October Market Report

November 14, 2011

by Tennessee RealEstateRama

Category: News || Marketing & Statistics, Property, Rentals, Transactions | 1 Comment

MEMPHIS, TN – November 14, 2011 – (RealEstateRama) — Memphis-area home sales for October declined 2.9 percent from a year ago, with 1,054 total sales recorded in the Memphis Area Association of REALTORS^® MAARdata property records database. Total sales fell 2.7 percent from September, when there were 1,083 sales. Average sales price year-over-year was down 1.5 percent and year-to-date was also down 1.5 percent at $126,080. YTD total sales declined 10.9 percent. Inventory was down 2.3 percent from the previous month, with 8,053 units listed for sale. YTD sales volume fell 12.3 percent to $1.36 billion.

October Comparison

	2011	2010	% Change
Total Home Sales	1,054	1,086	-2.9%
Median Sales Price	$86,900	$83,500	4.1%
Average Sales Price	$122,070	$123,924	-1.5%
Monthly Sales Volume	$128.7 million	$134.6 million	-4.4%

Year-to-Date Comparison

	2011	2010	% Change
Total Home Sales	10,803	12,127	-10.9%
Median Sales Price	$86,100	$92,000	-6.4%
Average Sales Price	$126,080	$128,048	-1.5%
Sales Volume	$1.36 billion	$1.55 billion	-12.3%

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

“This October’s numbers really aren’t that different from a year ago,” said MAAR President Leon Dickson. “We’re behind year-to-date, but the economy hasn’t provided much help.”

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.