The Memphis Area Association of REALTORS has released the August, 2008 and 2008 Year-to-Date Sales Figures. The numbers show a continued soft market in the Memphis area, with total sales ytd at 9,560 off 19.8 % from 2007 at. Median sales price is off 12.1 % for the year at $123,000.
MAAR does not report absorption rates but based on total sales for the the first 8 months of 2008, there were 13,568 pending and completed sales sales as of 8/31. There are currently 12,421 listings in all categories, translating to a 7.3 months supply of inventory- not bad, really, considering 6 months is considered a balanced market. Numbers over 6 indicate a buyers market.
Absorption rates vary widely between areas and price ranges. View the entire report to check your areas and price points of interest.