MEMPHIS, Tenn., April, 6, 2012 – Memphis-area home sales for March rose 19.8 percent from a year ago, with 1,281 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales jumped 29.1 percent from February. Average sales price year-over-year was down 7.7 percent at $113,156. Inventory was flat, at 6,897 units listed for sale. Sales volume YTD increased 12 percent to $354.3 million.
March Comparison
| 2012 | 2011 | % Change | |
| Total Home Sales | 1,281 | 1,069 | 19.8% |
| Median Sales Price | $82,450 | $80,000 | 3.1% |
| Average Sales Price | $121,364 | $126,728 | -4.2% |
| Monthly Sales Volume | $155.5 million | $135.5 million | 14.8% |
Year-to-Date Comparison
| 2012 | 2011 | % Change | |
| Total Home Sales | 3,131 | 2,580 | 21.4% |
| Median Sales Price | $75,000 | $80,000 | -6.3% |
| Average Sales Price | $113,156 | $122,633 | -7.7% |
| Monthly Sales Volume | $354.3 million | $316.4 million | 12.0% |
Historical home sales statistics are located at maar.org/marketreports.
“I feel pretty good about the first three months, being up 12 percent in sales volume from this time a year ago,” said MAAR President Carol Lott. “We also saw a forward move in median sales price from last March to this March. Very positive.”
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
don.wade (at) maar (dot) org
