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November Home Sales Update

December 8th, 2011
Home Sales Up 18%!
5th Consecutive Month with Year Over Year Improvement!  

Home sales in Shelby County totaled 1,025 in November, up 18% from November 2010!

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

While total sales saw a large upswing, average home sales prices declined 10% from the prior year averaging $117,243 compared to $130,352 in November 2010.

Home sales valued over $500,000 were down 38% from the same month last year with 16 recorded compared to 26. There was only one sale valued over $1 million, down 75% from the 4 recorded in November 2010.

Bank sales were up 29% with 278 recorded which is to be expected from the foreclosure moratorium that hit in the Fall of last year. Overall Shelby County bank sales are down 18% year to date.

While foreclosures were up 35% from last year with 327 total for the month, the number of foreclosure sales remain at consistent levels for the past several months. Foreclosure notices issued in November were unchanged from November 2010.

The foreclosure moratorium which halted foreclosures in 4Q10 is expected to throw off foreclosure activity comparisons through the last quarter of this year.

New home sales were up 20% from November 2010 and up 18% from October with 72 recorded averaging $208,864. Year to date new home sales totals are down 25% from last year while average new home sales prices are just slightly down by 2%.

The largest home sale was a 9,000 sqft home that sold for $1.28 million in Central Gardens that closed on November 2nd.

Raleigh (38128) had the most home sales by zip code with 75 total and Collierville (38017) had the most sales revenue with $16 million. 

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