April, 2012 Home Sales – Memphis Area
Memphis real estate is on an upward trend, right? Well, if you use number of units sold as your as a measure, things are looking pretty rosy, with a 15.3% increase in sales 4/12 over 4/11 and a 19.7% increase Year-to-date.
The good sign here, at least for the month of April, is that median prices showed a 13.7% increase, and average prices increased 11.6% over 2011. In my opinion, median prices are all tied in with inventory – if there are more inexpensive houses on the market being sold, it will skew the prices downward; less cheap houses – median prices rise. Remember that about a third of the residences sold in this area are sold for below $50,000.
Are we out of the woods yet?
This bar graph below shows monthly sales over the past 3 years (2009-red, 2010-green, 2012-blue). Let’s face it, 2011 was a dismal year. And we are straggling behind 2009 in unit sales.
However, a couple more positive months, and this stalwart bear will be morphing into a guardedly cautious bull. We all want to know that values are trending up, and we all want to know what these types of stats have to do with us, and our particular situations. I can’t end this post without saying that All Real Estate Is Micro-Local. Consult an agent that specializes in your neighborhood and knows what’s happening right there.
Mortgage rates are still great if you are considering a purchase or re-finance. I would like to write about some of the re-fi programs for underwater owners, but I will leave that to the experts. There are programs available. Contact me, and I can get you in touch with the experts.