Housing Inventory Disappearing

Inventory-STM

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today’s market conditions.

Inventory Levels & Demand

Sales of existing homes rose 5.1% month-over-month in March and are 1.5% higher than this time last year. Sales rose in all four major regions in March.

Total unsold housing inventory is 1.5% lower than March 2015 at a 4.5-month supply and remains well below the six months that is needed for a historically normal market.

Consumer confidence is at the highest level in over a decade. Pair that with interest rates still below 4%, programs available for down payments as low as 3%, and you have an attractive market for buyers.

Homes sold in March were on the market for an average of 47 days and 42% of properties sold in less than a month.

Prices Rising

March marked the 49th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $210,700 (up 5.7% from 2015).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.

Housing Inventory Disappearing | Simplifying The Market

NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

“Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”

Bottom Line

If you are debating putting your home on the market in 2016, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Let’s meet up so we can get the process started.

By: KCM Crew

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1626 Horseshoe Bend Trail – Brand New Collierville Home!

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Welcome home to 1626 Horseshoe Bend Trail, a spectacular, brand new Celtic Manor built home situated in The Stables Subdivision in the sought after Wolf River Corridor of Collierville! Built for entertaining this home offers an open floor plan with impressive formal rooms, plus comfortable everyday living spaces. Quality features include 4 bedrooms with 2 down, 4.5 baths, massive game room upstairs, granite galore, gleaming white oak hardwood floors, incredible covered porch with a wood burning Isokern fireplace, GE Profile stainless steel appliances, GE Monogram Professional Series 36″ gas range with 6 burners, soaring smooth ceilings, soft close drawers and doors, incognito custom closets, all bedrooms with attached baths, spacious great room with a cozy gas log fireplace with a custom wood mantel and stone veneer, 3 car garage, crown moulding, 2 A.O. Smith gas water heaters, 1 gas line to the porch for a grill, Trane XR14 Seer HVAC units, Tamko Heritage architectural 30 year asphalt roof, custom made cedar box beams and so much more! Not to mention this magnificent home is in the sought after Collierville School District…Crosswind Elementary, Schilling Farms Middle and Collierville High. If a private school is what you desire it is right around the corner from Briarcrest and St. George’s. This prestigious neighborhood is close to parks…Frank Road Park and WC Johnson Park and tons of Shopping…the Collierville square and Avenue of Carriage Crossing. Don’t miss out on this spectacular home!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.

Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

 

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101 Things To Do In Memphis #12: Memphis in May – World Championship Barbeque Cooking Contest

#12 BBQ Cooking ContestJoin the ranks of the most prestigious meat smokin’ pit masters on the planet at the 39th annual World Championship Barbeque Cooking Contest.  With more than 250 people competing from 20+ states and several countries and an estimated 100,000 people attending, it has grown to become the largest pork barbeque competition in the world.  Media from around the world, including the BBC and The Food Network, come to town to cover the event.

The WCBCC originally got its start in 1978 with 26 teams competing.  With an entry fee of only $12, the $500 grand prize won by Bessie Louise Cathey was quite a good return on her investment.  Today the entry fees range from $700 – $2600 just for renting booth space with an additional $60 per competition entry.  But prizes have grown substantially too.  At sake this year is the largest prize purse in the history of the championship, totaling $115,000!

The competition has three official meat categories – pork ribs, pork shoulder and whole hog.  There are also several side categories – Anything But (meaning anything but pork), Sauce, Hot Wings, and the Kingsford Tour of Champions.  Only wood and charcoal cooking is allowed at the event – no gas or any other kind of heat system is allowed.

In addition to the food, there are also several fun special events.  Ms Piggie Idol – where teams dress up contestants as pigs and performs skits on stage.  Best Booth – booths are judged on design and originality.  T-shirt Design – shirts are judged on design and originality.  Cooker Caravan – A free behind the scenes look at the competition for the general public with guided tours to teams in each category.

If you’ve not been to the WCBCC before, what are you waiting for? May 12-14, 2016.
Thursday, May 12: 11 a.m. – midnight. Friday, May 13: 11 a.m. – midnight. Saturday, May 14: 10 a.m. – 10 p.m.
I’m hungry just thinking about.  To learn more about the event and to order tickets, visit the website.

By and photo credit: memphisinmay.org

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1226 Grace Ann Court – Spectacular Home in the Gated Cordova Club Subdivision!

