The Memphis Areal Association of Realtors (MAAR) has released the June/YTD Sales Stats Report, based on data compiled from deeds that were recorded in Shelby, Fayette and Tipton counties.
June unit sales are up 5.9% over June of 2015, with YTD sales up 8.8% over last year. Median and average sales prices are trending upward, based, in my opinion on supply vs. demand factors in many neighborhoods.
One trend that indicates strength in the housing market is that Trustee sales (foreclosures) are down by 19.8% from last year. To me this says that the strength of the economy is allowing more people to keep their homes and avoid foreclosure, and that finally the distressed market is moving toward stabilizing.
Neighborhood sales stats are trending well. You can download the full report and check out your neighborhood HERE. In my areas of specialization, Downtown unit sales are up 11.5% over 2015, with median prices increasing over 13%. Midtown- up 10% in units and median prices, and East Memphis up over 15% in units, but flat for prices.
I remain optomistic about the Memphis real estate market. It is exciting to see homes selling the first week on the market with multiple competing offers. Mortgage rates are incredible. If you have been thinking about selling, you may want to give it serious consideration. The time is right. Let me know if you would like to discuss value and marketability. I am also helping home buyers, both new and seasoned, negotiate this exuberant market. Feel free to contact me.
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