Here’s what I posted on the LaVergne blog. I’ll post numbers for Smyrna and Murfreesboro tomorrow!
Real estate companies and agents are learning that to survive in this market, they’re going to have to work harder, smarter, and as top professionals. This week alone, I heard about one huge real estate firm in Nashville closing the doors of multiple offices. Another smaller company in Smyrna has folded. In my own office, four really great people are putting their licenses in retirement because they’re no longer able to make a living in the real estate industry. We expect more to follow their lead because this is the “renewal” time of the year where we have to pay for insurance, membership dues, and more. Depending on the individual, these costs can range from $660 to $1000 plus. In a good market we always see turnover, but this year it could be particularly woeful.
That said, here are the housing number for LaVergne for October 2008 and so far this year.
October 2008
Homes on the Market: 378
Home Under Contract: 38
Homes Sold: 37
Least Expensive Sold: $45,000, 750 square feet, 2 bedrooms, 1 bath, mobile home
Most Expensive Sold: $372,000, 4055 square feet, 4 bedrooms, 3.5 baths, McFarlin Point
Averages
Price: $141,619
Price p/Square Foot: $78.94
Days on the market: 81
October 2007
Homes Sold: 51
Least Expensive Sold: $77,500, 1300 square feet, 3 bedrooms, 1 bath
Most Expensive Sold: $311,000, 2930 square feet, 4 bedrooms, 3.5 baths, Woodsong Subdivision
Averages
Price: $146,179
Price p/Square Foot: $90.91
Days on the market: 74
Year-to-Date 2008
Homes Sold: 471
Least Expensive Sold: $43,500, 1075 square feet, 3 bedrooms, 1 bath
Most Expensive Sold: $538,875, 3596 square feet, 4 bedrooms, 4.5 baths, Woods at Martins Bend
Number of Homes Sold Up to $150,000: 343
Number of Homes Sold Over $150,000: 128
Year-to-Date 2007
Homes Sold: 616
Least Expensive Sold: $22,000, 700 square feet, 2 bedrooms, 2 baths, Driftwood Village
Most Expensive Sold: $469,900, 4021 square feet, 4 bedrooms, 3.5 baths, McFarlin Point
Number of Homes Sold Up to $150,000: 379
Number of Homes Sold Over $150,000: 237
You can take all this as bad news or you can take it as good news. I will consider it to be positive because this is a correction in the housing market that should allow the existing home sales to catch up with new home construction (as we’ve seen most new home construction has virtually stopped). Remember, housing is one of the three basic needs of survival: food, shelter, clothing; so there will always be a need. Clearly, people are buying homes so if it’s your time to sell or buy, IT CAN BE DONE. But make sure you find someone who is a full-time Realtor with experience rather than someone whose attention is divided.
