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June Home Sales Report

July 16th, 2012

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.

Join us Thursday, August 9th from 3:00PM-4:30PM at The Germantown Great Hall & Conference Center for our “Master Your Market: 2nd Quarter Update” where we’ll review all of our 2nd Quarter market trend reports including residential and commercial sales, foreclosures, mortgages, new housing activity and more! Register today!
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