Welcome home to 1226 Grace Ann Court, an amazing home in the sought after gated Cordova Club subdivision that you will have to see to believe! Built for entertaining, this spacious home offers an open floor plan with impressive formal rooms, plus comfortable everyday living spaces. Quality features include gleaming hardwood floors, updated fixtures, smooth ceilings, bull-nose corners, crown molding, 4 bedrooms, 3.5 bathrooms, plantation shutters, amazing outdoor living area, and so much more! Enjoy comfortable everyday living in the captivating great room enhanced with a cozy gas log fireplace, perfect for those cold winter nights. Cooking will be a delight in this incredible eat-in kitchen with cabinet and counter space galore, granite, breakfast bar, double pantry, tile backsplash, island, full complement of appliances including a self-cleaning oven,  microwave, dishwasher, double sinks and cook-top. In addition, this kitchen offers a sunny breakfast area, which is the perfect spot to enjoy your morning coffee. Family and friends will enjoy gathering in the splendid hearth room located off the kitchen illuminated with tons of natural light beaming in through the windows. Host the finest dinner parties in the romantic dining room. You will rest easy in your downstairs master retreat featuring a walk-in closet with built-in shelving as well as an additional closet and dressing area with a private staircase leading to it. The spa-inspired luxury master bathroom boasts an elongated dual sink vanity, durable tile floor, relaxing whirlpool tub and a divine walk-in shower.  Relax outside in the iron fenced backyard featuring a spectacular covered outdoor living area with a cooling ceiling fan, crab orchard stone fireplace, and a nice patio area, perfect for cookouts and parties!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.
Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

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Homes Continue to Sell Quickly Nationwide

Homes Continue to Sell Quickly Nationwide | Keeping Current Matters

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. This is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015.

42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015 (43%)!

Among the states with homes selling in 30 days or less are Washington, Oregon, and Minnesota. The map below was created using results from NAR’s Monthly Realtor Confidence Survey.

Homes Continue to Sell Quickly Nationwide | Keeping Current Matters

Bottom Line

Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, meet with a local real estate professional who can help you take advantage of current market conditions!

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4498 Coltwood Drive – Incredible Lakeland Home in the Oakwood Subdivision!

Welcome home to 4498 Coltwood Drive, located in Lakeland in the sought after Oakwood Subdivision. An amazing home you will have to see to believe! Built for entertaining this spacious home features an open and airy floor plan, 4 bedrooms, 3 baths, gracious entry, neutral colors, crown molding, granite countertops, stainless steel appliances, updated fixtures, smooth ceilings, gleaming wood floors, laundry room, attic, cozy gas log fireplace, 3 car garage, screened-in porch, large deck, hearth room, dining room, and great room!

Style and utility are masterfully fused together in this incredible eat-in kitchen with a full complement of stainless steel appliances, granite countertops and tile-backsplash. Open to the kitchen is the fabulous hearth room enhanced with a gas log cozy fireplace, perfect for those cold winter nights. Enjoy everyday living in the spacious, warm and inviting great room. Host the finest dinner parties in the romantic dining room embellished with a dazzling chandelier. The screened-in porch makes the nights a pleasure to enjoy with family and friends.

Enjoy Lakeland Schools plus Oakwood’s walking trails, stocked ponds, clubhouse & community pool!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.

Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

 

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101 Things To Do In Memphis #11: Mud Island River Park

#11 Mud Island

Though not literally an island, Mud Island is a small peninsula surround by the Mississippi River and Wolf River Harbor.  Mud Island opened to the public in 1982 and features restaurants, a museum, and an amphitheater.  You can get to Mud Island either by car, foot, monorail or ferry.

At Mud Island River Park, you can experience the Mighty Mississippi River up close. There is 5 block long river walk model that you can hike down and see the Mississippi in miniature. Major cities and small towns located on the river are marked in the scale model, and markers explain history and facts about the river. The model empties into a “Gulf of Mexico” replica, which was once a waterpark named Bud Boogie Beach, and on the other side is a small wooden boat named the Maymay, which is no longer open to the public. The park also includes bike trails, pedal boats, and rafts.

Inside the 18 gallery Mississippi River Museum, you can explore two full size boat models you can board. The museum also presents the history of the lower Mississippi river valley, with most of its emphasis on the steamboat. The mission of the museum is to preserve and promote the natural and cultural history of the Lower Mississippi River Valley through excellence in education, interpretation and exhibits. Admission to the museum is $10 for Adults (12-59), $9 for Seniors (60 Plus), $7 for Youths (5 – 11), and Children (4 and under) are FREE.

