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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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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.
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1570 Forrest Avenue

Check out this cool bungalow in the sought-after Evergreen Historic District.  2 Bedrooms and loads of charm.  New furnace and air.  Private, fenced back yard with productive fig trees.  Great starter home!  More pictures and info at:

http://1570forrest.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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I love my clients.  I really enjoy sharing the home buying process with them, and it brings great joy when I can help them find and purchase the perfect home.  Thanks to Rochelle and Dave for inviting us to their Midtown house warming party, and thanks for this nice testimonial.

If you are considering buying a home, I would love to work with you too. Contact me about the purchase process and check your eligibility for an $8000 tax credit.

Thanks you for reading The pleasure of working with nice folks. For similar Memphis Real Estate articles visit Memphis Real Estate Buzz ,

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Here is a guided tour of my listing at 1887 York.  It is a friend’s home.  If you happen to be a Midtowner, you probably know the owners.  It is an interesting home with lots of great features, so I thought a guided tour might help you get a better look at it.  Let me know what you think.

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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