February Market Report

MEMPHIS, Tenn. – March 17, 2016 – (RealEstateRama) — Memphis-area home sales for February increased 7.8 percent from a year ago, with 1,040 total sales recorded in the Memphis Area Association of REALTORS®MAARdata property records database. Sales were up 8.8 percent from January, when there were 956 total sales. Average sales price from February-to-February was down 8.5 percent, at $139,335. Inventory increased 1.8 percent, with 5,474 units listed for sale. YTD sales volume decreased by 6.5 percent from February 2015, at $279.5 million.

»  GET THE FEBRUARY MARKET REPORT HERE.

February Comparison

2016 2015 % Change
Total Home Sales 1,040 965 7.8%
Median Sales Price $100,727 $112,000 -10.1%
Average Sales Price $139,335 $152,361 -8.5%
Monthly Sales Volume $144.9 million $147.0 million -1.4%

Year-to-Date Comparison

2016 2015 % Change
Total Home Sales 2,007 2,012 -0.2%
Median Sales Price $105,000 $112,320 -6.5%
Average Sales Price $139,273 $148,595 -6.3%
Monthly Sales Volume $279.5 million $299.0 million -6.5%

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

“Sales took a nice jump from January to February,” said MAAR President Joe Steffner. “Year-to-date, total units are tracking with 2015 after the slow first month.”

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 3,100 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.

Contact Don Wade, Media Relations & Research, 901.485.1653.

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