Every 4-6 weeks, I pull data from the Dyersburg/Dyer County Board of Realtors MLS system and bring you my breakdown of activity for the Dyersburg real estate market area.
•1.) From January 1-February 12th, 2008 there were 31 single family homes that sold within our MLS! For the same period last year there were 44.
•2.) Of the "solds" for this period, 12 of these were foreclosures.
•3.) The days on market average for all 31 "solds" is 121 days verses 89 days on market last year for the same period.
•4.) For the price range of $90,000 and up there were 16 single family homes that sold with 3 of these being foreclosures.
•5.) The average sales price for this period is $100,392 verses $93,070 for the same period last year.
•6.) Of the remaining 13 homes $90,000 and up that sold already this year, the average sales price to list price ratio is 93.5%.
Now for new single family listings:
•1.) From January 1, 2008 - February 12, 2008 there were 77 single family home listings within our MLS. For the same period last year there were only 3 new listings.
•2.) The average list price this year is $104,038 verses $94,800 for the same period last year.
First the bad news:
With the increase in inventory of 74 units, this should increase the days on market average for our entire market.
Most of the slower sales appear to be in the price range below $90,000.
A higher than normal percentage of new "solds" was foreclosures.
Now the good news!
Interest rates continue to plummet. The average market rate went from about 5.93% to about 5.5% right now!
The average sales price increased by almost 8%.
The sales price to list price ratio is about 93.5%. Not many markets can boost about that high a ratio for list to sold prices!
There are still some great deals out there for investors and home buyers!
Copyright © 2008 By Mike Frazier, All Rights Reserved. *Market update for period Jan 1,2208-Feb 12,2008*
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