June 2010 Murfreesboro Real Estate Market Update

John Jones provides the May 2010 Rutherford County real estate statistics for buyers, sellers, and Realtors in Murfreesboro, Smyrna, and LaVergne TN.

Transcript

JOHN:  Hey, John Jones here with another edition of Tuesday Morning Coffee.  I apologize for the Don Johnson look or whatever you call it.  I’m actually going on vacation here in a couple of days, and I’m already in that mode.  So anyway, today, we’re going to talk about the May sales numbers.  And I was real interested to see what’s going on because I knew we’d probably have a pretty good closing month because of all the contracts written prior to the tax credit, but I wasn’t sure how the monthly would be on actually writing new contracts.

So I was pleasantly surprised.  Closed sales for this month compared to last May are up 22.6%.  We did 367 closed sales this month in Rutherford County compared to 299 last year.  The number I was really looking forward to seeing was what’s the pending number for the month.  What were the new contracts written now that the tax credit doesn’t come into play?  I thought we’d have kind of a big dropoff.  Last May, we did 362 pendings.  This year, we did 352.  So only 10 less units pending.  That’s only a 3% decrease, so I was pleasantly surprised by that number.

Inventory.  Our listing inventory is actually not changed a whole lot.  It’s down 1.6% over this time last year.  Our year-to-date sales numbers compared to last year.  Now remember, my yearly prediction was that we would sell 10% more homes this year in Rutherford County than we did last year.  Okay, right now we’re sitting at 23% more, and that could adjust out a little bit.  So it’s going to be interesting to see if my prediction comes true or not.  So we’re 23% more over year to date this time last year, more sales.  So that’s good news.

Short sales and foreclosures are still in abundance.  They still represent, I’m going to guesstimate about 30% of our closed units coming through the market.  So we’ve still got to wade through that.  But all in all, I was glad to see that the month after the tax credit went out we’re still writing contracts and it hasn’t dipped that much.  So anyway, hope those numbers help you.  Call us if we can help you in any way, 867-3020, or our website, JohnCJones.com.  Thank you.