 2011

Joe Spake — Wed, 09 Feb 2011 14:15:01 +0000

The Memphis Area Association of Realtors® has released home sales numbers for January, 2011. Total unit sales showed a 1.4% decrease from 2010, with media sales price dropping 9.7% to $83,500

Click image for full report

Of the total 960 sales, 924 were existing homes; 36 were new construction.
664 were non-bank sales; 296 (30.8%) were bank sales. (note: “Bank sales” are properties that have been foreclosed by banks, and put back on the market). In January, there were 304 foreclosure auctions, down 35% from 2010.

As of 2-4-2011, there were 8,382 active listings.

Some areas of interest

Area	# of Sales	Median Price	% Chg. Med. Prc. Y-O-Y
E. Memphis	138	$104,950	27.2%
Cordova	104	$112,250	-14.5%
Collierville	66	$266,450	-11.2%

Click here for complete MAAR Sales Report.

I am withholding my usual comments on the state of the Memphis real estate market, but I will explore the market in future posts. Just one anecdotal observation: I had a busy January; much busier than 2010.

How do you feel about the current real estate market, as a homeowner, buyer, or real estate professional? I would love to see your comments.

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Midtown Memphis residential sales – 2010

Joe Spake — Tue, 04 Jan 2011 15:23:18 +0000

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.

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

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Hot house picks for the cool days of December

Joe Spake — Mon, 06 Dec 2010 23:40:05 +0000

Have a look at this weeks hot house picks. Each unique in its own right.

2399 Eastwood – Midtown Memphis

Let’s start with this Mid-20th Century contemporary Lustron home, one of only 2 still existing. This 2 Bedroom all metal home is priced at only $79,000, has Central air and heat, a large fenced yard, and easy access to all of Midtown Memphis.

2399 Eastwood

more info at http://2399eastwood.com

117 Harbortown Blvd.

Custom home in the sought after Downtown community of Harbortown. Enjoy all the amenities of this extraordinary neighborhood. Walk to the grocery, restaurants, services and, of course, the banks of the magnificent Mississippi River. Priced at $439,000

117 Harbortown Blvd

More info at http://117harbortown.com

3739 N. Swan Ridge Circle

This is a great starter home in the popular High Point Terrace. New paint, gleaming hardwood floors, and many updates make this house neat as a pin and move in ready. Large fenced yard and close proximity to the new Greenway make this 3-bedroom a nice deal at $134,000.

3739 N Swan Ridge Circle

More info at 3739swanridge.com

Check them out! Contact me for a private showing, or if you have any questions about these properties or any others in the Memphis Area.

Have a great Holiday!

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Your house may have come from Sears

Joe Spake — Tue, 23 Nov 2010 13:13:05 +0000

Between 1908 and 1940 Sears-Roebuck sold over 70,000 homes through their catalog. The homes were sold as kits and included nearly all the materials needed to construct a new home. The more you look at the Sears Archives, the more you feel that you are seeing a lot of these Sears homes around Midtown and the closer in areas of east Memphis.

Take “The Cornell” in the plan on the left. It’s just one of hundreds of plans Sears offered. Anyone who has sold real estate in Midtown or even visited Midtown much recognizes the basic shape and floor plan. Of Course “four-square” houses were popular in the first quarter of the 20th Century. They were pretty straight forward in design and construction, and surely not too many came from Sears.

But how do you tell if yours did? Check over the pictures and plans in the Sears Archives; then go to Wikihow.com, which has a very useful and interesting article on identifying Sears Kit Homes. The precut and fitted parts were numbered, and there are other telltale signs in the design and features. Styles are quite varied, from the Victorian cottage style, to four-squares, bungalows and some mansions that you would expect to see on Belvedere or Kenilworth.

Warning: If you are an old house fan, you will probably end up spending hours perusing the links in this post. The Sears home archive is incredible, and articles written about the kit home are quite interesting.

Here’s a challenge for you: If you think you live in a Sears house, or know someone who does, try to do some the verification items from the Wikihow article and share it with us in the comments. Thanks!

Related articles

$107 Sears catalog home, 1908 (assembly required) (boingboing.net)

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