February 2011 Murfreesboro Real Estate Update
The Murfreesboro and Rutherford County real estate market is finally making progress toward a healthy and stable housing market WITHOUT the help of government incentives such as the 2009 Tax Credit. As predicted last month using our December 2010 pending homes statistics, for the first time since the 2009 Tax Credit expired, we saw a significant increase in homes sold in Rutherford County. It's been a great time to buy for quite some time, but our market statistics are FINALLY showing strong sales data as well.
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JOHN: Hey, John Jones with another edition of Tuesday Morning Coffee. Thank you. We’re going to be talking about January numbers today. If I seem excited, it’s because I am. It’s the first time in seven months I can tell you that our sales are up. Our closed sales for January were 7% in residential homes over last January. It’s the first time I can say that since June, which was the last month to close for the tax credit. So what? Seven months? I’ve been giving you 20% down to 45% down every month. This month, we’re up 7%.
We kind of had an indication that was going to happen because in December our pendings were up all of a sudden, and that usually translates into in the next 30 days you’re going to have more closed sales. Our pendings this month are down just a hair, 11% over January of last year. You’ve got to remember the tax credit was still a big thing in January of last year. So that doesn’t bother me real bad. The activity has been fantastic the last three weeks.
I mean a ton of showings, a ton of offers. It’s been great. So for the first time in a long time I’m excited about what I’m seeing in the real estate market. Are we out of the woods? By no means are we out of the woods. We’ve still got a ton of foreclosures and distressed sales and short sales to get through. It’s going to take a while to get through those, but at least I’ve seen a lot more buying activity without being falsely propped up with a tax credit or something of that nature, an incentive. These are just true buyers in the marketplace and the market’s doing what it’s supposed to do.
So I’m excited. If we can help you in any way, buying or selling, 867-3020 and thank you so much.