According to the data I researched in the Middle Tennessee MLS (RealTracs) as of 9/1/2009, the following Market Statistics paint a troubling picture for the 3 main cities/towns in Rutherford County Tennessee:
Active Listings
- Murfreesboro TN -109 out of 1,322 Active Listings (or 8.25%) are shown as Short Sale or Foreclosure listings.
- Smyrna TN – 51 out of 389 Active Listings (or 13.11%) are shown as Short Sale or Foreclosure listings.
- LaVergne (or La Vergne) TN – 59 out of 291 Active Listings (or 20.27%) are shown as Short Sale or Foreclosure listings.
Pending Sales
- Murfreesboro TN -32 out of 242 Pending Sales (or 13.22%) are shown as Short Sale or Foreclosure listings.
- Smyrna TN – 11 out of 60 Pending Sales (or 18.33%) are shown as Short Sale or Foreclosure listings.
- LaVergne (or La Vergne) TN – 29 out of 61 Pending Sales (or 47.54%) are shown as Short Sale or Foreclosure listings.
As you can see in all the towns above the % of Short Sales and Foreclosures is high for both Active Listings and Pending Sales. However, the worst part is that when looked at as a percentage of Pending Sales the Short Sale and Foreclosure share of Pending Sales is relatively high when compared to percentage of Active Listings to the tune of 50%+. This means that regular (i.e. non Short Sale and Foreclosure) listings will have a difficult time selling as a large share of Pending Sales are lower priced distressed properties.
For Murfreesboro and Smyrna the % of Pending Sales that are Foreclosures and Short Sales remained about the same as last month, but for La Vergne the % increased from 34% to 47.54%. While the real estate markets in Murfreesboro TN and Smyrna TN are definitely hurting and prices are declining, the La Vergne real estate market is in really bad shape.
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