I guess better late than ever, as sluggish figures lead to sluggish response. The Memphis Area Association of REALTORS’ Home Sales report for October 2008 and YTD has been out for a while, and I anticipate the November numbers to be out before Christmas. The downward trend continues in number of home sales (-18.6% YTD from 2007) and the median price (-13% YTD from 2007). Total number of listings is down significantly at 11,343. Interesting stats in the area details : Sales are way down in the ‘burbs, Bartlett, Germantown, Arlington, and Collierville, but median sales prices are holding their own with only single digit decreases. This is a comprehensive report that should be of interest to homeowners as well as active buyers. Good news for the over $1M market, as the Spake Index for October =51, a five month drop in inventory since September. Download and read the entire report
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There has been some buzz on the real estate blogs about today’s Market Watch (Wall Street Journal) story Top Realtors Disclose Marketing Secrets for Tough Times. The article discusses a survey by a top provider of direct mail, mass email and e-marketing services for Realtors. The top ten core themes and findings don’t tell us much new: Realtors use direct mail, newspaper ads, and email and have websites.
What caught the attention of the bloggers was the statement that “67% of real estate professionals are now part of an online social network.” Is this statement accurate? Well, I guess it depends on how you define “part of”. There is a huge difference between JOINING a social network and PARTICIPATING in one. With Realtors there seems to be a Bandwagon Effect. Agents are quick to jump on the latest trend, especially if there is the promise of making more money, but they are not very likely to do the follow-through necessary for mastery.