December & 2011 Year-End Market Report

December & 2011 Year-End Market Report

MEMPHIS, TN – January 24, 2012 – (RealEstateRama) — Memphis-area home sales for December fell 10 percent from a year ago, with 898 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales for all of 2011 dropped 8.4 percent from 2010, with 12,790 recorded sales. Average sales price year-over-year was down 7.1 percent and for all of 2011 was off 2.9 percent at $125,448. Inventory was down 6.2 percent from the previous month, with 7,194 units listed for sale. Sales volume from 2010 to 2011 fell 11.1 percent to $1.6 billion.

December Comparison

2011 2010 % Change
Total Home Sales 898 998 -10.0%
Median Sales Price $87,570 $93,500 -6.3%
Average Sales Price $124,486 $134,018 -7.1%
Monthly Sales Volume $111.8 million $133.7 million -16.4%

 


Year-to-Date Comparison

2011 2010 % Change
Total Home Sales 12,790 13,961 -8.4%
Median Sales Price $85,900 $93,000 -7.6%
Average Sales Price $125,448 $129,215 -2.9%
Sales Volume $1.6 billion $1.8 billion -11.1%

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

“Obviously, the economy of the last year – unemployment continued to run high – had an impact on housing here and all across the country,” said MAAR President Carol Lott. “But the economy is starting to show some positive signs and that can only help consumer confidence.”

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.

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