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March Home Sales Report

April 5th, 2012
Home sales up 18%!

March home sales were up 18% with 1,264 recorded for the month compared to 1,067 in March 2011.

Year to date home sales are up 20% from last year! We ended the quarter with 3,179 sales compared to 2,657 sales in the first quarter of last year.

Total sales revenue in March was up 14% from March 2011 with $147 million total for the month compared to $129 million.

Average home sales prices in March were down by 4% to $116,399 but were up significantly from February’s average price of $97,704.

Many areas in the county are seeing an increase in average sales prices from 2011 including:

  • Collierville (38017)
  • Cordova South (38018)
  • Downtown (38103)
  • University (38111)
  • Oakhaven/Parkway Village (38118)
  • River Oaks (38120)
  • Bartlett (38133 and 38134)
  • And several others!

 Bank sales accounted for 28% of total home sales in March with 353 recorded, up 10% from 320 last year. 

Collierville (38017) had the most homes sales in March and the most revenue with $26.6 million across 94 sales accounting for 21% of the total revenue for the county.

New home sales were down 16% with 56 recorded for the month, up 44% from February. The average price for a new home sale was $273,468 up 16% from March 2011. 

Foreclosure activity was up 7% from last year with 398 recorded for the month compared to 373 last March. The average amount of a foreclosure was down slightly by 1% to $85,441 and the average tax appraisal value of a foreclosed home was down 1% to $122,519.

Foreclosure notices were down 33% from last year with 709 filed compared to 1,056. Every zip code but 4 saw a reduction in foreclosure starts.

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