If you are considering selling your home, now may be the
perfect time. There are fewer homes on
the market which means less competition and in many areas of the city the
average sales price is increasing. Foreclosure sales are down 32.3% from last
year which is a good sign our Memphis area market is recovering.
The Memphis Area Association of Realtors released their Home
Sales report for October. In comparison
to October of last year, the Memphis area as a whole (which includes sales in
Shelby, Fayette, and Tipton counties) had a decrease in both the number
of homes currently on the market and the number sold. However, the good news is the average sales
price increased. “Pricing continues to remain solid,” said MAAR President
Greg Glosson. “If you look at where the market was a year ago, it’s clear
values are on the rise.”
As in most cities, some communities were
stronger than others. The Collierville market was strong showing a 2.4%
increase in sales along with a 12.1% increase in the average sales price. Bartlett sales were up by 2.1% and average
sales price increased by 9.4%. Cordova sales were down 9% but values were up 6%.
In Germantown the number of homes sold
and the average sales price both declined.
For an in-depth report of Market trends
for Memphis area, click on the link below.
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