Tupelo/Lee County Market Sales Report

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 Mar 2009.

Because reported sales activity comes from a minimum of a 10 county area, these numbers are 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 56 residential sales in Tupelo and surrounding Lee County for the month of March 2009. This is up from 34 and up for 2 consecutive months.  The average sales price was $125,416 (increase) and the average days on market (DOM) was 108, a slight decrease.  Sale prices ranged from a low of $14,900 to a high of $427,000 and a slight improvement in the upper end market (Tupelo) was noticed as the average sale price was also up.

There are currently 615 Active residential listings in Lee Co/Tupelo, and represents a decline of approximately 8% over last month.  Using a 60-day average, that represents a 13.7 month supply of inventory.  Overall, the demand for Tupelo area housing was up.

All AREAS

There were a total of 96 residential sales reported for March 2009 compared to 61 one month earlier.  The average sales price was $105,921 (increase) and the average days on market (DOM) increased by 5 days to 134.  The average sales price was calculated at $105,399 with the median sales price at $82,500, up from $79,000 in March.

There are currently (as of 4/1/2009) 1,164 Active residential listings across the area and based on a 60-day average, that represents a 14.8 month inventory.  Inventory was down approximately 5.0% compared to one month earlier.

4.5%  of all listings are HUD, REO or other foreclosures, down from 5.5% a month earlier.  A decline in March sales compared to March of 2008 was 24%, but represents a improved and stronger sales picture from one month earlier.

Overall, our market continued to show some strength compared to the previous month but figures were lower (as expected) compared to 1 year earlier.  This increase in sales for this time of year is a normal trend entering the spring market.  The demand for Tupelo area housing was more evident as compared to the surrounding market area. The number of foreclosures actually declined as demand for real estate 'deals' increased.  While inventory was down, DOM actually increased slightly and was directly attributed to the more stagnant upper end of the market.

Some parts of our region qualifies for USDA loans and there are local lenders that provide this loan program.  USDA income limits were increased and should qualify more buyers for this great program.

Smartly priced homes are becoming the normal in our market and indicate the willingness of sellers to conform and compete in a buyers market.  Some attractively priced homes are selling much earlier than the competition and do draw multiple offers.

Increased showing activity remains on the upswing and can be related to the spring market.  Homes that are marketed well are showing steadily.

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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 4/14/2009