The Memphis Area Association of Realtors has released 1st Quarter, 2015, residential sales data for the Memphis area, including Shelby, Fayette and Tipton Counties.* Download the full report HERE.
1st Quarter sales data show lower volume, higher sales prices
A summary of sales data for the first quarter 2015 indicates unit sales lagging slightly for the first quarter compared to 2014. Both median sales price and average sales price have increased significantly, in my opinion, driven by low inventory and ever-increasing demand.
In my areas of concentration, Midtown, Downtown, and East Memphis, results were mixed. Downtown showed Y-O-Y gains in units sold, median and average prices. Midtown showed price gains but suffered a 14% loss in units sold, which I attribute to low inventory in that market segment. East Memphis showed a small gain in units and flat or decreasing median and average sales prices. Download the full report HERE
Inventory is still painfully low. As I mentioned earlier, there seems to be ever-increasing demand, but not enough desirable properties to satisfy that demand. All conditions indicate that we are in a strong sellers’ market, except the sellers don’t seem to want to play. The next quarter should be very interesting.
Bottom Line: Inventory is the biggest factor impacting the Memphis area real estate market. Increases in sales prices seem to be linked to low supply and increased demand. The 2nd quarter will be interesting as that is the time of increased demand. Keep an eye on the inventory, and keep in mind that nice houses in desirable neighborhoods may not stay on the market long and may sell for premium prices.
If you are interested in purchasing a home or discussing putting your home on the market, contact me for a free, no-obligation consultation.
*Sales data compiled from deeds that were recorded in Shelby, Fayette and Tipton counties. Bank sales represent all warranty deeds recorded in Shelby, Fayette and Tipton counties where the seller was a bank, REO company, or other similar institution.
For full report, click HERE to download a higher resolution .pdf version.