October Market Statistics
In this edition of Tuesday Morning Coffee John presents the official MLS statistics from October 2011 vs October 2010 for Single Family Home sales in Rutherford County to help give you an idea of what is happening in the local marketplace right now.
JOHN: Hey, guys. John Jones here, Tuesday Morning Coffee. Thanks for tuning in. We’re going to go over the market stats for 2011 for October. October 2011, we were up 18% in closed sales over 2010 October. Our pendings—and this is pretty neat—our pendings are up 30% over 2010 October. Our inventory is down. Homes on the market is down 12.7%. Our average closed price for the month over this time last year is almost dead even at 161,000.
And our year to date we’re still down 9% on closed sales year to date, but we’re catching up every month the last few months, so that number is going to tighten up for the next two months. So we’ll see how that turns out here at the end of December. The market overall does seem to be improving. We still have a decline in prices. A lot of that is due to we still do have an inventory that’s probably seven to eight months, and also the foreclosures and short sales are definitely affecting our pricing.
But this will be the first year where we haven’t declined that much in the sales over the past year. Rates are incredible. They’re in the threes. We got a client at 30-year fixed FHA rate this week for 3.75. So any of you guys sitting out there sitting on the fence, take advantage of these rates. Also, maybe you’re thinking about refinancing. That might be an option too. Please give us a call if we can help you in any way, 867-3020. Thank you.