Shelby County April Home Sales Report
Home sales up 2%!
Average sales prices up 14%!
There were 1,116 home sales recorded in April up 2% from last year. Residential sales are up 14% for the first four months of this year compared to the same period last year.
Total sales revenue for the month was $137 million up 16% from $118 million in April 2011.
Average sales prices were up 14% from last year and up 5% from March to $122,572. Year to date average home sales prices are down slightly by 1% while overall sales totals are up 14%.
50% of zip codes in the county are seeing year over year increases in average sales prices including:
- 38017-Collierville up 2%
- 38018-Cordova South up 7%
- 38103-Downtown up 24%
- 38111-University up 38%
- 38118-Oakhaven/Pkwy Village up 10%
- 38119-Quince/Ridgeway up 24%
- 38120-River Oaks up 11%
- 38134-Bartlett up 5%
Bank sales accounted for 29% of total home sales in April with 328 recorded, down 7% from last year.
57% of home sales were valued under $100,000.
There were 3 sales over $1 million compared to zero last April. The high-end home sales closed in 38117, 38119 and 38120.
Arlington (38002) had the most homes sales with 69 totaling $13.6 million.
Collierville (38017) had the most revenue with $18.3 million across 66 sales.
New home sales were up 9% from April 2011 and up 2% from March 2012 with 62 recorded averaging $249,905. Year to date new home sales are up 1% from the same period in 2011 and average new home sales prices are up 9%. New housing continues to see positive momentum with an increase in sales activity and the number of permits filed.
Foreclosures were up 2% from last April with 393 recorded for the month. The average amount of a foreclosure was down 7% to $87,780 and the average tax appraisal value of a foreclosed home was down 6% to $119,342.
Foreclosure notices were down 24% from last year with 658 filed compared to 863 in April 2011. Only 5 zip codes saw an increase in foreclosure starts.
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