June Home Sales Report
Home sales were up 6% in June with 1,327 homes sold compared to 1,247 last year.
The month closed with $188 million in revenue up 17% from $161 million in June 2011.
Average home sales prices were up 10% to $142,341.
2nd Quarter figures are showing major improvements from last year with sales up 11% and average sales prices up 9%.
Year-to-date home sales are up 15% from the same period last year and average sales prices are up 2% to $120,262.
Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:
- 38017-Collierville up 4%
- 38103-Downtown up 20%
- 38104-Midtown, up 4%
- 38111-University up 23%
- 38118-Oakhaven/Pkwy Village up 8%
- 38119-Quince/Ridgeway up 14%
- 38120-River Oaks up 25%
- 38133-Bartlett/Brunswick up 7%
Bank sales accounted for 27% of total home sales in June with 352 recorded, up 12% from last year. Year-to-date bank sales are up 13%.
53% of home sales were valued under $100,000.
Sales over $1,000,000 were up significantly with 11 recorded for the month compared to 1 last June.
Collierville (38017) had the most home sales for the month and the most revenue with 102 sales totaling $29.4 million.
New home sales were down 25% from last June with 63 recorded compared to 84 last year. New home sales prices were up 12% to $255,464.
Year-to-date new home sales are down 3% from the same period in 2011 and average new home sales prices are up 9%.
Foreclosures were down 9% from last June with 303 recorded. The average amount of a foreclosure was unchanged at $81,000 and the average tax appraisal value of a foreclosed home was up 11% to $119,000.
Foreclosure starts were down 23% from last year with 638 notices filed compared to 825 in June 2011.
Click here to review all of our complimentary Residential Market Trend reports for June and 2Q 2012.
