April 2010 Rutherford County Market Update
In this edition of Tuesday Morning Coffee John Jones presents the current real estate market data as of April 2010 and compares it to the year-to-date and March statistics from 2009.
Don't forget the First-Time Homebuyer Tax Credit and Extension end April 30, 2010. If you intend to take advantage of the $8000 tax credit or the $6500 tax credit for existing homeowners you'll need to have your new home under contract before the end of this month.
JOHN: Hey, guys. John Jones, Tuesday Morning Coffee, coming at you today with the new numbers for March of this year and also the first quarter. Good news for the real estate market in Rutherford County. Today, we learned that March sales were up 18% over March of ’09, which is a nice jump for the quarter. They’re up still like 12.5% over the first quarter of last year, which is positive positive.
Closed sales price—first time I can remember this happening in a while—for the month of March was up 6,000. The average closed sale price was up $6,000 over this time last year. It’s the first time I can remember seeing it going upward. For the year, the average closed price is down $2,000 from $162,000 last year to $160,000 this year. But the month total was up, and that is a neat thing. I haven’t seen that in a while.
Inventory right now, our listings on the market are down 5% over this time last year. Currently, we have about a 9-1/2-month supply of homes if you take all the homes in Rutherford County. I’m still seeing in the higher price ranges, 300 and above, it’s a little bit tougher, obviously. The lower price ranges seem to be moving and making up most of our sales right now. I feel like foreclosures and short sales are making up 20 to 25% of the sales that are moving through this market and maybe even a little higher than that actually.
But they account for quite a bit of the inventory going through. There are some spectacular buys on the market right now. The biggest statistic, the biggest jump we’ve had was pendings for the month of March were up 25% over this time last year, which makes me feel like we’re going to have a pretty April in closed sales. If we can do anything for you, please call us or e-mail us or come see us on our website at JohnCJones.com. Thank you so much. We’ll see you next week.