December 2010 Sales Statistics - Tupelo Area, NE Mississippi

By
Industry Observer with Retired in Samar

December 2010 Sales Statistics - Tupelo Area, NE Mississippi  

A quick compilation of housing numbers for the month of December 2010 are as follows:

 Total Closed Sales:  80 (decrease from 83 in Nov)

Total Foreclosures Sold: 27 (compared to 28 the month prior)
Foreclosure/sales Ratio: 34%  (No change from Nov)

Average Sold Price: $118,193 ($117,293 Nov)
Median Price: $94,900  (up slightly from last month)

Lowest Sold Price: $19,900
Highest Sold Price: $599  (list-to-sale price ratio of 93% and 855 Days on Market)

Average List/Sell 
Price Ratio  
93.66% (improved from 91% prior)

Average Days on Market 142 (solds) (an increase of 13 days from previous month)

Total Homes on Market as of 12/31/2010 1,193   This is a decrease in available inventory by approximately 70 homes (compared to Nov) and is not drastic considering 153 expired listings during the same period. This net decrease in inventory is most likely caused by the lack of new listings that normally replenish our inventory. Many potential sellers may be on the fence due to current and percieved home selling difficulties and lack of confidence in the overall economic outlook.

Overall our market remains steady but sluggish with some homes selling and others not being shown. This continues to be driven by the factors of location, condition, and price. Consumers remain cautious but recognize good pricing and overall value and are picking up the "deals". There continues to be very few "steals" in our market and are most likely selling in relation to being conditionally repaired.

Interest rates climbed last month and have remained steady for the last couple of weeks with the average 30 yr fixed rate at 4.875%. Widespread opinions from within and outside the housing industry and mainly in adversely affected regions of the country are that there appears to be some more downside risk to home prices, mainly in certain regions and large cap markets in Cal, Fla, Ariz, and Nev. NE MS real estate pricing appears stable and homes purchased now with a long term investment outlook can once again offer the same good long term return potential on that investment. The time to buy is now, not later!

Numbers compiled from Northeast Mississipi Board of Realtor MLS statistics on 1/6/2011 and may be within a slight margin of error based on totals and timely reporting.

For more detailed information about our market or neighborhood specific reporting, please contact Randy Landis at EXiT Realty Premier, Tupelo.

 

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  Randy Landis, Overseas Retirement Consultant.

 

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