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October Home Sales Report

November 10th, 2011

Home Sales Up 2%!  4th Consecutive Month with Year over Year Improvement!  

Home sales in Shelby County totaled 1,073 in October, up 2% from October 2010. 

This was the fourth consecutive month with year over year improvement. Every month since July has shown an increase in sales activity from the same month in 2010. 

Average home sales prices held steady at $121,191, unchanged from the prior year. 

Bank sales continue to decline with 261 recorded, down 16% from October 2010. Bank sales made up 25% of all sales in the county.

While foreclosures were up 15% from last year with 319  for the month, the number of foreclosure sales is fairly consistent to the past several months.

The foreclosure moratorium which halted foreclosures in 4Q10 is expected to throw off foreclosure activity comparisons through the last quarter of this year when comparing current totals to last year’s numbers.

New home sales were up 20% from October 2010 with 61 recorded averaging $221,227. Year to date home sales totals are off almost 30% from last year while average home sales prices are holding steady to 2010 figures at $219,000.

There were three home sales valued at over $1 million compared to 1 in October of last year. The largest home sale was a 10,000 sqft home that sold for $4.1 million in Germantown’s Forest Hill Woods that closed on October 14.

Frayser (38127) had the most home sales by zip code with 81 total while Arlington (38002) had the most sales revenue with $13.4 million followed closely by Collierville (38017) with $13.1 million. 

Click here to view our complimentary October 2011 Residential Market Trend reports.

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