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Olive Branch MS Market Report - Jan 2009

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Real Estate Agent with Bob Leigh & Assoc., LLC

Olive Branch MS Market Report - Jan 2009
by Pam Simpson
The Kudzu Vine

I do so much business in Olive Branch that I decided to start doing Market Reports for this area like I do for Hernando MS and Tate County MS.  This is my first market report for Olive Branch MS.

There were 29 residential sales in Olive Branch for the month of January 2009.  The average sales price was $175,280 and the average days on market (DOM) was 115.

The neighborhoods which saw the most activity were Lexington Crossing, Creekside Estates, and Hunters Ridge.

There are currently 628 Active residential listings in Olive Branch.  Using a 90-day average, that represents a 15.8 month supply of inventory.  The prices range from a low of $49,900 to a high of $1,270,000 with the median at $209,900.

8.1% of the current active listings are HUD, REO or other foreclosures.

Some parts of Olive Branch still qualify for USDA loans and smartly priced homes in these areas usually draw multiple offers.
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About the author:
 
Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS.  Copyright©  2009 by Pam Simpson.  All rights reserved...***Olive Branch MS Market Report - Jan 2009***

FOR BUYERS:  Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates

FOR SELLERS:  Pricing, Selling Tips   

LOCAL COMMUNITY INFOTate County Community, Memphis Community, Southaven Community

MARKET REPORTS:  Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF:  NAR, Real Estate and Media, Real Estate Agents

OTHER:  Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

 Disclaimer:  All information provided by this author may be  based on information collected from several sources and is believed accurate but not guaranteed.

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Comments (6)

Anonymous
Chris englert

Pam,

I noticed an average of 115 days for the homes sold in Jan 09

What about the remaining 628 active listings? what is the average days on the market for this group and what are the price ranges of these?

Also, is there a price range that has sold more so than others?

I have a home in Carters Plantation I am considering putting up for sale, but have been told nothing is moving?

 

appraised value was 250,000 in march 2003 when purchased new.

House next door sold for 264,000 in end of 2007-08

4 bedroom 3 full baths, finished expandable, 3 car garage, good lot flat and highest point in neighborhood,

On line estimated value down to 234,000.

Would I loose all my equity in this market. loan balance 187k.

How many days would this be on the market in your estimate is up for sale. Being property is brought into sales condition..paint etc.

 

thanks,

 

PS would it be better to wait 4-5 years to sell?

 

Mar 01, 2009 09:26 AM
#1
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Chris - I am on my way out the door right now and have appointments until 4 this afternoon, but I will look at the numbers this evening and post what I found.  I can tell you off the top of my head that the number of days on the market for the "active" listings is going to be higher.  Also, the majority of homes that have been selling in Olive Branch over the past couple of months have been foreclosures.  I may stand corrected after I run the numbers, but I believe that the best selling price range is going to be under $150,000. 

Mar 02, 2009 12:19 AM
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Chris - I had a chance to look up more detailed data this evening.  You asked about average days on the market for the Active listings - is is 208 days.  When I did the market report for January, it showed Olive Branch has a 15.8 month supply of inventory.  That means that if no new homes came on the market, it would take 15.8 months to sell the ones that are currently for sale.  That is based off the sales data for the past 90 days.  Since the real estate market has been changing at a quick pace, I am using 90 day statistics for most numbers because anything older than that tends to lose relevance.

The 2 price ranges that had the most sales was $125,000 - $150,000 and $150,000 - $200,000.  Currently, there are 19 active listings in Olive Branch that have at least 4 BR/ 3 BA on 1-2 acres with around 3,000 sq. ft. They range in price from $235,000 to $310,000 with an average days on the market of 250.  When it comes to sold homes that meet that criteria, I check on solds from Nov. through the present.  There were 5 and 4 of them were foreclosures.  The price ranges of the solds were $161,900 to $235,000.  The only non-foreclosure that sold in that category sold for $199,900.

Olive Branch has the highest percentage of foreclosures in Desoto County and that is what is selling the most.  If you place your home on the market at this time, it would have to be priced EXTREMELY competitive in order to sell.

If you would like a Market Analysis specific to your home, please call or send me an email so that I can get some detailed information from you to run the numbers.

  

Mar 02, 2009 11:44 AM
Anonymous
Leah

I have a home built in 2006 on 7.3 acres of land, it has a large pond, a 2500 sq ft shop.  The home has 4 br, 4.5 ba, a huge game room, and is estimated to be about 8,000 sq ft. It is a castle appearance on the outside and also has a bridge going to the gazebo on the pond that is very beautiful.  My in-laws live next door and have a ranch style home with a 2br, 2.5 ba, with the upstairs only needing drywall to complete, sitting on 5 acres.  I am trying to research selling both properties without the rest of the family finding out until we make a decision.  The neighborhood is all relatives!!  We would love to sell both homes in order to move to the country with more acreage.  What is your opinion on:  how long it would take to sell both homes, the price value we will possibly get for both properties, and would we be able to sell both?

I want to thank you for even reading this email.  I would like to find out what my chances are before starting a family feud!  The surrounding of our property other than the in-laws is other family land that will not be for sale.  Thank you for understanding my situation!

Sincerely,

Leah

Jun 24, 2009 05:21 AM
#4
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Leah - Wow...that sounds like my street (all relatives).  I am afraid I can't adequately answer your questions.  I would never give an opinion of the market value of a home without seeing it personally.  There are too many variables.  As I mentioned in the Market Report, the average days of the market of the homes that sold in May was 115.  Generally, the more unique the property, the longer it will take to sell it - the pool of buyers shrinks.

The location of your property will be a big factor in the probable price you could expect.  I assume it is somewhere in Olive Branch?  Also, there probably is not going to be a large pool of buyers who would be looking for that type of unique property.  Most of what is selling right now is first-time homebuyer homes.  You may have better luck selling them independent of each other instead of a package deal.  In any event, if you do decide to sell - internet marketing is a must!  That would broaden your pool of buyers to include out-of-town prospects. 

If you would like for me to come take a look and do a Comparative Market Analysis, please send me an email.  My best advice would be to have an appraisal done by a licensed appraiser.   

Jun 24, 2009 06:53 AM
krishna kashyap av
home - Syringa, ID

Thanks for the post

Idaho Real Estate

Jul 06, 2009 03:22 AM