July 2010 Home Sales Activity Report

2010 Rutherford County Residential Closings/Pendings Activity:

Month               Closings                Pendings

January               162                       218

February              207                       281

March                   309                       410

April                      390                       466

May                      367                       352

June                     389                       331

July                       263                       264

2009

January                160                       220

February              188                       246

March                   260                       328

April                      253                       352

May                      299                       362

June                     360                       397

July                      366                       349

August                 336                       373

September           315                       362

October               334                       338

November            324                       292

December            238                       221

July closings dropped due to the tax credit expiration.

It appears that the peak selling season got an early start due to the tax credits and has caused the slower winter season to also get an early start.

The good news is there are still buyers in our market and I would assume the sales will improve after everyone realizes the tax credits are over and not coming back any time soon.  I heard that Rural Development financing is back in business, so that should help the lower priced homes outside the city with the special financing options.

I've heard this is as close to 100% financing as you can get so if you have a buyer who has good credit but a little cash, take them to an RD approved subdivision.

- 2010 July Closings are 32% less than 2010 June Closings.

- 2010 July Pendings are 20% less than 2010 June Pendings.

- 2010 July Closings are 28% less than 2009 July Closings.

- 2010 June Pendings were 24% less than 2009 July Pendings.

- Closed Prices are back down to $166,638 from $171,202 in June.

Again, I think this is a reflection of the tax credit.  The tax credit made several buyers pay full list price just to meet the deadlines so now negotiations are a little different causing lower prices.

Foreclosures and distressed properties continue to be a big part of our market's sales volume.  Remember most foreclosures are not included in the numbers above because this report only includes sales that are in the MLS (Multiple Listing Service) that is provided by Realtracs for Realtors.  Most foreclosures are sold at auction at the courthouse and not reported through the MLS.  The good news about this is we have a lot more sales than what is reported.  The bad news is if the foreclosure prices were reported in the MLS, our average sales prices would be much lower.