June Market Report

July 6, 2011

by Tennessee RealEstateRama

Category: News || Marketing & Statistics | No Comments

MEMPHIS, TN – July 6, 2011 – (RealEstateRama) — Memphis-area home sales for June rose 4.5 percent from a year ago, with 1,612 total sales recorded in the Memphis Area Association of REALTORS^® MAARdata property records database. Existing home sales were up 5.8 percent from 2010. Total sales increased 16.1 percent from May (1,389). Average sales price year-over-year was off 3.2 percent at $124,294. Year to date, total sales were down 12.4 percent. Inventory was flat, with 8,554 units listed for sale. YTD sales volume declined 15.2 percent to $840.1 million.

“We’re seeing more activity, more sales,” said MAAR President Leon Dickson. “The pricing reflects a buyer’s market and all the challenges that remain in the greater economy.”

Historical home sales statistics are located at www.maar.org/marketreports.

Serving the Mid-South for more than 100 years as the Voice for Local Real Estate, the Memphis Area Association of REALTORS^®serves and represents real estate professionals as well as provides real estate information to the general public. About 3,500 members unite to make up one of Tennessee’s largest local REALTOR^®organizations with real estate expertise stretching throughout the greater Memphis area. The MAARdata system includes records of all property transactions in Shelby, Fayette and Tipton counties. The MLS includes listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy, and Lauderdale counties in Tennessee; DeSoto County in Mississippi; and Crittenden County in Arkansas.

MAAR members subscribe to the National Association of REALTORS^® Code of Ethics. For more information, visit MAAR’s Web site at www.maar.org.

Contact:
Research Director Don Wade, 901.818.2434.