Monday, July 09, 2007

Mid Year Home Sales Still Strong

Most people read and are influenced by national headlines and news stories raising flags about home sales being down for the year by almost double digits and singing the blues regarding the gray future of home sales. This may be true in some high profile markets.

The Memphis home market has remained fairly strong, and although mid-year figures are slightly down over 2006, they are still above mid-year 2005 levels. Last year was a record year for sales in our area and for that matter; the record it broke was from home sales in 2005. So although our sales are not quite as strong as the record breaking 2006, they remain above 2005 levels and are on target to exceed 2005 sales.

There are many more homes on the market. Foreclosures have played a large part in homes inventory being elevated to where it is currently. Sales, though, remain strong and stable even with the larger inventory. Basically, buyers have more choices and home prices may be down slightly as well. The results here in Memphis and the Memphis area do not resemble the national headlines at all.

Other than our economy and business and military transfers to our area, there are other reasons why our market has remained as strong as it is today.

1) AARP has named Memphis as one of the top five cities for retirees based on cost of living, weather, recreational opportunities, transportation, and access to quality health care.

2) Primacy Relocation and Worldwide ERC, the association for workforce mobility, recently reports that Memphis is one of the top cities for relocating families among metro areas with populations greater than 1.25 million.

3) PMI Mortgage Insurance Company consistently ranks Memphis as one of the most affordable housing markets in the United States and one least at risk for real estate value declines.

So, while in your decision process of where to retire or where to apply for your new career, you may not want to leave Memphis Tennessee off of your list for review.If you should need any help in factors involving real estate, don’t hesitate to visit http://www.bluffcityrealestate.com/ for answers or contact us direct using the contact information you will find on our web site.