Memphis real estate sales decline in 2011
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The Memphis Area Association of Realtors (MAAR) has released sales information for December and year-end, 2011. The report contains complete information on all publicly recorded sales in Shelby, Fayette and Tipton counties, including information on pending sales and active listings.
Sales
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Residential unit sales were off 10% in December vs. 2010, and year-end totals lagged 2010 by 8.4% . Both median and average sales trended down in 2011, as the market desperately sought price stability, and home buyers remained cautious.
Foreclosures
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While foreclosures ruined more Christmases in 2011, with a December increase of 67%, foreclosures for 2011 were down by over 15% at 4,113. There seems to be a lot of politics going on in the foreclosure arena. Time will tell.
If you haven’t downloaded the sales report (link at end of post), you are missing a lot of real estate information on listings, pending sales, and inventory. This would be a good one to file away since it is the end-of-year report.
One more interesting feature is the neighborhood reports.
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Two of my specialty areas showed declines in Unit sales but increases in median and average prices, showing once again that all real estate is local - micro- local! Download the report to see how your neighborhood is doing.
Note: In the next day or so I will be posting my Memphis Real Estate predictions for 2012 - Stay Tuned!
