Saturday, June 13, 2009

Seller’s market in 2009?

We may need to keep an eye on the Blackman area in Murfreesboro - its selling well. Not the same market that we are seeing often enough, but follow the numbers….

The area as a whole only shows 4.68 months of inventory. Six months is considered a balanced market; more on the shelf is a buyer's market, less to choose from is a seller's market. At four months/eight months, we'll see prices affected up or down (respectively). So 4.68 months of available homes means that the Blackman area is stabilizing.. wait... actually improving - selling.

To give you some examples of the homes to choose from, here are the available homes in the area between $180,000 and $250,000 (market data).

This might be another example of how certain areas (read: desirable locations), perform in the best of times or in the worst of times. Located between Murfreesboro and Franklin, just west of I-24, and along Highway 96 (close to Interstate 840) - convenience is king. Just ask the investors and small business owners behind The Avenue, the newest major shopping area in Middle Tennessee.

Murfreesboro’s median home price ($154,600) is 14% below the national median price ($180,100), and its selling well. Plenty of short sales, foreclosures, and REOs - don’t get me wrong - but if we see the entry level markets around Nashville stabilizing (or even improving), does this mean we can start to try and track “the bottom” in our market as a whole?

Yeah, think so (grin).

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