January 2011 Sales Statistics - Tupelo Area, NE Mississippi
A quick compilation of housing numbers for the month of January 2011 are as follows:
Total Closed Sales: 72 (decrease from 80 in Dec)
Total Foreclosures Sold: 25 (compared to 27 the month prior)
Average Sold Price: $102,516 ($118,193 Dec)
Lowest Sold Price: $5,500
Average Days on Market 123 (solds) (great improvement from 142 one month earlier)
Total Homes on Market as of 1/1/2011 1,239 This is an increase in available inventory by approximately 40 homes (compared to Dec) and is not considered significant and reflect more active listing extensions than the previous month. Many potential sellers still seem to be fence sitting due to current and percieved home selling difficulties and continued lack of confidence in the overall housing industry outlook.
Overall our market remains steady but sluggish with some homes selling and others not being shown and 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. An obvious trend in lower priced, smaller homes compared to more expensive larger homes is becoming evident in our market and may be indicative of a national trend until the housing market stablizes overall.
Interest rates continue their upward trend with the average 30 yr fixed rate at around 5.15%. 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 with very little downside risk and homes purchased now with a long term investment outlook can once again offer the same good long term return potential on that investment. As interest rates continue to climb, home affordability will continue to decrease even in home prices succumb to lower pricing. Any anticipated decreases in local home prices when calculated along with higher interest rates will actually cost the new homeowner a great deal of money in the long run. The time to buy is now, not later!
Numbers compiled from Northeast Mississipi Board of Realtor MLS statistics on 2/10/2011 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.