May 2011 Home Sales Update
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.
