The Memphis Area Association of Realtors (MAAR)
has released the January 2015 Market Report. The report shows January 2015 sales compared
to January 2014 for the overall Memphis area (which includes sales in Shelby,
Fayette, and Tipton counties) declined by 5.7%. The average sales price of
$144,749 was an increase of 1.5% over 2014. Supply and Demand - Fewer
homes on the market tend to increase sales prices. Foreclosure Sales continue
to decrease. January of last year there were 195 bank sales as compared to 146
this year – a 25.1% decline. Even the bank sales showed an increase in value
over 2014 or 11.3%. This news may not be good news for investors; however, it
is good news for the Memphis housing market.
As in most cities,
some communities are stronger than others. In comparison of January 2015 to January
2014, the two strongest markets were Arlington and Lakeland. January statistics
show Arlington with a 133.3% increase in the number of homes sold and a 10.4%
increase in the average sales price. Lakeland also had an increase in
home sales of 11.0% plus an increase in the average sales price of 20.0%.
For an in-depth report
of Market trends for the Memphis area, click on the link below.
