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Year-End 2010 Home Sales Report

January 6th, 2011

Happy New Year!

 

We wish everyone a happy, healthy and successful 2011!

 

As we look back on 2010, there were many highs and lows in the residential real estate market.

 

The homebuyer’s tax incentives boosted sales in the spring and early summer but home sales waned in the last quarter of the year, down 24% in December alone.

 

The foreclosure moratorium in the fall reduced foreclosures to historic lows throughout the last quarter of the year. 

 

Overall home sales for 2010 were down 8% from 2009 with 13,358 total sales recorded for the year.

 

On a positive note, average home sales were up 1% from 2009 to $124,278! 

 

Existing home sales prices were also up 2% from the prior year to $116,335!

 

Bank sales were down 19% from 2009 and average bank sales prices were up 1%.

 

The new housing market took a hit down 9% from 2009 with 992 new home sales recorded. They were down 42% in the fourth quarter of the year.

 

Average sales prices on new homes were down 27% from the prior year to $223,429.

 

Foreclosures were down 11% for the year with 4,984 recorded. The average foreclosure amount was up 3% from the prior year to $125,239, and foreclosure notices were down 21% from 2009. 

 

Join us Thursday, January 20th from 3:30pm-6:00pm at The Germantown Great Hall’s Media Room for our “Master Your Market”: Year-in Review.

 

We will review the highlights of residential and commercial sales, foreclosures, mortgages and more!

 

Guest speakers will discuss the foreclosure crisis, residential lending issues and economic development plans for the City of Memphis and Shelby County.

 

After the presentation, join us for cocktails and an opportunity to network with our guest speakers and your peers!

 

Attendees walk away with a copy of our presentation and our year-end market trend reports!

 

Register today! Seating is limited.

 

Review all of our Shelby County Market Trend reports here.

 

Click here to read the latest article from The Daily News.

 

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