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October 2010 Residential Sales Update

November 4th, 2010

October sales continued on the down slope that we saw in September with only 1,010 sales recorded for the month, down 21% from October 2009 and down 4% from September.

 

Average home sales prices in October were virtually unchanged from the prior year at $120,628. 

 

Year-to-date, sales are down 5% from the same time in 2009 and average sales prices are slightly up.

 

Bank sales were down 30% from October 2009 with 338 recorded for the month. Year-to-date, bank sales are down 15% from the same time last year!

 

New home sales were down 60% from October 2009 with only 49 recorded driving the year-to-date performance on new homes down 4% from the same period in 2009.

 

Foreclosures in October were down by 33% with 311 recorded. This is mostly in part to the foreclosure moratorium that had major banks halting the foreclosure process due to poor documentation processes. Bank of America and ALLY Financial/GMAC have since resumed with their foreclosure proceedings.

 

Foreclosure notices remained low in October with 689 recorded for the month, down 41% from the prior year. 

 

Join us next Thursday, November 11th for our FREE Master Your Market seminar where we’ll cover 3Q10 residential and commercial sales, foreclosures, mortgages and more! Register today! Seating is limited.

 

Click here to read the latest from The Daily News.

 

Review all of our Shelby County Market Trend reports here.

 

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