Home > Uncategorized > February 2011 Home Sales Report

February 2011 Home Sales Report

March 4th, 2011
Average Sales Prices up 16%!
  
February closed with 741 total home sales down 21% from the prior year. While it appears that home sales have yet to bottom out, average sales prices have continued to improve and were up 16% from February 2010 to $119,814. Year to date average sales prices are up 6% from the same time last year.
  
Cordova North (38016) had the most improvement in total home sales, up 62% from February 2010 with 63 home sales and an average sales price of $133,784. 38% of their home sales were bank sales, up 85% from the prior year.
  
Total bank sales were down by 38% for the month, further evidence that we are still feeling the effect of last year’s foreclosure moratorium. The average sales price of a bank sale was $79,830, up 31% from February last year. Non-Bank sales prices were up 5% to $138,153.
  
New home sales were down 21% with 46 recorded for the month with an average sales price of $205,795. Existing home sales had a 19% increase in average sales price up to $114,123.
  
Foreclosures were down 4% with 401 filed for the month and an average foreclosure amount of $128,021. Foreclosures continue to head east with large increases in River Oaks (38120), Germantown (38138) and Arlington (38002). 991 foreclosure notices were filed in February, down 1% from the prior year.
  
Click here to view all of our February Residential Market Trend reports.  
Register for our Foreclosure Analysis for Real Estate Professionals Seminar on April 27th!

Find us on Facebook

 

Follow us on Twitter

Comments are closed.