Home sales up for May
Memphis Area Association of Realtors (MAAR) has released May, 2012 sales stats for Shelby, Fayette, and Tipton Counties, based on recorded deeds. Unit sales are up a whopping 24.8% over May, 2011, and up 21% year-to-date. Median and average sale prices remain flat.
Foreclosures are up
Foreclosures were up 30.4% over May 2011, with YTD foreclosures up 35.4%. There is still a lot of shadow inventory out there. I recently ran across a property that had been in default for 4 years that still hadn’t been foreclosed; so expect foreclosures to increase as demand and median sales prices continue to advance.
Inventory up
I like seeing inventory increasing. Inventory has been trending down for quite a while now, and it’s nice to see a few months of up ticks. To me it says that sellers are more confident about selling their homes and getting a reasonable price. It also means a better selection for today’s demanding buyers.
Chandler Reports
Chandler Reports indicates 1,383 residential sales in Shelby County (only) in May, for a 25% increase over may 2011. Average sale’s price is pretty consistent with MAAR’s report at $123,975. Download the Chandler Monthly Summary HERE.
Download MAAR’s May, 2012 Memphis Area Sales Report
If you need more information on local market conditions, please contact me! Remember, all real estate is local – micro local. Don’t depend on a computer in Seattle for your real estate information. Contact a local expert.
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[…] an article by local Memphis real estate broker, Joe Spake, which appears on his blog at the “Memphis Real Estate Buzz” Year-To-Date, foreclosures in Memphis are up 35.4% over 2011. © Pontus Edenberg – […]