Housing Market Report – October 2008

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.

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8 Responses

  1. I take this as good news for at least there are homes being sold and bought. it could be so bad that nobody is buying or selling…I have seen your numbers and there has been a drop but it looks like not a big drop. the market will come back and then people will feel comfortable!

  2. Hey Kathy, how does this factor into people abandoning their houses or vice versa?

  3. It’s a bit sad that our “fat years” come at such a price. I know a lot of people were not expecting such a downturn and I feel for them.

    Like Bearroller, I am glad to see that sales continue, even if at a slower rate. I am extra glad now that I purchased less house than the banks told me I could afford. Turns out Mom’s economic habits were right; save money when you’ve got it, don’t buy something unless you need it!

  4. Cricket, The only homes on here are the ones that have been listed and sold on the MLS. If one is sitting there empty and not on the market, I can’t and don’t count it.

  5. I have a question that is slightly off topic. It is my understanding that the city has an ordinance regarding placing signs or advertisements on utility poles. (I may be wrong about that.) I noticed that a company has placed signs on every single utility pole on my street (Holland Ridge Drive) regarding “Save your dream home” refinance, etc. The signs are an eyesore and the quantity of them is rediculous. Am I allowed to go down the street and take them down myself or do I need to call someone about that?

  6. It is a violation of city codes to put those signs on the poles, at intersections, etc. However, I do not know if it is legal for you to take them down or if you have to call codes.

    I will tell you for me personally, I take down those signs every opportunity I get. They are a huge eyesore and a violation of the law, I just wish this city would deputize a few of us to enforce the codes.

  7. This was something our family posted about on the open thread subject.

    But this company you are referring to isnt the only thing that needs to be addressed. I would like to see the city have all these other signs picked up as well. The carpet cleaners, window cleaners, week and even month old yard sale signs, child care and I could go on and on. It is definitely on every corner on Murfreesboro Road as well as scattered throughout this entire city. It is very junky looking. Does the city enlist the use of the trash pickup crews such as Smyrna has that Lavergne could use to address this very big problem?

    This is a true eyesore throughout the entire city of Lavergne. Other then that me and my family are pretty happy as new homeowners in Lavergne.

  8. Here’s a proposal – what about “green” la vergne petitioning the city for permission to enforce the signs ordinance?

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