Home sales up 8%!
923 home sales were recorded in Shelby County for the first month of the year, up 8% from January 2011 and up 5% from December.
Average home sales prices were $109,515, unchanged from the prior year.
Bank sales accounted for 30% of total home sales and were the majority of the increase in overall sales with 278 recorded compared to 236 last year. Bank sales prices continue to drive down average home sales prices with an average of $64,645 for the month down 6% from January 2011 and down 11% from December.
The average price for non-bank sales was up 3% from January but down 8% from December to $128,855.
Residential foreclosures were up 83% from January 2010 and up 9% from December. The average foreclosure amount was $83,005 down 12% from the prior year while the average tax appraisal amount on a foreclosure was up 6% to $125,816.
Foreclosure notices were down 36% from last January. Virtually every zip code in the county saw a decrease in foreclosure notice activity.
There were 57 new home sales recorded, up 19% from last year and up 4% from December. The average sales prices for new homes was $240,854.
Frayser (38127) had the most home sales with 56 total and Collierville (38017) had the most sales revenue with $13.2 million across 44 sales.
Some good indicators for the market include the recent reduction of the unemployment rate to 8.3%, the lowest we have seen in three years, and mortgage interest rates are at historic lows, 3.85% for a 30-year fixed mortgage.
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