May Home Sales Report
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.
