Bright Spots in Memphis Home Sales
February home sales were up 36% from the same month last year and even though average home sales prices took a dive, down 17%, to $97,704, the lowest average sales price seen in over a year, there are still many bright spots in our local market.
Of Shelby County’s 34 zip codes, 24 saw an increase in overall sales activity from February 2011.
10 zip codes had increases in their average sales prices including: 38103 (Downtown): Up 60% to $247,339, 38133 (Bartlett/Brunswick): Up 16% to $129,091 and 38120 (River Oaks): Up 14% to $339,706.
Home sales valued between $450,000-$550,000 were up 400% from last February with 8 filed for the month. Half of these sales were in Germantown East (38139).
While overall bank sales were up for the month, causing the spike in sales valued under $50,000 and drastically reducing the average sales prices across the county, 8 zip codes had a reduction in their overall bank sales including: Arlington (38002), Cordova North (38016), Cordova South (38018) and Germanton East (38139).
Foreclosures were up 14% in February compared to last year but 9 zip codes saw decreases in foreclosure activity including: Millington (38053), Quince/Ridgeway (38119), River Oaks (38120) and Bartlett (38134).
As we look forward, we expect residential sales acvitity to continue to see year-over-year improvements and will closely monitor the effect that foreclosures and bank sales are having on the local real estate market.
Click here to review our February Residential Market Conditions Reports.