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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!

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