Tupelo/Lee County Market Report - Feb 2009

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Tupelo/Lee County Market Report - Jan 2009 (revised 3/11/09) (edit/delete)

Tupelo/Lee County Area MS Market Report - Feb 09

by Randy Landis, GRI, ABR, RFS

Northeast Mississippi Real Estate

The following is a market and sales breakdown for the Tupelo/Lee County and the surrounding region for Feb 2009.

Because reported sales activity comes from a minimum of a 10 county area, these numbers are divided into two catagories: 1) Lee County and 2) All Areas.

Lee County is a regional market and employment center comprised of the following major communities: Tupelo, Belden, Saltillo, Guntown, Baldwyn, Mooreville, Plantersville, and Verona.

All Areas include include the Lee County area and other population centers such as Pontotoc, Fulton, Booneville, New Albany, Amory, Baldwyn, Okalona, Corinth, Ripley, and many other smaller communities, located across the surrounding nine county area.

TUPELO/LEE COUNTY

There were 34 residential sales in Tupelo and surrounding Lee County for the month of February 2009. This is up from 28 one month earlier. The average sales price was $108,098 and the average days on market (DOM) was 122. The sale prices ranged from a low of $7,500 to a high of $350,000 with the median sales price at $98,750.

There are currently 666 Active residential listings in Lee Co/Tupelo, a decline of approximately 3% over last month. Using a 60-day average, that represents a 9.3 month supply of inventory.

All AREAS

There were a total of 61 residential sales reported for February 2009 compared to 48 one month earlier. The average sales price was $101,485 and the average days on market (DOM) was 129. The median sales price was calculated at $79,000 for February.

There are currently (as of today's date) 1,224 Active residential listings across the area and based on a 60-day average, that represents a 8.9 month inventory. Inventory was down approximately 2.8% compared to one month earlier.

5.5% of all listings are HUD, REO or other foreclosures, up from 4.8% a month earlier. A decline in February sales compared to February of 2008 was 37%.

Overall, our market improved slightly from the previous month and although foreclosures grew as a percentage of the inventory, inventory and DOM were both improved.

Some parts of our region qualifies for USDA loans and there are local lenders that provide this loan program.

Smartly priced homes are moving more quickly than normal and do draw multiple offers.

Showing activity has reportedly picked up according to several area agents.

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About the author:

Randy Landis is a Broker with EXiT Realty Premier in Tupelo, MS. and specializes in residential real estate. Visit www.exitpreview.com for a complete list of area real estate for sale.

Disclaimer; All information provided by this author may be based on information, all or in part, collected from multiple sources, including from the Northeast Mississippi Board of REALTORS, and is believed to be accurate but not guaranteed.

Posted 2/11/2009