The Memphis Area Association of RealtorsMAAR (MAAR) has released September, 2012 home sales stats based on recorded deeds, in Shelby, Fayette and Tipton Counties.
Residential unit sales continue to trend upward with a 17.1% increase this September over 9/11. Year to date unit sales are up 15.8% at 11,331. Average price continues to trend upward with a YTD increase of 1.6%.
My areas of specialization are doing well: Midtown unit sales up 11.6% YTD, but average sales prices are down from last year at $101,630. Downtown units are up 17.9% with sales prices up 2.3% at an average of $169,349. East Memphis sales are up 16.6% over 2011, and average prices have posted an 8.2% gain YTD at $159,231. If you like statistics and want to check out neighborhoods of interest , Download the entire report here.
Analysis
Things are looking better across the board in the Memphis residential real estate market. I am still not willing to call it a trend. While housing prices have returned to 2003 levels, and appear to be trending upward, there are a lot of political unknowns that could have a powerful impact on the housing market. We should know pretty soon after the presidential election how the winner will address the mortgage interest deduction, and government backed mortgages – through FHA and the GSEs Fannie Mae, Freddie Mac, Ginny Mae, etc.
So, let’s just say I am cautiously optimistic. Anecdotally, I seem to be running into more enthusiastic buyers, and some of my friends and former clients who have been holding back on selling their homes are now thinking about getting into the market. I will end as always by saying that all real estate is local – micro local. Whether you are buying or selling, deal with a local expert – someone who knows your neighborhood or the neighborhood where you want to live.
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