The Memphis August real estate totals are starting to roll in and are showing strong year on year growth. Growing to the tune of double-digit percentage increases. Total Memphis homes sales grew 12.6 percent from August 2015 to August 2016. August is typically an active real estate closing transaction month. Especially for closing of properties that went under contract earlier in the summer.
The Memphis total August sales for August were 1,738 units for 2016 compared to 1,543 for 2015. Both years show a robust Memphis market and the strong growth shows even more promise for the Memphis market.
Growth Across the Board
The market remained very active going into the late summer. Not only is the sales market active but prices are on the rise. While not at double-digit percentage increases, growth was healthy at the higher end of single digit growth. Memphis median sales price grew 7.8 percent from 2015 to 2016. The 2015 median price was $129,900 compared to this year’s median price of $140,000. This along with the 12.6 percent increase in sales volume, this is creating a bullish market.
In terms of total dollar sales volume, the increase was a phenomenal 19.4 percent. This is a result of the combined increased sales volume and increasing prices. In dollars, total sales increased from $255.4 million in 2015 to $304.9 million in August 2016.
Monthly sales volume year to date had a big jump, from $1.76 billion in 2015 to $1.95 billion in 2016 for a 10.8 percent increase.
A Particularly Successful Project
Originally known as the Horizon, this 16-story condominium development located at 717 Riverside Drive was mothballed during construction when the recession hit. It has now undergone a $30 million remodel and rebranded The Artesian. It officially opened in October of last year.
While the remodeling continues towards completion, sales have out paced forecasts. It’s averaging sales of two to three units per week. The projected sale of 97 units for the year was surpassed in early August. Of the building’s 143 units, 114 are currently under contract or have been sold.
The unit price range is wide spread, starting at around $160,000 and going up to more than $900,000. This matches the wide spread size and options that are available. Floor plans range from 1,000 square feet to more than 3,000 square feet. One bedroom to four bedroom options and two baths to three-and-a-half baths are available.
All amenities at the building are now usable. These include the recently completed tennis court along with indoor and outdoor pools, rooftop deck, workout facility, pet park, yoga room, and road bike and mountain bike storage.
Overall, the Memphis real estate market is robust and still growing at a very healthy pace.
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Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 10 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. With the Pacific Ocean a couple of miles in the opposite direction.