AGENT MLS HOME FINDER

The Memphis real estate market seems to be moving in a positive direction, with many traditional indicators of market health denoting an increase in stability. These include indicators such as the number of foreclosure and the number of homes sold, as well as a number of other compiled statistics and figures. This is actually a pattern contrary to that of the overall Memphis economy, which seems to have lost a substantial amount of ground over the summer months of 2009. This is according to the Federal Reserve Bank’s Burgundy Report, which was reported by an September 24, 2009 article in the Memphis Business Journal. The article noted that “The summer months of July and August were not the Memphis economy, according to the latest Federal Reserve Bank’s Burgundy Report. Activity in the major sectors and areas it monitors…was largely down or disappointing for the third quarter.”

Although this would seem to be a contradiction, it appears that real estate in Memphis has rallied despite most economic indicators suggesting that a crash would be more appropriate. Overall, the housing market has rallied, with home prices remaining almost flat while home sales have become substantially stronger. According to a September 10, 2009 article in the Tennessean, “Home sales continued to show signs of improvement in August, but home prices haven’t shown much resilience. The median sale price of a single-family home in the Nashville area was $160,000 for the month, a 10 percent drop compared with the same period a year ago, the Greater Nashville Association of Realtors said Wednesday.”

Memphis homes for sale no longer seem to be relying entirely on foreclosures to drive them, since it appears that the rates of foreclosures are starting to decline. According to a September 8, 2009 article in the Memphis Business Journal, “The number of foreclosure listings in the Memphis area market dropped 12 percent in the last month, according to ForeclosureListings.com. Memphis has 899 foreclosure listings, according to the company. As a state Colorado had the greatest drop in foreclosure listings at 13 percent, the online company said…Peer city Nashville had considerably fewer foreclosures at 170, while peer Indianapolis had about the same at 812.”