Memphis Home Prices and sales numbers up for 2013
Year end sales figures have been compiled for the Memphis area real estate market. Reports produced by the Memphis Area Association of Realtors (MAAR) show an increase in unit sales numbers as well as increases in median and average sales prices. MAAR produces 2 reports, a summary of MLS (Multiple Listing Service) sales reported by members, and a summary of sales based on recorded deeds in Shelby, Tipton, and Fayette Counties.
MLS figures show a 7.3% increase in unit sales over 2012, with an 8.2% rise in average sales price, and a 10.4% rise in median sales price.
Based on the report on recorded deeds reports, we see a similar rise in unit sales, but a higher increase in median and average sales prices:
With the ongoing low inventory levels, I expect to see some of the properties that investors have picked up at bargain basement prices over the past few years to come on the market to satisfy some pent-up demand. Despite changes in the mortgage qualification process, I expect a strong 2014 with a continued rise in unit sales as well as prices. There are still bargains out there for savvy buyers, but times are good for sellers too. Nice houses, priced right, are selling very quickly.
How the neighborhoods did in 2013
As you probably know, my business is concentrated in Downtown, Midtown, and East Memphis. Downtown had a 11.8% increase in unit sales over 2012, with a 6,9% increase in median price; Midtown units were up by 11.4%, while median price increased by an amazing 49.6%; East Memphis units were up 16.5% with a median price increase of 6.4%. CLICK HERE to download the entire report to check your neighborhood details.
Foreclosures down 14% in 2013
In my opinion, decreasing foreclosures show improving market health. With overall prices on the upswing, many homeowners are finding that they are no longer under water, and if they need to sell they may be more likely to have a normal sale as opposed to the short sale or foreclosure options.
Download the full reports
Note: these reports contain different datasets, so you will probably want to review both.
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