April 2011 Residential Sales

The Memphis Area Association of REALTORS® (MAAR) has released residential sales statistics, based on Multiple Listing Service data, for April, 2011 and 2011 YTD.  Total unit sales show a 13.4% decline from 2010, while sales are off 10.9% year-to-date.  There are also declines in average and median sales prices.

MAAR is providing a lot more information in the sales report these days (download here), including sales by price range, beds and baths, finance type, days on market, and current active listing data.  Here are a couple of interesting tidbits:

• Over 14% of houses sold last month were $19,999 or less.
• One house $1,000,000 or more sold in April, and 5 so far this year.
• 136 $1,000,000+ houses in active inventory which translates to about 9 years of inventory based on this year’s sales.

So have a ball, stats lovers.  I don’t know quite what to make of the numbers.  The agents I have talked with recently are all having “good years”, and every one is saying how much better things are than last year.  I can personally attest to that, but it may be a factor of my micro market here specializing in  IN-City properties.   If you have questions about your specific real estate situation, give me a call or email.

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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Trulia’s Q1 2011 Rent vs. Buy Index provides guidance to help you make a smart decision on whether it is better to rent or buy in each of America’s 50 largest cities by population.

Interesting and valuable analysis of what’s happening in the U.S. housing market.  Just click the link above for lots of interactive possibilities.

Screen capture only, click image or link for interactive maps

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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According to MLS sales numbers released by the Memphis Area Association of REALTORS®, May, 2010 home sales are up 16.4% from 2009  (1,195  vs. 1027) units.   Well,  duh.  Can you say Home Buyer Tax Credits?  Although Congress is trying to extend the closing deadline of June 30 for buyers who completed their contracts by April 30, 2010 to be eligible for the credit, the extension is currently stalled.   I will really go out on a limb here and predict that year over year sales will also be significantly higher for June.  Year to date sales are only up 2.9%.  Remember 2009?  It was a pretty dismal year for real estate.  When all the tax credit folks get closed, we are going to see an un-skewing of sales figures that will shock you.  But, for those who have followed the market, what is shocking is that 5 years ago in May 2005, there were 1,589 sales.

Thanks you for reading Memphis home sales up for May. For similar Memphis Real Estate articles visit Memphis Real Estate Buzz ,

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Residential sales units were up 8.1% for November , 2009, compared to 2008 for a total of 1147 sales as reported by the Memphis Area Association of Realtors Home Sales Report.  Year to date sales remain significantly below (-13.7%)  2008 numbers.  It will take a couple of months for the spike,  caused by first time buyers rushing to take advantage of the $8500 tax credit, before it was renewed and expanded, to shake out.  I think we are still looking at some rough times, ahead, especially since the new tax credit plan expires in less than 100 days.

Also in the news today, FHA raised prepaid mortgage insurance rates by 0.5%, increasing closing costs on a $100,000 house by $500.  This could impact the numbers of potential FHA buyers struggling to pull together the last few dimes to get to the closing table.

View the entire November sales report HERE

Some things to pay attention to in the real estate market for the next few months:

1.  The Micro Markets – some areas and neighborhoods and price points are thriving.  Some are languishing.

2. Real estate companies are changing the way they do business.  Watch for changes in company advertising focus and watch for small “unknown” companies gaining more credibility, exposure and market share.  Some of the area’s well known companies are realizing it’s no longer “business as usual” and are beginning to react.  Should be fun to watch.

3.  Price reductions.  I don’t care what the Zillow zestimate says.  Sure, check the national sites, Zillow, Trulia, Roost, etc., but they are basically computers.  Things look a little different IRL.

4.  The Government -   FHA insurance rate hikes, more red tape for mortgage companies, and the fallout from the expiration of the Tax Credit for first time and repeat buyers.

Stay Tuned.

What do you think about the real estate market?  I would really like to hear what’s going on in your neighborhood, and how you are feeling about the near term future of Memphis area real estate.

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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Memphis in-city home sale prices are showing an upward trend, according to national real estate site, Zillow.

It seems that we are barraged with so much real estate data and opinion these days, that it is hard to decipher what is really happening in our micro-market.  Here is data for the in-city areas:  Downtown, Midtown, and East Memphis, as well as the Memphis line.  The in-city properties are on an upward trend.  That may not be true for other micro markets in the area, but thing are starting to look better in my market specialty areas.l

2009 Median Sales Prices for  Memphis, Midtown, Downtown and East Memphis

2009 Median Price $/square foot – for Memphis, Midtown, Downtown and East Memphis

By the Way, Check the countdown clock in the right sidebar. Time is running out for the $8000 tax credit. Remember you have to be closed on a home before December 1, 2009 to be eligible. Will the credit be extended, as the current buzz is saying? Who knows? Do you really want to gamble on losing an $8000 windfall?

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.
If you enjoy this blog, please subscribe to the RSS Feed. 

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Thanks you for reading Zillow indicates upward trend in Memphis home sales prices. For similar Memphis Real Estate articles visit Memphis Real Estate Buzz ,

Special note for current RSS Subscribers – If you subscribe to Memphis Real Estate Buzz via RSS feed, Please subscribe and start following this new feed for spake.com.  This will assure that you do not miss any items from either blog as I begin the process of merging the 2 blogs into one feed. Watch for future updates