First Quarter Home Sales Report
Home sales were down 14% from the first quarter of 2010, but average sales prices were up 5% to $116,516!
The first quarter of the year closed with 2,661 total home sales compared to 3,095 from the prior year.
Areas with the best year-over-year performance include:
- River Oaks (38120), up 40%
- Germantown East (38139), up 33%
- Millington (38053), up 24%
60% of the homes sold for the quarter were under $100,000. High-end home sales, homes sold for over $600,000, were up 10%.
Bank sales were down by 31% for the quarter but average bank sales prices were up 18% to $71,119.
New home sales were down 32% with 158 recorded for the quarter with an average sales price of $225,073, up 5% from the first quarter last year!
1,089 foreclosures occurred, down 23% from last year. The City of Memphis had the most with 786 total and an average foreclosure amount of $67,683.
Arlington, Bartlett and Millington all had decreases in foreclosure activity. Germantown, Collierville and Lakeland all had increases of more than 30% on their total number of foreclosures.
Community Mortgage filed the most residential loans at time of sale with 165 total and an average mortgage amount of $145,355.
Click here to view all of our March and First Quarter 2011 Residential Market Trend reports.
Register for our first quarter “Master Your Market” seminar on Thursday, May 5th from 3:30PM-4:30PM at the Germantown Great Hall’s Media Room.
Join us for an overview of residential and commercial market trends including sales, foreclosures, new housing, mortgages and more!
Guest speakers Todd Glidewell of C&I Appraisal and Hank Hogue of Crye-Leike will provide their perspectives on local market activity!
Click here to register today!