The Memphis Area Association of Realtors (MAAR) has released sales figures March, 2013 sales figures for Shelby, Tipton and Fayette Counties, based on recorded deeds through March. Download the full report here.
A few of highlights of this month’s report – 1. Sales units are down 9.8% for the month while median sales price rose 15.5% for March, Y-O-Y; 2. The decrease in sales is significantly impacted by a 26.1% decline in Bank Sales (re-sales after foreclosures); 3. Foreclosure actions are down 26.4% for march and down 15,5% for the year. And our dismally low inventory rose a bit from February but is still at decade lows.
What does this all mean? Low supply, rising prices, increasing demand – all indicators of a Seller’s Market. Of course, as for the past few years, the great unknown here is how many distressed properties with hit the market and when. For now I am sticking with my call that this is a Seller’s market.
All real estate is micro – if you are a buyer or seller find an agent who is an expert on your neighborhood, or better yet, your block.
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- Top Home Buying Strategies for a Seller’s Market (prweb.com)
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- Mid-Century Modern for sale – 346 Waring, Memphis, TN - July 9, 2013
- RE Buzz – Real Estate News Roundup – July 9, 2013 - July 9, 2013
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