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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.

Click here to view our complimentary Residential Market Trend reports.
  
Join us Thursday, May 3rd for our “Master Your Market” First Quarter Update where we’ll review residential and commercial sales, foreclosures, new housing activity and more! Click here for details and to register.
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