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Bright Spots in Memphis Real Estate

September 23rd, 2010

While home sales are far from where we would like them to be it does seem that the market has stabilized. There is more than enough negativity about the market and economy so this week let’s focus on some bright spots and hopeful news that everyone can appreciate.

Year-to-date, total home sales are down 2% from the same period in 2009 but average home sales prices are up 2% and total sales revenues are up $5 million.

High-end home sales (over $1 million) are up 53% from 2009 with 26 sales so far this year, the latest being a home on Pinnacle Creek in Germantown that sold for $1.56 million on September 14th.

New home sales are up 8% compared to the first 8 months of last year and bank sales are down 14% during this same period compared to 2009.

Based on our latest poll, unemployment is the largest concern of real estate professionals and in August the unemployment rate in TN dropped to 9.6%, down from 10.9% a year ago which was the second largest decline in unemployment nationwide. Local companies such as Smith & Nephew, Methodist Le Bonheur Healthcare, Soladigm Inc., Technicolor and KTG LP are expanding their businesses and adding more jobs to our local market.

Signaling that consumer confidence is on the rise, retail sales were up 0.4% in August according to the Commerce Department. This was the highest increase in 5 months and the second straight monthly increase and biggest gain since March.

According to the latest article from The Daily News, area Realtors feel that the housing market has nowhere to go but up. Click here to read the article.

Depending where you look and what you read, the outlook and persepective of the market changes on a daily basis. Let’s hope that September home sales results continue to point upward and that this momentum continues through the remainder of the year. Check back soon for September’s results and our updated market trend reports.

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