As I have pointed out in the past, the Memphis Area Association of REALTORS® releases 2 sets of monthly sales figures.  By the 15th of the following  month the MLS sales figures are released, then about a month later the final sales stats, as reported by the filing of deeds, are released.

Based on  MLS numbers, the April number of units sold dropped to 1063 from 1101 in April, 2009, a 3.5% decline. Median price of homes sold, however, rose by 14.3% (18.6% YTD)

MAAR April 2010 MLS Sales

So, why the stunning increase in median price?  I looked at low price sales for  this last year and this year,  and sales across the MLS.  In 2009, there were 3145 sales of properties less than $50,000. As of this writing, there are only 1046 active listings at or below $50,000.  That is a 4 month supply (which normally indicates a fairly strong Seller’s market).

By contrast, in 2009, 1062 properties sold for over $300,000.  Current active listings in that price range: 1699, which translates to 19 month supply (very strong Buyer’s market).

So, bottom line, we are running low on cheap houses, the kind investors like to snap for cash.  Have you tried to get a mortgage on a house valued at less than $50,000 for owner occupancy lately?  The  investors that underwrite conventional and FHA mortgages don’t seem to want to touch them.  Yet the less expensive property inventory is dwindling as the upper end inventory is growing.

The rise is median sales is not an indicator of an improving market or increasing sales prices as the real estate economists would have you think, but a simple lack on inventory of less expensive properties.

I don’t think we are out of the woods yet, and I predict that prices across the board will continue to drop, as those folks in a position to buy are looking for better and better values.  As I conclude all my market report posts, let me remind you, once again, that all markets are hyper-local.  A new listing may sell in a couple of days, while a similar property a few blocks away may go for months without a showing. Buyers, study your target market for the best values.  Sellers, be prepared to adjust your asking price.

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.

Thanks you for reading Zillow indicates upward trend in Memphis home sales prices. 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

Zillow presents an interesting look at trends in median sales prices for Memphis, Midtown and Downtown.  We are seeing a significant upward trend.

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 Zillow indicates sales prices rising in Downtown and Midtown Memphis. 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