MEMPHIS, Tenn., Nov. 7, 2016 – Memphis-area home sales for October increased 9.3 percent from a year ago, with 1,523 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 5.8 percent from September, when there were 1,616 total sales. Average sales price from October-to-October was down 1.1 percent, at $156,303. Inventory decreased 3.5 percent, with 5,399 units listed for sale. YTD sales volume increased by 11.8 percent, at $2.47 billion.
“Sales were up more than nine percent from this time a year ago,” said MAAR President Joe Steffner. “And year-to-date, all the numbers are better than in 2015.” Serving the Mid-South for more than 100 years as the Voice for Local Real Estate, the Memphis Area Association of REALTORS® serves and represents real estate professionals as well as provides real estate information to the general public. About 3,100 members unite to make up one of Tennessee’s largest local REALTOR® organizations with real estate expertise stretching throughout the greater Memphis area. The MAARdata system includes records of all property transactions in Shelby, Fayette and Tipton counties. The MLS includes listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy, and Lauderdale counties in Tennessee; DeSoto County in Mississippi; and Crittenden County in Arkansas. MAAR members subscribe to the National Association of REALTORS® Code of Ethics.
Information from The Memphis Area Association of REALTORS