The Memphis Area Association of Realtors® (MAAR) has released data for recorded residential sales in the month of February and YTD. February unit sales showed a 11.8% drop from 2011, and 7.6% lag year to date. Median and average sale prices rose significantly in February, and both show a YTD increase. Reviewing the full monthly report, it’s interesting to note that Bank Sales dropped by 28.8% for the month and have dropped by 24.4% YTD. Those numbers probably have direct impact on the sales price increases. Also, foreclosure auctions have dropped by 18.9% for February and 26.0% YTD.
Activity in the suburbs
With negative unit sales figures in most areas of MAAR’s coverage, there are notable increases in sales in the suburbs, Cordova, Bartlett, Gemantown, Collierville, Arlington, and Millington (up 83.3% for the year), both for February and YTD.
Download the full MAAR report here.
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