The Memphis Area Association of Realtors released the March 2016 Market Report on April 11, 2016. Total March 2016 Sales were 1,352, compared with March 2015 sales of 1,292 – a 4.6% increase. 2016 YTD sales were 3,457 compared to 3,304 in 2015. The YTD average sales price was $142,919 for 2016 – down 4.1% from 2015 when the average sales price was $148,986.
Inventory continues to be a concern to Buyers and Realtors alike. March 2016 listings total 5,564 compared to March 2015 which had 5,847 units for sale.
New home sales in Shelby County totaled 35 units in the month of March, compared with 43 units sold that same time last year. New home sales prices were up over 17% compared to 2015.
Beth Glosson, Principal Broker with Fast Track Realty, feels this is a good market for buyers and sellers. “Sellers are listing their homes in top condition and getting top dollar along with multiple offers in our market.” Glosson says that “some buyers have learned the hard way that waiting isn’t an option right now. Good homes that are priced appropriately are moving fast!”
Click here to see the entire March 2016 report.