The Memphis Area Association of Realtors has released residential real estate sales results for September,2009. For the past few month, the MAAR Official residential sales numbers have been lagging about a month behind, due to a more accurate reporting method based on recorded deeds rather than MLS transaction data.
Total sales are down more than 2000 units from September, 2008, but average sales price increased by $8000 to $137,679. This is a good indicator of a strengthening market in the mid to higher tier price ranges. Another positive indicator is bank sales (foreclosures) are down by 111 for a total of 425 in Sept; however, the sentiment from many in the know folks is that the banks are holding onto foreclosed properties until values stabilize, and hopefully improve.
If you are interested in how your neighborhood is doing, MAAR provides that data, both by month and YTD. Here is just a small clip for Downtown and Midtown:
Download the full report here
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