Tuesday Morning Coffee with John Jones logo

John Jones shares the Rutherford County Tennessee real estate statistics as of August 2010.

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Transcript

JOHN:  Hey, guys.  John Jones with another edition of Tuesday Morning Coffee.  First of all, today, I want to give a shout out to my good friends who watch us every week from Idaho, John and Heather Fischer, and they grew up here in Murfreesboro.  And I’ve been informed that they keep up with what’s going on here locally and watch Tuesday Morning Coffee, so how are you guys doing?  I hope you’re doing well.  And they live out in Idaho right beside the Wyoming border out there.  But good friends of mine.

Today, we’re going to talk about July home sales here in Rutherford County.  They were down quite a bit.  We kind of expected it because of the hangover from the tax credit, but here locally in Rutherford County in ’09 we did 366 units.  This year, we did 263.  That’s down 28% over last year.  Pendings were off 24% over July of last year, which means August is probably going to be down a little bit as well.

Overall, for the year, still positive news.  Home sales are up 10%.  They took a big whack.  They had been running about 18 to 20%, but this month kind of took them down a little bit.  Another interesting statistic, for the year, closed home sales, we averaged last year in closed price of $169,662.  This year, it’s at $165,676.  So our prices are staying pretty close to where they were last year.  Thank God.  And I hope that continues.

I think in the upper price range we’re still seeing some devaluation, lower price ranges not so much.  Maybe 100 to 130 to 140.  I think they have pretty much stabilized.  Our inventory is 2,200 homes on the market, which is about exactly where we were last year with 2,257.  So our inventories are coming back up a little bit due to the last month or so, but my predictions here on out, I think next month is going to be weak.

And I’m hoping that the fall weather kind of cooling off a little bit will help us get more people out looking around, and it’s still depressed pricing, lowest interest rates we’ll ever see.  It’s still the most awesome time to buy a home that I’ve seen since I’ve been in the business.  So if you have the opportunity to buy or are thinking about it, definitely, definitely do it.

But if you should need anything, please give us a call at 867-3020 or you can reach us on our website at JohnCJones.com.  And one other thing, if anybody knows someone—and I think almost everybody does—that is facing foreclosure, please have them give us a call, 867-3020.  We’ve been able to help a lot of people in the last 24 months avoid foreclosure.  Please give us a call and we’ll see if we can help them, 867-3020.  Thank you.