Collierville Real Estate Holds Steady

Collierville Real Estate sales were down 15% in 2007 but values were slightly up .3% and price per square foot was up 1% according to Chandler Reports. The first half of 2007 was a record pace followed by a lackluster end of the year which has spilled over into 2008. In my opinion we have almost bottomed out and will start seeing the existing inventory be depleted over the spring and summer which will stabilize prices. We should start seeing things move upward by spring of 2009. Collierville which is represented by zip code 38017 is one of the top zip codes in the Memphis metro area if you look at the average sales price, number of sales and price per square foot. There are still great deal to be had and still a pretty good selection of new homes and resales. Look for the selection of new homes especially to rapidly diminish over the next few months. With little or no new homes on line behind these sales you will see new home prices rise quickly once things turn upward.