The Memphis Area Association of REALTORS® (MAAR) reports an 8.5% increase in MLS sales last month compared to June, 2009, with 1152 vs. 1062 residential units. Year to date, the is a 4.2% increase. The June increase was expected due to the time limitation of the homebuyers’ tax credit, which had a closing deadline of June 30. That deadline has now been extended until September 30, so expect a bit of skewing of closed sales for 3 more months. Of course we are all pulling for a housing recovery, but I expect unit sales to start dropping off as most of the tax credit purchases have now worked through the system. Median price rose 3.9% to $161,000. Pending sales are at 1477 vs. 1753 in May.
And for our $1 Million+ properties, there were 4 sales in June, and 13 year to date. Based on that total, the 151 $1M + properties currently listed represent a 69.7 month supply. Are they still building them?
Remember there are 2 different sales reports: This one reflects MLS (multiple listing service) sales. The final report for June will be released in August and reflects the numbers from recorded deeds – which, of course, picks up MLS and non-MLS sales.
photo credit: Justin Shearer
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