The Memphis Area Association of Realtors® has released home sales numbers for January, 2011. Total unit sales showed a 1.4% decrease from 2010, with media sales price dropping 9.7% to $83,500
Click image for full report
Of the total 960 sales, 924 were existing homes; 36 were new construction.
664 were non-bank sales; 296 (30.8%) were bank sales. (note: “Bank sales” are properties that have been foreclosed by banks, and put back on the market). In January, there were 304 foreclosure auctions, down 35% from 2010.
As of 2-4-2011, there were 8,382 active listings.
Some areas of interest
| Area | # of Sales | Median Price | % Chg. Med. Prc. Y-O-Y |
| E. Memphis | 138 | $104,950 | 27.2% |
| Cordova | 104 | $112,250 | -14.5% |
| Collierville | 66 | $266,450 | -11.2% |
Click here for complete MAAR Sales Report.
I am withholding my usual comments on the state of the Memphis real estate market, but I will explore the market in future posts. Just one anecdotal observation: I had a busy January; much busier than 2010.
How do you feel about the current real estate market, as a homeowner, buyer, or real estate professional? I would love to see your comments.
Realtor at InCity Realty
Joe Spake is a Real Estate Broker and Consultant, specializing in Midtown, Downtown, and East Memphis residential properties. His interests include architecture, community activism, music, photography and cooking. Get more great real estate information on Joe's Facebook Page. Call 901-870-3440 or Email Joe@spake.com
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