MEMPHIS, TN – December 8, 2011 – (RealEstateRama) — Memphis-area home sales for November jumped 28.4 percent from a year ago, with 1,076 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales rose 2.1 percent from October, when there were 1,054 sales. Average sales price year-over-year was down 15.2 percent and year-to-date was also down 2.6 percent at $125,504. YTD total sales declined 8.3 percent. Inventory was down 4.7 percent from the previous month, with 7,673 units listed for sale. YTD sales volume fell 10.8 percent to $1.49 billion.
November Comparison
| 2011 | 2010 | % Change | |
| Total Home Sales | 1,076 | 838 | 28.4% |
| Median Sales Price | $80,000 | $100,000 | -20.0% |
| Average Sales Price | $119,287 | $140,696 | -15.2% |
| Monthly Sales Volume | $128.4 million | $117.9 million | 8.9% |
Year-to-Date Comparison
| 2011 | 2010 | % Change | |
| Total Home Sales | 11,887 | 12,963 | -8.3% |
| Median Sales Price | $85,400 | $93,000 | -8.2% |
| Average Sales Price | $125,504 | $128,845 | -2.6% |
| Sales Volume | $1.49 billion | $1.67 billion | -10.8% |
Historical home sales statistics are located at www.maar.org/marketreports.
“Sales in November of 2010 were really light, so that has something to do with the huge percentage increase in sales this November,” said MAAR President Leon Dickson. “But it is encouraging that the market was more active.”
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:
Research Director Don Wade, 901.818.2434.
don.wade (at) maar (dot) org
