Hernando MS Real Estate Market Report

By
Real Estate Agent with Bob Leigh & Assoc., LLC

Hernando MS Real Estate Market Report - September 2008
By Pam Simpson, Broker-Assoc.
The Kudzu Vine

20 residential properties sold in Hernando MS in September.  The average sales price was $200,663.  The average days on the market (DOM) for these sold properties was 134 days.

Comparisons for last month / last year:

August 2008  29 sold   Avg. $194,717
Sept. 2007    28 sold   Avg. $183,241

Northwood Hills saw the most sales activity this month, with the remaining sales spread fairly evenly around Hernando

Hernando has 273 active residential listings which translates into a 9.3 months supply of inventory.  Prices range from $45,000 to $1,500,000.  The median price is $229,000.   

Hernando's foreclosure listings currently make up 5.1 % of the local market. 

For market trend comparision, see last month's Hernando Mississippi Market Report. 

 ___________________________________________________________________________________________ 

About the author:

Pam Simpson is a Broker-Associate with Bob Leigh & Associates, LLC in Northwest Mississippi
Copyright© 2008 By Pam Simpson, All Rights Reserved...**Hernando MS Real Estate Market Report**

Disclaimer:  All information provided by this author is based on information collected from several sources, which are believed accurate but not guaranteed.   

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Rainmaker
808,819
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Pam;

I thank you for sharing your market area report with us.

Oct 14, 2008 11:35 AM #1
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Anthony - thanks for reading.  Consumers in my area are interested in local market activity because all the media is focused on big metropolitan markets.

Oct 16, 2008 05:17 AM #2
Rainmaker
2,189,919
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Pam: Why are there so many homes on the market when sales have dropped 30%? However, the percentage of foreclosures is extremely low as compared to my area in Sacramento where foreclosures make up more than 50% of closed sales.

elizabeth weintraub sacramento real estate agent in land park

Oct 17, 2008 04:17 AM #3
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Elizabeth - Hernando was a very fast growth area in the past 5 years.  Home builders were still building fast and furious up until this year.  It seemed like every week a new development was going up.  Now, a lot of the new homes are sitting there.  Foreclosure percentages in Northwest MS have been much lower than in other parts of the country, but they have risen quite a bit in the past 6 months.  I suspect that we will see a continued trend upward in foreclosure rates as more ARMs adjust.  One reason I do these market reports is because the national (and even local media) seem to only report the statistics you mention, like 50% foreclosure.    

Oct 17, 2008 05:21 AM #4
Rainer
69,953
Eddie Reed
Guaranty Bank and Trust Co. - Hernando, MS
MRMS, CRMS

Great info, Pam! I'll check out your posting everymonth  :)

Oct 27, 2008 07:13 AM #5
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Thanks, Eddie.  I do a report for Tate County and one for Hernando every month.  I also do a Foreclosure Activity Report for Northwest MS about every 6-9 weeks.

Oct 27, 2008 08:10 AM #6
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Pam Simpson

GRI, Broker-Assoc.
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