Memphis area home sales strong through the 3rd quarter of 2015
According to data reported by Memphis Area Association of Realtors, based on recorded deeds in Shelby, Fayette, and Tipton Counties, Memphis area home sales for the 3rd quarter have exceeded sales for the same period in 2014 by 4.4 % for number of units; with median and average sales prices rising 5.5% and 2.5% respectively. September numbers lagged 2014, but I don’t think this indicates a trend.
Inventory
Inventory is still fairly low but the the trend looks healthy as we approach the “slow” real estate season. Agents and home buyers alike would like to see more choices on the market. The increases in median and average sales prices reflect the continued low inventory and better economic prospects; however, I think it will be a long time before we see another real estate bubble.
The dip in the colder weather months is normal. Anecdotally, I usually have strong sales during the “slow” months. My areas of concentration, Midtown, Downtown and East Memphis, keep me busy November through February.
Neighborhood Sales
I concentrate my business in 3 in-town areas, as highlighted in the chart – Midtown, Downtown and East Memphis. All 3 areas exceed total area unit sales growth, with Downtown showing the greatest increase year to date.
Sales prices continue to trend upward in those areas. If you are interested in monthly and Y-T-D sales for your particular neighborhood, download the full report HERE.
If you have questions about the current state of the local real estate market, I am always happy to discuss what’s going on. Also if you have questions about the best time to put your home on the market, staging, or preparing for the market; or if you are a buyer – first time or experienced – give me a call.
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What do you think? Leave your comments.