Happy New Year

We wish everyone a happy, healthy and successful New Year!!!

The 2010 residential real estate market in the Memphis area was a roller coaster ride for certain.
The home buyer's tax incentives boosted sales in the spring and early summer, but home sales dropped in the last quarter of the year....over 20% drop in our area during December alone.
The foreclosure moratorium during the fall reduced foreclosures to historic lows during the last quarter of the year.
Overall home sales for 2010 were down 8% from 2009. There were 13,358 total sales recorded for the year. Nationally, 2010 was the weakest year for home sales since 1997.
On a positive note, the average home sales price was up 1% since the prior year.
Existing home sales prices were also up by 2% from 2009.
The new construction market took another huge hit, down 9% from 2009 with 992 new home sales recorded. In the fourth quarter, new home sales were down 42% and the average new home sales price also dropped from the prior year.

We are looking for some big changes in 2011. If the economy start to turn the corner, perhaps we will see positive growth in jobs and home sales.