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May Home Sales Report

June 8th, 2012
Home sales up 25%!
Average sales prices up 4%!
  

May closed with 1,383 total home sales up 25% from last year!

Total sales revenue for the month was $171 million up 30% from $132 million in May 2011.

Average sales prices were up 4% from last year to $123,975.

Year to date home sales prices are up 17% from last year and average sales prices are holding steady at $115,140.

Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 4%
  • 38028-Eads up 20%
  • 38103-Downtown up 17%
  • 38104-Midtown, up 6%
  • 38111-University up 23%
  • 38118-Oakhaven/Pkwy Village up 13%
  • 38119-Quince/Ridgeway up 18%
  • 38120-River Oaks up 4%
  • 38133-Bartlett/Brunswick up 5%
  • 38134-Bartlett up 3%
  • 38135-Bartlett/Ellendale, up 4% 

Bank sales accounted for 27% of total home sales in May with 368 recorded, up 15% from last year. 

57% of home sales were valued under $100,000. 

Sales over $500,000 were up 23% with 26 recorded compared to 21 in May 2011. There were 4 home sales over $1 million, the same as last May.

Cordova-North (38016) had the most homes sales with 91 recorded totaling $11.4 million. 34% of those sales were bank sales.

Collierville (38017) had the most home sales revenue with $24.5 million across 86 sales. Compared to last May, Collierville had an increase of 39% in total sales and an increase of 9% in their average sales prices ($284,819).

New home sales were up 6% from last May with 51 recorded averaging $237,513.

Year to date new home sales are up 2% from the same period in 2011 and average new home sales prices are up 8%. 

Foreclosures were up 22% from last May with 399 recorded. The average amount of a foreclosure was down 13% to $77,115 and the average tax appraisal value of a foreclosed home was down 15% to $105,387.

Foreclosure starts were up 8% from last year with 716 notices filed compared to 663 in May 2011.

Arlington (38002), Millington (38053) and Downtown (38103) all had large increases in their foreclosure notice activity.

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