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Hernando MS Real Estate Market Report

Hernando MS Real Estate Market Report - September 2008
By Pam Simpson, Broker-Assoc.
Desoto-Tate County Real Estate

20 residential properties sold in Hernando MS in September. The average sales price was $200,663. The average days on the market (DOM) for these sold properties was 134 days.

Comparisons for last month / last year:

August 2008 29 sold Avg. $194,717
Sept. 2007 28 sold Avg. $183,241

Northwood Hills saw the most sales activity this month, with the remaining sales spread fairly evenly around Hernando.

Hernando has 273 active residential listings which translates into a 9.3 months supply of inventory. Prices range from $45,000 to $1,500,000. The median price is $229,000.

Hernando's foreclosure listings currently make up 5.1 % of the local market.

For market trend comparision, see last month's Hernando Mississippi Market Report.

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About the author:

Pam Simpson is a Broker-Associate with Bob Leigh & Associates, LLC in Northwest Mississippi.
Copyright© 2008 By Pam Simpson, All Rights Reserved...**Hernando MS Real Estate Market Report**

Disclaimer: All information provided by this author is based on information collected from several sources, which are believed accurate but not guaranteed.

Posted by Pam Simpson - GRI, Broker-Assoc. on 10/13/2008 03:42 PM

Comments (6)

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6 Comments on Hernando MS Real Estate Market Report

OCT

2008

Hi Pam;

I thank you for sharing your market area report with us.

OCT

2008

Anthony - thanks for reading. Consumers in my area are interested in local market activity because all the media is focused on big metropolitan markets.

OCT

2008

Hi Pam: Why are there so many homes on the market when sales have dropped 30%? However, the percentage of foreclosures is extremely low as compared to my area in Sacramento where foreclosures make up more than 50% of closed sales.

Elizabeth - Hernando was a very fast growth area in the past 5 years. Home builders were still building fast and furious up until this year. It seemed like every week a new development was going up. Now, a lot of the new homes are sitting there. Foreclosure percentages in Northwest MS have been much lower than in other parts of the country, but they have risen quite a bit in the past 6 months. I suspect that we will see a continued trend upward in foreclosure rates as more ARMs adjust. One reason I do these market reports is because the national (and even local media) seem to only report the statistics you mention, like 50% foreclosure.

OCT

2008

Great info, Pam! I'll check out your posting everymonth :)

Thanks, Eddie. I do a report for Tate County and one for Hernando every month. I also do a Foreclosure Activity Report for Northwest MS about every 6-9 weeks.

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