The Memphis Area
Association of Realtors (MAAR) has released the November Market Report. The report
shows year-to-date sales for the overall Memphis area (which includes sales in
Shelby, Fayette, and Tipton counties) declined by 5.6% from
this same time last year. However, the
average sales price increased by 6.7%. Supply
and Demand - Fewer homes on the market tend to increase sales prices. Foreclosure
Sales continue to decrease. November of last there were 233 bank sales as
compared to 144 this year – a 33.6% decline. This news may not be good news for
investors; however, it is good news for our housing market.
As in most cities,
some communities are stronger than others. In comparison to November of last
year, the two strongest markets were Arlington and Millington. Arlington had a
28% increase in the number of homes sold and a 15.1% increase in the average
sales price. Millington also had an
increase in home sales of 15.4% and an increase in the average sales price of
21.4%. Although the Collierville area saw a decline of 28% in sales, the
average sales price increased by 6.9%.
For an in-depth report
of Market trends for the Memphis area, click on the link below.
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