2015 was a good year for Memphis home sales
The Memphis Area Association of Realtors (MAAR) has released the Memphis Area Sales Report for December, 2015 and the final numbers for 2015. This data is compiled from deeds that were recorded in Shelby, Fayette and Tipton counties. A separate report is compiled for MLS (multiple listing service) data, which I will share when it is released.
Ending with a slightly weaker December than 2014, area sales showed noticeable increases for 2015 in spite of continued low inventory and lower demand for new construction. CFPB TRID rules probably slowed down some transactions since TRID took effect October 3.
Total sales were up 4% for the year with rises in the 4% range for median and average sales prices.
Inventory
Inventory remained fairly low throughout the year with the usual peak in the warm months and drop-off as we approached the holiday season. This is a chart of inventory thorough 2015. I still believe that lower inventories are driving, or throttling, the market. Hopefully, we will see more good listings hit the market in early 2016, especially since financing terms are still quite favorable.
Neighborhood Sales
Downtown lead the way in sales increases for 2015, among the areas I specialize in, with a 19% increase in unit sales. Other areas in my niche fared well too, with a 10.1% increase in Midtown, and a 7% increase in East Memphis. Downtown also had a significant decrease in Bank Sales*, which is a sign of a strengthening market as owner equity builds. For the full report and to check sales in your area click HERE.
(click on chart for larger image)
*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.
Condos
The condo market remains unremarkable except for Downtown which has shown renewed interest as evidenced by number of sales and and a rise in median prices as well as price/square foot. For a detailed overview of the local condo market followed by details about the Downtown Condo market CLICK HERE for the Altos report.
To subscribe to free Altos reports for your favorite Zip Codes (single family or condos), CLICK HERE or see the How’s the Market? tab above for dynamic market data.
2016?
Two things to watch in 2016: Inventory and Enthusiasm. Listings are what drives the real estate market. Whatever motivates owners to sell, hopefully they will be stimulated to make the move this year. I think Buyer enthusiasm is there and increasing all the time. Watch those Millennials. They are going to be the market makers for the next few years. Have a great 2016! And remember, if you are considering buying or selling a home in Midtown, Downtown or East Memphis, call me first – 901-870-3440.
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What do you think? Leave your comments.