MEMPHIS, TN – September 10, 2012 – (RealEstateRama) — Memphis-area home sales for August jumped 14.2 percent from a year ago, with 1,514 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales increased 9.3 percent from July. Average sales price year-over-year was up 1.5 percent at $128,472. Inventory declined 1.2 percent, with 7,522 units listed for sale. Sales volume YTD increased 18.2 percent to $1.3 billion.
August Comparison
| 2012 | 2011 | % Change | |
| Total Home Sales | 1,514 | 1,326 | 14.2% |
| Median Sales Price | $90,000 | $95,000 | -5.3% |
| Average Sales Price | $128,070 | $136,938 | -6.5% |
| Monthly Sales Volume | $193.9 million | $181.6 million | 6.8% |
Year-to-Date Comparison
| 2012 | 2011 | % Change | |
| Total Home Sales | 10,039 | 8,686 | 15.6% |
| Median Sales Price | $86,900 | $85,200 | 2.0% |
| Average Sales Price | $128,472 | $126,600 | 1.5% |
| Monthly Sales Volume | $1.3 billion | $1.1 billion | 18.2% |
Historical home sales statistics are located at maar.org/marketreports.
“Sales were pretty robust in August,” said MAAR President Carol Lott. “But the better indicator is that we are well ahead in sales and sales volume year-to-date. That’s encouraging for the market.”
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
Don Wade, Media Relations & Research, 901.485.1653.
don.wade (at) maar (dot) org
