The Memphis Area Association of Realtors (MAAR) has released residential Sales Stats for June_2012, based on recorded deeds in Shelby, Fayette, and Tipton Counties (Tennessee).
Year to date unit sales are up 16% from 2011, while June sales had a 2.4 % drop from last year. Median sale price stayed level at $98,000 year over year, while average sale price jumped over 9% to $146,198. Statistics 101 teaches the difference between median and average. I like the average as way to view market trend- sales prices are going up.
Inventory is the highest in 7 months. This is a good sign that home sellers are gaining confidence in the market. With foreclosures down 10% from last years, the REO contribution to the inventory is lessened, so the numbers indicate more non-REO (or normal) for- sales.
The report gives a break down of sales and average prices by areas and neighborhoods. Hot neighborhoods so far this year are in the suburbs and include Bartlett, Collierville, Lakeland, and Arlington, all with greater than 30%+ growth in unit sales over 2011.
Every time you go online, it seems there is a different way to evaluate your home’s value. First there were the Zillow zestimates; then Trulia, and now Realtor.com is doing online valuations. If you put any faith in these “estimates” compare them based on your own property and see what kind of consistency you get. I still don’t understand why people believe data generated by a computer algorithm or a server thousands of miles away rather than, just contacting a local real estate professional who has access to sales and listing information as well as LOCAL market conditions.
You can download the full MAAR June Sales Report HERE.
Chandler Reports, and independent company, also reports on real estate sales data from a bit different perspective. Click Here for their free reports.