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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.
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.
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.
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.
Tupelo MS / Saltillo MS / Guntown MS / Belden MS / Plantersville MS / Verona MS Baldwyn MS / Fulton MS / Pontotoc MS / Sherman MS / Blue Springs MS
*Lee County*Prentiss County*Itawamba County*Pontotoc County*Union County*Monroe County
Randy Landis, Licensed MS Real Estate Broker acting in the capacity as Broker Assistant and Real Estate Consultant to Jimmy Langley, Managing Broker/Chief Appraiser at Jimmy Langley Realty and Associates.
Broker Assistant and Real Estate Consultant to Jimmy Langley, Managing Broker and Chief Appraiser at Jimmy Langley Realty and Associates in Tupelo, MS. Tupelo Area Real Estate, home sales and marketing related information and discussions covering the NE MS area and beyond. Serving Tupelo, Belden, Saltillo, Guntown and surrounding communities. CAUTION - This blog MAY contain real-time comments and discussions surrounding the real estate industry, locally and beyond.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.