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Memphis area home sales report for November 2011

Joe Spake — Sun, 11 Dec 2011 10:47:26 +0000

The Memphis Area Association of Realtors has released its Memphis Area Home Sales Report – November 2011. Headlines were made this month as November unit sales rose 28.4% above November 2011. However, year to date unit sales lag 2010 numbers by 8.3%. The decreases in November and YTD median and average sales prices is troubling as we see values continuing to erode. New home sales were flat, foreclosures increased, and listing inventory shrunk. Area detail reports will show yout stats in your areas of interest at a more micro level. Get the free full report HERE.

Memphis Area Home Sales -Nov. 2011

Even though I link to the report every month, it looks like not very many of you are downloading or viewing the full report. I did this screen cast as an overview so you could see the amount of relevant data it includes.

Download your copy HERE free. Questions? Please contact me any time.

As usual, your comments are encouraged and welcomed.

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
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Looking for a deal? Memphis’ cheapest houses

Joe Spake — Sun, 30 Oct 2011 16:20:50 +0000

People never believe me when I tell them they have a good choice of houses for sale for less than $10,000; many below $5000. Looking for a deal? Check out these from the Memphis Area Assoc. of Realtors MLS:

Some investors buy houses like these by the dozen. If you have some cash, some of these, or others like them could be quite rewarding to you urban pioneers out there.

[Note: This slide show is dynamic and will update as properties come on the market or are sold.]
Also added a cheap house page on spake.com http://spake.com/memphis-cheapest-houses/

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Memphis home sales for July up from last year

Joe Spake — Mon, 22 Aug 2011 14:15:03 +0000

The Memphis Area Association of Realtors has released MLS sales results for July, 2011 and year-to-date.

987 Units were sold in July, a 21% increase from 2010. Average sale price and median sales price also rose. Year-to-date unit sales still lag 8% behind 2010 with a total of 6,417 units sold so far. The sales report breaks down sales by price, days on market, bedrooms/baths, and other indices.

Download the entire report here

According to the MAAR Site Brokers and agents make up a total of 3285 licensees selling real estate in the Memphis MLS area. If you multiply the number of sales by 2 (buyer side + seller side), 12,834 sides have been sold this year – a total of 3.9 sides per agent through the first 7 months of the year. Based on an average sale of $141,000 and typical commissions and broker splits, an agent would net about $3380/side (and that’s probably on the high side) sold before taxes and expenses. I am still amazed at how many licensees have stayed in the business, or at least kept their licenses active, but I think there is a thread of optimism among the professionals as we all hope to see more activity and better values in the foreseeable future.

There’s a new sign in Memphis real estate (memphisrealestatebuzz.com)

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Large inventory of $M+ homes in the Memphis Area

Joe Spake — Tue, 02 Aug 2011 11:02:58 +0000

Sure we have Million Dollar+ homes in the Memphis Area. The Memphis Area Association of Realtors reports that 9 homes with prices $1,000,000 or above had been sold this year as of the end of June. Compare the sales to the number of $M+ houses currently on the market – 118, and the Memphis area looks like a prime market for high-end buyers. With an absorption rate of 1.28 units/month, that’s 91.8 months or 7.6 years of supply!

With those odds stacked in favor of home buyers, there’s bound to be some great deals out there.

Have a look at the inventory HERE

And, of course, if you are thinking of capitalizing on this glutted market, I would love to represent you.

Memphis Real Estate Listings above $1,000,000

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Memphis area residential real estate sales – June 2011

Joe Spake — Sun, 24 Jul 2011 11:50:58 +0000

I have been commenting for a while about the Memphis Area Association of Realtors’ publication of 2 separate sales reports each month, one based on MLS numbers and one based on recorded sales. The reports didn’t match up to my satisfaction and now MAAR admits they are working on reporting issues. The problem with the numbers is described in this Daily News article by real estate reporter Sarah Baker. Apparently the issue being addressed (it is mentioned on MAAR’s site), the recorded deed numbers for all the off 2011 are being reworked, and eventually comparing the 2 monthly reports will make a little more sense.

For the time being, let’s look at the June MLS sales.

It’s not hard to see that June unit sales dropped 7.5% from last year, with an accumulated drop in unit sales of 12.1% YTD. Average and median sales continue to trend down.

The full report provides some very interesting about the Memphis housing market:

1510 (28.2%) of 5351 total reported sales YTD for 2011 have had sales prices below $50,000, with 680 units (12.7% of total) selling for less than $20,000.
122 (2.2%) of the total had sales prices greater than $500,000
Average days on market – 115.13
Current listings – 8498
Total pending sales – 1639 -an indication of a stronger sales trend? I don’t put much stock in pending sales numbers. They don’t mean a thing until the sales close.

Click here for full report

In summary, more of the same kind of numbers we have been seeing for months in this distressed market. The economy is driving the housing market and not vice versa. It’s going to take jobs and a brighter economic outlook, not smoke and mirrors, but something the public can buy into, to turn this market around.

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Memphis Real Estate Buzz » memphis real estate

Memphis area home sales report for November 2011

Looking for a deal? Memphis’ cheapest houses

Memphis home sales for July up from last year

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Large inventory of $M+ homes in the Memphis Area

Memphis area residential real estate sales – June 2011