April 2011 Home Sales Report
Home Sales up 3% from March!
April home sales were down 12% from April 2010, but were up 3% from March with 1,097 sales recorded and an average sale price of to $107,812.
Year-to-date, home sales are down 14% from the same time last year with 3,752 closed in the first four months of the year. The 2010 tax credit helped boost home sales in 2010 and we don’t expect that same level of volume for the first half of 2011.
On a positive note, year-to-date average sales prices are holding steady at $113,971, virtually unchanged from the same time last year.
61% of April home sales in Shelby County were sold for under $100,000.
The largest sale recorded for the month was in River Oaks (38120) for $1.15 million. The sale occurred on February 18th for a 7,600 sqft home on Dovecot.
Bank Sales were down 7% in April with 359 recorded and an average sales price of $63,349, down 3% from April 2010.
New home sales were down 45% with only 56 recorded for the month and a 4% decrease in average sales prices down to $215,570.
Foreclosures have continued to decrease and were down 16% in April with 409 recorded compared to 485 last year.
While areas like Frayser and Raleigh, most commonly known for foreclosure activity have continued to see declines, areas in east Shelby County continue to see a rise in foreclosure activity. Arlington (38002), Cordova North (38016) and Bartlett/Brunswick (38133) all saw increases in total foreclosures for the month.
Click here to view all of our April Residential Market Trend reports.