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Tupelo/Lee County Area MS Market Report - March 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 Mar 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 56 residential sales in Tupelo and surrounding Lee County for the month of March 2009. This is up from 34 and up for 2 consecutive months. The average sales price was $125,416 (increase) and the average days on market (DOM) was 108, a slight decrease. Sale prices ranged from a low of $14,900 to a high of $427,000 and a slight improvement in the upper end market (Tupelo) was noticed as the average sale price was also up.
There are currently 615 Active residential listings in Lee Co/Tupelo, and represents a decline of approximately 8% over last month. Using a 60-day average, that represents a 13.7 month supply of inventory. Overall, the demand for Tupelo area housing was up.
All AREAS
There were a total of 96 residential sales reported for March 2009 compared to 61 one month earlier. The average sales price was $105,921 (increase) and the average days on market (DOM) increased by 5 days to 134. The average sales price was calculated at $105,399 with the median sales price at $82,500, up from $79,000 in March.
There are currently (as of 4/1/2009) 1,164 Active residential listings across the area and based on a 60-day average, that represents a 14.8 month inventory. Inventory was down approximately 5.0% compared to one month earlier.
4.5% of all listings are HUD, REO or other foreclosures, down from 5.5% a month earlier. A decline in March sales compared to March of 2008 was 24%, but represents a improved and stronger sales picture from one month earlier.
Overall, our market continued to show some strength compared to the previous month but figures were lower (as expected) compared to 1 year earlier. This increase in sales for this time of year is a normal trend entering the spring market. The demand for Tupelo area housing was more evident as compared to the surrounding market area. The number of foreclosures actually declined as demand for real estate 'deals' increased. While inventory was down, DOM actually increased slightly and was directly attributed to the more stagnant upper end of the market.
Some parts of our region qualifies for USDA loans and there are local lenders that provide this loan program. USDA income limits were increased and should qualify more buyers for this great program.
Smartly priced homes are becoming the normal in our market and indicate the willingness of sellers to conform and compete in a buyers market. Some attractively priced homes are selling much earlier than the competition and do draw multiple offers.
Increased showing activity remains on the upswing and can be related to the spring market. Homes that are marketed well are showing steadily.
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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 4/14/2009
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I recently posted a blog a couple of weeks ago ( Why Buy Now? ....when who knows whats coming. )with information about why it is such a great time to buy. Because rates and home prices both down, and if buyers are thinking about buying, there would be no better time than now, as compared to recent history.
It came as a surprise to me when I received an anti-comment about my post. This commenter basically stated that it was 'no surprise' that a real estate professional was, once again, giving bad advice to people and that we professional's shouldn't be attempting to 'time' the bottom of the market.
I've been gloating ever since. Our local market has up-ticked slightly (as opposed to shrinking) and there has been more positive reporting lately compared to the negative. Aside from the auto industry and AIG bonuses, I think most folks are ready to move on. Everyone needs shelter and it is more affordable than ever.
NOW GET THIS! I believe that things will get better...sooner. I affirm daily!
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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.
_________________________________________________________________________________________________
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
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All The Bad News of recent months and the toughness of this market has caused me to reflect on myself, my business and the past. When things seem bad, one rarly or can accurately sense that it can get worse, much worse.
To put things in perspective, when things are worse than bad, is it real or perceived? As "Seemingly" would have it, all the media "hype" does play on the public and entreprenureal psyche and contributes more to the degredation of business, mind and spirit, than bad business itself.
My reflection takes me back a couple of years ago (May '07) when business was starting to decline and the housing bubble started to leak. Just when our local market began to realized that business was in decline, and that there were definately strong external factors causing this downward trend, my business was stopped dead in the tracks of FATE ? (or, more accurately, the tracks of an automobile).
I was in my office at 4:59 pm on the Friday leading into the Memorial Day weekend. The last thing I remember was that my mouse pointer was over the 'shutdown' button on my laptop and my almost 'completed' thought was "I am going to take the entire 3 days off, relax, drink a fews beers, bratwurst on the grill, movie, etc., come back on Tuesday morning refreshed, replenished, and Hit It Hard!!!
and then .........
BANG!!!!
I felt the building shake before I actually heard the noise. I looked up from my computer and seen the ceiling tiles crash to the floor just outside my office door. A plume of white sheetrock dust seemed to roll up from the floor like that of a large bomb blast. Initially thinking that something came down on top of the roof of the building, I managed to stand and move to my office door where the first thing I recognized was a shiney chrome bumper. The front end of a car! In My Office! Yikes!!!
Right through the glass front of the building, through the conference room, and into the copy and work center of the back of the office. Everything that was between the front glass wall and the copy machine was ...er...well...rearranged...crushed...fodder.
So much for looking forward to a relaxing three-day weekend with friends and family. So much for all those prevailing last cognizant thoughts.
It took hours into the evening to secure the building, and weeks to get the mess cleaned and the office rebuilt.
As luck would have it, nobody was injured in the accident (funny how luck works - inches to the right, car would have hit brick and little penetration. A foot to the left, car would have penetrated my office and I would have been pinned behind my desk.)
Three Great Things (and one inevitable) came of all this. First, I learned how to survive in the face of adversity. When it seems like all the chips are down, it can get worse. It doesn't make any sense to dwell or worry about what could or might happen. I've learned to stay focused on the NOW and into the future! Deal with the bad when the bad happens. It wasn't easy to see my office in shambles and know that I had to keep going, but sometimes it's these type of events that make us all dig deep down for that little extra strength. We all have it in us, some of just fail to realize how to discover or access it.
All aside, I guess the moral of this story is that in the face of adversity, we can all discover ways to keep it all going. Finding ways to stay motivated should be a high priority to anyone associated with the real estate industry and/or everyone who might be affected by this country's current economic condition.
The Second thing was that when it was all over, I had a somewhat newly remodeled office. Yea, I lost some favorite pieces of furniture and other stuff was damaged, but the new office inspired me daily and provided me a visual reminder of my resiliance and determination to succeed. My new toughness was born this day and me made me ready for anything, even a down market (it's just unfortunate that for some of us, there is a price for discovery).
Never just give up withoug a fight!
I've since purchased another franchise and business is okay (a new franchise going into a down market was a questionable and gutsy decision in itself). Working harder and longer, and with more technology, keeps me in this new balance. The founder and CEO of EXiT Realty, Steve Morris, sums it all up this way:
"You never really lose until you quit trying."
The Third thing, and the one that bugs me the most is that deep down inside, something tells me that the concept of drive-thru real estate will someday work and, I'll be the last to realize it!
Oh yeah, the inevitable; Uninsured Driver!
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108 Scenic Cove - For Sale By OwnerProperty Details:
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Description:Saltillo One Owner Home Our home is convenient to shopping and Saltillo schools. We live on a cul-de-sac street in a quiet neighborhood. Our back yard is fenced with vinyl picket accent on the sides. We have fresh paint and new carpet throughout. Our home has been cared for and maintained. The living and kitchen area are open creating a roomy space great for entertaining. Our upstairs features three bedroom and a common area large enough for a pool table or other family gathering activities. Our master bedroom opens to a large master bath with his and her vanities, whirlpool tub, shower and walk-in closets. We are asking $295,000 which is below appraisal. |
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