September 2011 Total Sales
The Memphis Area Association of Realtors (MAAR) reports that September residential real estate sales in Shelby, Fayette, and Tipton Counties increased slightly over 2010, based on data compiled from deeds recorded in those counties. Total units sold increased increased by 19 units or 1.8%. There was a 2.7% increase in median sales price, while average sales price dropped by 4.4% . Year-to-Date totals show a 11.7% decrease in sold units from 2010, with both median and average sales prices dropping.
The report is loaded with interesting information about about sales and inventory. Foreclosure auctions are down, as are bank sales. The resultant increase in “normal” sales indicates a strengthening market, despite the constant market corrections in prices.
New home sales saw a big drop – 43 units vs. 69 units in 2010, with a YTD drop of 34.1%
September 2011 New Home Sales Comparison
I always stress that real estate is a Micro thing. The area reports section proves this by breaking down sales statistics by area, so you can see how your neighborhood fits into the big picture.
Download the full September report Here
If you have real estate questions, contact me either through the contact form on the site or directly.
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