Dyersburg real estate market update for period ending May 15th, 2008

By
Real Estate Broker/Owner with Carousel Realty of Dyer County Tn 248435000

For the last several weeks, real estate sales(in Dyersburg area) have been going up in numbers of pending and closings.

The sales numbers for Carousel Realty agents is up substantially from this time last year.  Last year our total sales numbers were $7,165,209 and currently our numbers stand at $4,020,890. If my projections hold, Carousel should sell about $9,000,000 this year.

What is driving this numbers? Just over half the sales currently are either REO owned property or bank foreclosures. Also, rental property is starting to sell. Usually rental property is the last to recover after a slowdown.

I have also noticed a high number of foreclosures and rental properties being sold to real estate agents. Many of these real estate agents are remodeling these "houses" and putting them back on the market. There are also "other" investors(non Realtors) also buying and "flipping".

We are still seeing owner owned homes selling but at a slower pace than this time last year. Also, the prices have depreciated 10-20% in the lower priced market(up to $80,000). For homes priced over $80,000 but less than $150,000 the values have not dropped nearly as much.

What is holding its value? The homes priced $180,000 and up in selected neighborhoods. 

One free service that I always offer "my" clients moving into the Dyersburg Tn area is a market analysis for the area they want to live in. I pull the numbers from the MLS and courthouse records and put them in a easy to understand format.

My team and I are ready to assist you with your real estate needs in the Dyersburg Tn area. Call us today at 800-896-8016 and we can send you a relocation package and get started with your relocation!

 

Copyright © 2008 By Mike Frazier, All Rights Reserved. *Dyersburg real estate market update for period ending May 15th, 2008*

Comments (6)

Joey Markham
Carousel Realty of Dyer County - Dyersburg, TN

Mike,

That is great information for everyone in the Dyersburg area.  I look for great things in the next few months.  Joey

May 16, 2008 03:37 AM
Brenda Carus
Century 21 Zwygart Real Estate - Monroe, WI

I'm glad to see you are doing well this year in your area.  The market is certainly not dead everywhere.

May 16, 2008 10:11 AM
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Thanks Brenda. Hope your business is doing well!

May 16, 2008 10:17 AM
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Mike~ This is great information for people in your area or out of area.  It's great to see your market is doing well. 

May 18, 2008 06:27 AM
Denise Shockey
RE/MAX Aerospace Realty - Cocoa Beach, FL
Cocoa Beach, Brevard County Florida Real Estate

Mike, looks like things are going better, despite all that we hear and read on the news.  Good luck and take care!

May 19, 2008 04:36 PM
Renee Busse
Tennessee Realty - Dyersburg, TN
ABR,ePRO Dyer Co. TN Real Estate
Mike I agree that our market is pretty strong. I predict the 75 - 125 range will be very active in the next couple of months.
May 22, 2008 04:34 PM