3Q10 Master Your Market Update
Here are some highlights from yesterday’s Master Your Market seminar:
- While overall sales activity for the 3rd quarter was down by 17%, overall year-to-date sales are only down 3% through September.
- Existing homes sales prices seem to be stabilizing and are up 2% year-to-date with an average sales price of $115,732.
- Foreclosure activity was down significantly for the quarter largely in part to the recent foreclosure moratorium however foreclosure inventory is at an all time high of 5,991 homes in inventory valued at almost $900 million.
- Commercial sales saw a boost for the quarter with the $50 million sale of the Crescent Center in July though the number of commercial sales was unchanged from 3Q09.
- New Housing inventories continue to decline, down to 2,400 homes at the end of the quarter.
- Unemployment rates in Memphis are the lowest since April 2009 and 3Q10 bankruptcy filings were down, good signs that perhaps the job market is turning around and will help provide stability to the real estate market.
- According to a recent NAR survey, FSBO sales hit a record low this year as more and more homeowners are relying on professional real estate agents to sell their homes.
- The outlook for 4Q10 was not positive due to decreasing home sales numbers, low consumer confidence and continued concerns about the recent foreclosure documentation crisis.
Andy Raines gave wonderful insight into property tax appraisal values for Memphis and Shelby County and shared great examples of residential and commercial property appraisals that his firm, Evans & Petree, have worked on over the past year.
Rand Bouldin, commercial appraiser for Bouldin & Associates, provided valuable information on the commercial market space and new housing.
Be sure to join us in January when we provide a 2010 year-in-review of residential and commercial sales, mortgages and foreclosures with our outlooks for 2011!
Click here to review all of our market trend reports for Shelby, Tipton and Fayette Counties!