“The 2017 market is off to a really good start, with numbers up across the board,” said Memphis Area (MAAR) President Tommie Criswell. “And we saw some inventory gains, which should help buyers.”
Released March 6, 2017, the MAAR report shows Memphis-area home sales for February increased 5.4 percent from a year ago, with 1,130 total sales recorded in the Memphis Area Association of REALTORS® data property records database. Sales were flat from January, when there were 1,134 total sales. Average sales price from February-to-February was up 6.9 percent, at $147,669. Inventory increased 3.6 percent, with 4,500 units listed for sale. Year-to-Date sales volume was up 19.7 percent at $343.1 million.
Signals that the Memphis real estate market continues to grow stronger in February include that bank owned sales declined from 180 in February 2016 to 105 in February 2017. At the same time, sales of non-bank sales increased to 1,025 from 892 a year ago. Year over year average sales price increased from $138,088 to $147,699.
While there is certainly room in the market for more new home sales, contractors don’t seem to be keeping up with demand. From year to year, new home sales declined 39% from 53 to 35. Existing home sales showed the strongest growth at 7.5%. Counts were 1,095 in 2017, up from 1,019 in 2016.
Data compiled from deeds that were recorded in Shelby, Fayette, and Tipton counties.
In the middle of February (2-14-17) there were 4,500 active listings. Of these, 4,265 were single family homes, 174 were condos, and 61 were duplexes. Pending sales were also active with a total of 1,370 slated to go to closing. Of these, 1,296 were single family, 66 were condos, and 8 were duplexes.
The Memphis area foreclosure market has slowed but remains active. A steady downward trend since July of 2016 was broken in February with a slight up tick from January 2017 to February 2017. However, year on year the trend continued with a decrease of 23.9%. There were 143 foreclosure actions in February and 334 year to date. Compiled from trustee deeds recorded in Shelby, Fayette, and Tipton counties.
The Memphis Area Association of REALTORS® (MAAR) is Tennessee's largest local REALTOR® organization, encompassing Shelby, Fayette, Tipton, Hardin, Hardeman, and McNairy Counties. Founded by eight charter members in 1910, MAAR recently celebrated its 100th anniversary. MAAR's focus is serving and representing real estate professionals as well as providing real estate information to the general public.
Approximately 3,200 REALTORS® and REALTOR-ASSOCIATES® specializing in every aspect of the real estate profession, including residential, commercial, industrial, property management and appraisal services hold membership in MAAR, representing approximately 400 firms.
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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.