Middle Tennessee is experiencing a similar downward turn as most other states. Home values are also down slightly. Slower traffic in sales and showing is normal during the holiday season. Stay tuned for year-end results!
Current Market Conditions for November 2010
-
2.2% decrease as of October from September Home Sales Nationally*
- 25.9% Decrease in October 2010 vs. October 2009*
- 24.0% Increase in October home Sales in the Southern Region*
- 3.4% Decrease in Total Inventory with 10.5 months supply*
- 14.8% Decrease in November Sales in Williamson County Compared to Last Year**
- 15% increase the Median Sales Price Compared to Last Year** (up from July)
- 0.7% Decrease in the median Sales Price for the South*
- 34% of October Sales Nationally were Distressed Properties* (up from July)
- 32.8% Decrease in November Sales Year over Year***
- 4.2% Decrease in Sales Year to date Through November***
- 32% of October homes sales were first time home buyers*
- 19% of October Homes Sales were bought by Investors*
- 19% of Sales in October were Foreclosures (Reported by Realtytimes)
*Information from NAR (National Association of Realtors) President
**Information From WCAR (Williamson County Association of Realtors) President
***GNAR (Greater Nashville Association of Realtors)
Factors Impacting Today’s Market
- Nashville, TN Ranked #5 in “America’s Most Affordable Cities-Forbes.com 10.28.10
- Number of Distressed properties
- Tennessee 2nd Highest bankruptcy rate Nationally (Administrative Office of the Court)
- Inventory Levels Still High but Williamson County reports a Decrease
- Leasing Options Rising
- Attractive Affordable Conditions for Buyers
- Mortgage fraud rose 17% in 2009 (Wall Street Journal)
- Unemployment Still High (approx. 6.6% in Williamson Co.)
- Interest Rates Remain Low-Lowest reported by Freddie Mac
- Eager Sellers
- New Foreclosures soared 31.2% in Q3 (Investor’s Business Daily-12/30/10)
Courtside @ Southern Woods
2007 2008 2009
Number of Sales 24 13 23
Average Price Per Sq. Ft. 147.91 143.30 132.80
Courtside Absorption Rate = 6.29 months of Supply
The rate at which a class of properties will be sold (absorbed by the Market)
Visit my website @ www.janisjmartin.com
9175 Carothers Parkway, Suite 110 ~ Franklin, TN 37067
615-478-6906 cell ~ 615-778-1818 office ~ 615-778-8898 fax
Each office independently owned and operated. ~ Licensed to sell Real Estate in the State of Tennessee. ~ Information believed accurate but not guaranteed.
