If you are a buyer in Memphis, TN and trying to purchase a home in one of the low inventory areas (remember not all sub markets are experiencing multiple offers and offers well over list price) you might find the following report from the Memphis Area Association of REALTORS® a bit confusing. Let me try to break it down a bit. Like many other commodities, real estate prices are based on the law of supply and demand. Remember back in 2009-10 when we consistently had 5000+ listings on the market and very few buyers – it was a buyers market and sellers took deep discounts to sell their properties. Today, it’s just the opposite. With only 4,070 homes listed for sale and sales of 1,698 per month, we only have a 2.4 month supply of inventory, which gives prices an upward movement for both buyers and sellers. I can’t begin to tell you the number of agents I’ve spoken with who all tell me the same thing, “I have Sellers who want to sell and move, but they are afraid they won’t be able to find a new house to move to.”
MEMPHIS, Tenn., May 4, 2018 – Memphis-area home sales for April increased 13.9
percent from a year ago, with 1,698 total sales recorded in the Memphis Area Association
of REALTORS® MAARdata property records database. Sales were up 15.3 percent from
March when there were 1,473 total sales. Average sales price from April-to-April was up 5.6
percent, at $176,873. Inventory increased 4.8 percent, with 4,070 units listed for sale. Year-to-Date
sales volume was up 11.1 percent at $963.1 million.
For the full market report, CLICK HERE.
Courtesy of the Memphis Area Association of REALTORS®