Mud Island is home to a 5,000 seat outdoor amphitheater which has been used for a summer concert series for over two decades. The band Dash Rip Rock which has played there several times, recorded a song named Mud Island that can be found on two of their albums. James Taylor performed at the amphitheater during a light rainstorm in 1992, stuck his arm out into the falling water and remarked, “Mud Island… ominous name, eh?”

Call 800.507.6507 or 901.576.7241 and visit the website for additional information.

By and photo credit: mudisland.com

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11288 Deep Pond Drive – Amazing 4 Bedroom Collierville Home!

Welcome home to 11288 Deep Pond Drive, an amazing open and airy, well maintained, brick home that will impress you the moment you walk through the front door! Located in prestigious Collierville this home has all the bells and whistles featuring gleaming wood floors, smooth ceilings, arched doorways, crown molding, plantation shutters, stainless steel appliances, granite countertops, neutral color palette, and so much more! Enjoy comfortable everyday living in the captivating great room enhanced with a cozy gas log fireplace, perfect for those cold winter nights. Cooking will be a delight in this gourmet eat-in kitchen with cabinet and counter space galore, pantry, breakfast bar, desirable granite counter-tops, and a full complement of stainless steel appliances including double ovens, microwave, dishwasher, and cook-top. The cheerful breakfast area with tons of windows and natural lighting is the perfect place to start your day. Host the finest dinner parties in this lovely formal dining room embellished with a dazzling chandelier. You will rest easy in your downstairs master retreat featuring a spa-inspired luxury master bathroom boasting a dual sink vanity, relaxing whirlpool tub and a divine walk-in separate shower. This home also offers three additional  bedrooms upstairs. Play, party or entertain in the huge bonus room. Relax outside in the delightful fenced backyard with a nice covered patio, perfect for cookouts and parties! This amazing home also offers a two-car side load garage, laundry room, walk-in attic, and security system! Not to mention it is situated in the desirable Collierville School District!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.
Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

http://11288DeepPondDrive.RealBird.com

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Memphis Real Estate Market Report – March 2016

  • March sales up 4% from last year with 1347 record compared to 1295 in 2015.
  • Average sales prices increased 1% over last March
  • Median sales price was $115,000 which is up by 6% from last year
  • YTD home sales are up 5% & average prices are down 3% from the same period in 2015
  • 21 of 33 zip codes in the county had an increase in overall sales prices – see the graph below – for suburbs no. & sales.

Home Sales by Municipality

Municipality No. of Sales Average Prices
Arlington -9% -10%
Bartlett 5% -8%
Collierville -9% 13%
Germantown -7% -12%
Lakeland -18% -7%
Memphis 7% 4%
Millington 225% 66%
Unincorporated -5% -2%

If you are interested in selling your home or are interested in buying a home; please feel free to contact me at 901-729-9526 or 901-756-8900. You can email me at Melissa@YourKeytoMemphis.com. Be sure to visit www.YourKeytoMemphis.com for all of your real estate needs.

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101 Things To Do In Memphis #10: Playhouse on the Square

#10 Playhouse on the SquarePlayhouse on the Square is Memphis’ professional resident theatre company.  Their mission is to produce a challenging and diverse repertoire of theatrical work that speaks to the intelligence, the soul, and the imagination of the Memphis community; to provide a nurturing artistic home for actors, directors, designers, and staff in which they can practice their craft and share their talent; and to make all of their productions available through access, outreach, and educational activities to everyone in the community regardless of financial circumstances. One of the ways it achieves the mission is through Pay-What-You-Can Nights, which ensures that even those who cannot afford the full price of a ticket will not be denied the pleasures of an evening at the theatre.

With a burst of pride and a burst of gratitude, Circuit Playhouse Inc. observes the 40th anniversary of its founding. More than 6,000 people have acted, staffed, ushered, handled tech jobs, and struggled to bring forth the 744 shows produced at our theatres since 1969. The celebration of this occasion is in their honor, for without their talent and dedication, Memphis’ professional theatre company could not have reached this landmark event.

The next production at Playhouse on the Square is Memphis, The Musical, which runs May 6-29. Inspired by actual events, Memphis centers around a white disc jokey, Huey, who wants to change the world, and black club singer, Felicia, who is ready for her big break. Their incredible story takes them to the ends of the airwaves and on a journey filled with laughter, emotion, and a whole lot of Memphis soul.

If you have not seen a production at Playhouse on the Square before why not give it try this summer.  For more information on their productions, ticket prices and show times, visit their website or call Administrative Office (901) 725-0776 or Box Office (901) 726-4656.

By and photo credit: playhouseonthesquare.com

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