Home > Uncategorized > May 2011 Home Sales Update

May 2011 Home Sales Update

June 2nd, 2011

There were 1,117 home sales in May for Shelby County, down 13% from May 2010. Total home sales revenue for the month was $132 million compared to $166 million last year. Home sales prices were also down from the prior year to $118, 375.

Home sales figures for the first half of this year will be skewed compared to last year’s largely in part to the new home-buyers tax credit that expired last June.

On a positive note, compared to April 2011, home sales were up 2% and average home sales prices were up 10%! Year-to-date, home sales are down 13% and average sales prices are down by only 2%.

Cordova-North (38016) had the most home sales, with 74 total and an average sale price of $137,404. 31% of the total sales in 38016 were bank sales.

Bank sales continue to decline, down 16% from May 2010 and down 8% from April 2011 with 329 closed for the month and an average sales price of $62,192.

Foreclosures were down 22% from last year with 354 recorded and an average foreclosure amount of $87,942. Foreclosure activity was highest in Frayser (38127), Raleigh (38128), Southeast Shelby County (38125) and Cordova-North (38016). There were 665 foreclosure notices issued in May, down 32% from the prior year.

New home sales made up 5% of all home sales for the county with 54 total, down 23% from the prior year and down 4% from April. Average new home sales prices were also down to $209,421.

59% of all home sales were sold for under $100,000. The largest home sale was for a property located on Valleybrook Drive in East Memphis. The 7,200 sqft home closed on May 19th for $1.75 million.

Click here to read an article from The Daily News covering our 1st Quarter “Master Your Market” Update.

You may review our complimentary Market Trend reports here.

Find us on Facebook 

Follow us on Twitter

Comments are closed.