February Home Sales Report
997 home sales were recorded in Shelby County in February up 36% from February of last year and up 8% from January!
Total sales revenue was up 13% from February 2011 with $97.4 million total compared to $86.5 million last year.
Average home sales prices faltered to $97,704, down 17% from the prior year and down 11% from January.
Bank sales accounted for 31% of total home sales with 312 recorded compared to 228 last year.
Non-bank sales also saw a significant increase, up 35% from February 2011 with 685 total recorded.
While bank sales prices continue to drive down average home sales prices with an average of $61,811 for the month down an alarming 21% from February last year non-bank sales prices also declined significantly to $114,053, down 16% from last year.
Areas with significant decreases in home sales prices (over 25%) include: North Memphis (38107), Westwood (38109), Rhodes College (38112), East Central/Poplar Perkins (38117), Southeast Shelby County (38125) and Germantown East (38139).
Frayser (38127) had the most home sales with 68 total and Collierville (38017) had the most sales revenue with $10.6 million across 40 sales.
New home sales were down 19% with 38 recorded for the month and an average sales price of $219,925.
Foreclosure activity was up 14% with 396 for the month compared to 347 last February. The average amount of foreclosures was up slightly by 1% to $82,965 and the average tax appraisal value of foreclosures was down 1% to $116,330.
Foreclosure notices were down 36% from last February with 635 filed compared to 991 in February 2011. Virtually every zip code in the county saw a decrease in foreclosure notice activity.
