Housing Numbers – August 2008

It’s time again for our monthly report on what the housing market in LaVergne is up to.  Shall we?

Current Listings:  400
Up to $200,000:  347
More than $200,000:  53
Least Expensive:  $49,900 in Willow View (same as last month)… 2 bedroom, 1 bath mobile home with 1100 square feet.
Most Expensive:  $525,000 in Hampton Road estates (same as last month)… 3 bedroom, 3 bath home with indoor swimming pool and 4500 square feet.

Sold in August 2008:  41 (Least expensive $85,000, Most expensive $324,000 )
Sold in August 2007:  72 (Least expensive $23,000, Most expensive $455,000 )

Sold January 1 – August 31, 2008:  384
Sold January 1 – August 31, 2007:  527

This is more than a 27 percent drop in the number of sales.  Without going into any details about condition of properties – this is just a snapshot of the market – the AVERAGED value does seem to have dropped.  In 2008, the average price of homes that sold in August were $86.91 p/square foot and average price was $142,873.  In 2007, the average price in August was $95.72 p/square foot and average price was $166,071.  I was going to try to make everyone feel better about how it depends on the neighborhood, but it looks like even in one of the nicest LaVergne subdivisions, the home values dropped (on average) from $115.18 p/square feet to $100.16 p/square feet.

It will get better, though.  Housing always recovers.  With the Fed takeover of Fannie Mae and Freddie Mac, we expect to see interest rates drop soon for new mortgage loans.  The stock market this morning had a nice jump on the news this weekend of the Treasury’s rescue.  It will get better.

Photo published with permission.  Featured home at McFarlin Pointe home (one of the prettiest views I’ve seen in LaVergne) by listing agent Liz Kemp of Coldwell Banker Barnes.

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