MEMPHIS, TN – April 8, 2013 – (RealEstateRama) — Memphis-area home sales for March dropped 9.8 percent from a year ago, with 1,164 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales increased 24.6 percent from February. Average sales price year-over-year rose 8.8 percent at $133,240. Inventory was up 2.9 percent, with 6,327 units listed for sale. Sales volume YTD increased 18.1 percent to $422.8 million.
March Comparison
| 2013 | 2012 | % Change | |
| Total Home Sales | 1,164 | 1,290 | -9.8% |
| Median Sales Price | $95,900 | $83,000 | 15.5% |
| Average Sales Price | $133,240 | $122,450 | 8.8% |
| Monthly Sales Volume | $155.1 million | $158 million | -1.8% |
Year-to-Date Comparison
| 2013 | 2012 | % Change | |
| Total Home Sales | 3,367 | 3,145 | 7.1% |
| Median Sales Price | $89,400 | $75,000 | 19.2% |
| Average Sales Price | $125,582 | $113,793 | 10.4% |
| Monthly Sales Volume | $422.8 million | $357.9 million | 18.1% |
Historical home sales statistics are located at maar.org/marketreports.
“We saw a nice gain in sales from February to March, almost 25 percent,” said MAAR President Regina Hubbard. “Everything’s ahead of last year through the first quarter, so that’s good.”
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 3,000 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.
