Tupelo/Lee County Market Report - Jan 2009

Tupelo/Lee County Area MS Market Report - Jan 09

by Randy Landis, GRI, ABR, RFS

Northeast Mississippi Real Estate

The following is a market and sales breakdown for the Tupelo/Lee County and the surrounding region for Jan 2009.

Because reported sales activity comes from a minimum of a 10 county area, these numbers will be divided into two catagories: 1) Lee County and 2) All Areas. 

Lee County is a regional market and employment center comprised of the following major communities:  Tupelo, Belden, Saltillo, Guntown, Baldwyn, Mooreville, Plantersville, and Verona.  

All Areas include include the Lee County area and other population centers such as Pontotoc, Fulton, Booneville, New Albany, Amory, Baldwyn, Okalona, Corinth, Ripley, and many other smaller communities, located across the surrounding nine county area.

TUPELO/LEE COUNTY

There were 28 residential sales in Tupelo and surrounding Lee County for the month of January 2009.  The average sales price was $124,707  and the average days on market (DOM) was 124. The sale prices ranged from a low of $23,000 to a high of $415,000 with the median at $119,000.

There are currently 684 Active residential listings in Lee Co/Tupelo.  Using a 60-day average, that represents a 13.1 month supply of inventory.

All AREAS

There were a total of 49 residential sales reported for January 2009.  The average sales price was $105,871 and the average days on market (DOM) was 151.  The median sales price was calculated at $82,000 for January.

There are currently (as of today's date) 1,333 Active residential listings across the area and based on a 60-day average, that represents a 9.5 month inventory. 

4.8%  of all listings are HUD, REO  or other foreclosures.  A 8.3% drop in sales in Dec 2008 compared to Dec 2007, and a 52.8%  decline was noted for Jan 09 compared to one year earlier. 

 Some parts of our region qualifies for USDA loans and there are a couple of lenders that provide this money.  Smartly priced homes are moving more quickly than normal and do draw multiple offers.

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About the author:

Randy Landis is a Broker with EXiT Realty Premier in Tupelo, MS. and specializes in residential real estate.  Visit www.exitpreview.com for a complete list of area real estate for sale.

Disclaimer;  All information provided by this author may be based on information, all or in part, collected from multiple sources, including from the Northeast Mississippi Board of REALTORS, and is believed to be accurate but not guaranteed.

Posted 2/11/2009