Well, it has been too long since I posted an update. For that I apologize.
Below is information that will give you a snapshot of the Real Estate Market in Olive Branch, MS for 2010 (as compared to 2009).
In 2010 708 homes sold in Olive Branch, which was down 5% from the 745 homes that sold in 2009. HOWEVER, the median sales price ROSE 2% to $167,000 in 2010, from $163,685 in 2009. The average sales price remained stable at just over $176,000.
Another piece of good news is that the average time on market for sold homes dropped from 138 days in 2009 to 114 days in 2010. This is a great trend and one that we hope to see continue in 2011.
Homes that had the best chance of selling in 2010 were those priced in the $120,000-$140,000 price range. The homes that had the hardest time selling were those priced above $350,000.
We saw a gain in home sales during the first three quarters of 2010, but a drop in sales in the last quarter as a likely result of the 1st Time Home Buyer Tax Credit expiring.
So, what do we see for 2011? Great question and one that there is no sure answer for. Our best estimation is that sales and home prices should remain fairly steady throughout 2011, with a hopeful gain to begin near the last quarter of the year. Obviously there are a lot of factors in play . . . the interest rates and general economy being at the top of the list.
Speaking of interest rates, they have started sliding up just a little bit over the last month. So, if you or someone you know is sitting on the fence with regard to buying . . . my suggestion is not to wait too long. We anticipate that the interest rates will continue a slow climb - THOUGH, they will still be great in the grand scheme of things.
If you would like a more detailed report on your area, or if you would like to join my NEIGHBORHOOD EXPERT PROGRAM so that you can stay up-to-date with values in your area in "real-time", shoot me an e-mail or give me a call.
Thank you for allowing me to serve you!!
3 comments:
Economists pretty united in solid GDP growth by 4Q11 and 'white collar workers' predicted to rise around the same time. Two good indicators of consumer confidence and available $$ on the upswing.
Thanks Carolyn!
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