RED REPORT - MAY 2018
CHECK OUT OUR MAY 2018 RED REPORT!!!
The Red Forecast
We had a nice jump in closings from April to May, which is seasonal and normal for this time of year. We usually see an increase during Spring which levels off during the Summer and then a little bump in the Fall before sales slow down for the Winter. This varies when we have unusual events, but if everything else in the market is stable, the market will usually follow the seasons.
It looks like 2018 is going to look a lot like 2017 which looked a lot like 2016. I personally like the stable market without any surprises to throw off sales/prices in either direction. Inventory seems to continue to be low, but it seems to be slowly improving due to the new construction increases. The problem is new construction is not helping the lower end price points. The cost of development, materials and labor are just too expensive for builders to produce what we would consider starter homes or first time home buyer price ranges. That has pushed those buyers into apartments or condos, which is becoming the norm, until they can afford the higher price ranges.
We continue to be blessed to be in Middle Tennessee with a diverse and strong economy. Our market’s sales numbers are about 2-3% points higher than the National averages which has been typical as long as I can remember. Thank you local politicians and chamber of commerce staff for continuing to manage and maintain a strong economy and quality of life for us all to enjoy.
I hope everyone enjoys their busy Summer!
1574 Medical Center Parkway
Murfreesboro, TN 37129
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