April 2011 Murfreesboro Real Estate Update
John Jones Real Estate's Broker/Owner John Jones presents the Rutherford County TN real estate statistics for March 2011 vs March 2010. For specific city and/or subdivision statistics in the middle Tennessee area please email us at firstname.lastname@example.org
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JOHN: Hey, guys. John Jones here with another edition of Tuesday Morning Coffee. Today, we’re talking about March numbers. Two out of three ain’t bad. That’s my motto today. Inventory is down over this time last year, 16.9%. That’s a good thing. Under contracts for March in 2011 were up 5.7% over March of last year. That’s a good thing. Sales, actually closed transactions in the month of March, are down slightly at 17%. That’s not a great thing, but two out of three aren’t bad. The last two months, our under contracts have been up over last year at the same time.
So that makes me feel like good things are going to happen in the next couple of months. One thing I think we’ve got to remember when we talk about under contracts where probably in years passed you can kind of look at your under contracts the month prior and get a pretty good gauge on what your closings are going to be the next month based on the under contracts because it’s about a 30-day, 40-day cycle on those pendings. Today’s environment we’re in is so much different. A lot of our under contracts are short sales. And in short sales, as you probably have heard or have read about, can take several months to close.
So the numbers are a little bit different now because of that, the time factor in closing short sales and things like that. So I think what we could end up having is several months down the road you just have kind of a blow-up month that you really weren’t expecting. It’s because maybe a lot of the short sales hit that month. So anyway, those are our numbers. We’re still slightly down for the year on closed sales, but I have definitely seen activity pick up in the last couple of weeks in the marketplace, the spring season. There’s not as many homes out there to look at as you might think.
Our inventories are down quite a bit over this time last year, which is obviously a good thing for the sellers but maybe not as great for the buyers. Our median price has really not changed over this time last year. Last year’s median price was $145,000. This year, it’s at $144,250. So median price went down a half a point. So basically, our pricing is staying kind of in check from this time last year. We’ll keep a close eye on that in the coming months. But anyway, thank you guys. If you have any real estate questions, please give us a call, 867-3020. Thank you.