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January 2011 Residential Sales Update

February 10th, 2011

January home sales were down 3% from 2010 with 851 total sales recorded for the first month of the year.

 

Millington had the highest improvement of home sales from January 2010, up 163% with 21 sales total averaging $107,567 per sale.

 

Average home sales prices were also down 3% from 2010 to $109,861. 

 

Existing home sales made up 94% of the total sales recorded with an average sale price of $102,859 virtually unchanged from the same month last year.

 

Bank sales were down 23% from the prior year and average bank sales prices were up 21%.

 

New home sales were down 34% with 47 recorded and an average sales price of $229,645. Cordova South (38018) and Southeast Shelby County (38125) had the most new home sales with 8 each.

 

Foreclosures were down a whopping 41% with 265 recorded. The average foreclosure amount was up 5% from the prior year to $90,146.

 

Foreclosure notices were up 6% with 1,046 recorded. Germantown, Midtown and River Oaks all had increases in notices above 90%. 

 

If you missed our “Master Your Market: Year in Review” seminar on January 26th, you can read a recap of the event from Sarah Baker of The Daily News! Click here.

 

Review all of our County Market Trend reports covering Shelby, Fayette, Tipton, Davidson, Williamson and Wilson Counties click here

 

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