Memphis Real Estate Market: April - September

Don Wade, Memphis Area Association of Realtors Information and Research Director, reports the last six month for the Memphis area real estate market reveals “September showed inventory at 8,053, its lowest point in the last six months. Average DOM fell to 111 days, a 7.5 percent improvement from 120 days in August. Pending sales stood at 1,460, down 4 percent from August. September had 43 new home sales, down 39.4 percent from the six-month high of 71 in June.”  In my opinion, this report is good news for home sellers. There are fewer homes on the market to compete with and overall homes are not staying on the market as long. Buyers don’t have as many choices as they previously had.  However, interest rates are at all-time lows making it an excellent time to purchase or refinance. New home sales are down which isn’t surprising. Many builders are no longer in the business.  Since there are fewer builders and many of them are only building presales (construction begins only after a contract is negotiated), the inventory of new homes is down. Therefore, most buyers who want new construction will need to negotiate an offer and wait for the home to be built. It is more important than ever for home buyers and sellers to consult with an experienced Realtor for guidance through the buying and selling process.