It was a much better April than a year ago, all across the board.
(PRWEB) May 28, 2012
The most recent real estate report from Homes.org details the current activity and trends in the Memphis real estate market during April 2012. Making use of the most recent sales data, the Homes.org report highlights the factors that are driving the Memphis market as well as what buyers and sellers can expect in the coming months.
According to data provided by the Memphis Area Association of Realtors (MAAR), the Memphis real estate market prices are up from a year ago but April wasn’t quite as strong as March for home sales. Below are some key findings:
- Total Sales in April 2012 are 9% lower than March of this year
- Median Sales Price is $86,000 up 13.7% compared to April 2011
- Average Sales Price is $126,672, 11.6% higher than April 2011
- As of April 16, 2012 there were 1,797 Pending Sales
- April 2012 inventory levels are up 3.8% compared to the same time last year
- April 2012 had 422 foreclosure actions, up 38.8% from April 2011
While the Memphis real estate market is experiencing an increase in sales, both year-to-date and compared to the same time a year ago, foreclosures are suppressing prices. However, experts are encouraged by the 16.7% increase in monthly sales volume and the overall improvements in April compared to last year. Carol Lott, the MAAR President said, “It was a much better April than a year ago, all across the board.”
Memphis Real Estate Market Latest Information and Statistics
Zip Codes in the City: 37501, 37544, 38002, 38016, 38018, 38028, 38088, 38101, 38103–38109, 38111–38120, 38122, 38124–38128, 38130–38139, 38141, 38145, 38147–38148, 38150–38152, 38157, 38159, 38161, 38163, 38166–38168, 38173–38175, 38177, 38181–38182, 38184, 38186–38188, 38190, 38193–38194, 38197
Population (Metro): 1,316,100
Total Households (2006-2010): 246,495
Median Value Owner Occupied Housing (2006-2010): $98,300
April 2012 Total Home Sales in Memphis area: 1,166
April 2012 Median Sale Price in Memphis area: $86,000
April 2012 Average Sale Price in Memphis area: $126,672
Renters vs. Owners (2006-2010): 46.3% vs. 53.7%
Type of Home:
80% Single Family
Popular Memphis Neighborhoods Seeing Improvement in Sales
- Parkway Village – Oakhaven
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
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