The Memphis Area Association of Realtors (MAAR) has released Memphis real estate market data for March, and year-t0-date 2016. The Report is compiled from recorded deeds in Shelby, Fayette, and Tipton Counties. As you can see from the summary below, unit sales are up for March and the first quarter, while y-t-d median prices were flat from 2015 and average prices showed a 4.1% decrease.
Is it all about the Inventory?
Low inventory continues to present a challenge in the Memphis Market. There’s just not a lot out there to buy or sell. Rising demand and low supply are turning Memphis into a seller’s market. I have seen more multiple offers this year than I ever have in the past. Good houses are gone in less than 24 hours, and prices are being ratcheted up due to competition. I don’t see any indication that more houses will hit the market. The graph below shows a steeper movement Jan.-Mar. this year than last.
Midtown is Rockin’
Well let’s get to my niche – Midtown, Downtown and East Memphis. Midtown, Y-T-D has shown 21+% increases in units and median price over 2015. Downtown is down 3.6% in units and up 9.7% in median price. East Memphis had solid results with a 13.1% increase in units and 4.3% increase in median price. Midtown has been very popular this year in all price points. There are a lot of well qualified buyers out there right now, and Midtown continues to have more to offer – entertainment, dining, the arts, and strong public and private schools. Download the full report to check on how your neighborhood is doing.
Download the full report HERE
If you have questions about the market, of if you are considering buying or selling a Memphis home, please contact me. I will be happy to help you.
Free resources from Spake.com
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What do you think? Leave your comments.