Tag Archives: memphis home sales

Memphis Real Estate Sales Report for May, 2008

The May 2008 Memphis real estate sales numbers have been released by the Memphis Area Association of REALTORS®, and activity is still a little slow compared to 2007. Through the end of May year to date sales are at 5,698, compared to 7,059 last year – a 19.3% drop, and median prices are down from 2007’s $137,000 to 119,000 (13.1% drop) as of the end of May.

There is no break down on foreclosures and bank sales, which have tended to sell at lower than market values. There were 12,641 total listings which indicates a slight month to month increase, which is typical for this time of the year. Click here to download the report.


I have mentioned absorption rates in this blog before, but a couple of interesting points on that topic:

On homes of all types for sale in the $140,000-159,900 range, there are 794 listings. There have been 395 sales –
4740 /5= 948 anualized or 79 sales per month

Inventory =794 794/79= 10 month supply in that price range. As you may recall from our earlier lessons, under 6 months supply is a sellers’ market, over 6 months is a buyers’ market. When you take away the hype, and the doom and gloom in the media, fundamentally, it IS a good time to buy a home.

One more scenario I thought was interesting:

Through May there were 14 sales over $1,000,000; there were 179 listings

Let’s do the math

168 /5 = 33.6/year or 2.8 sales per month annualized

179(listings)/2.8(sales/month)= 63 months or 5 years and 3 months supply. Draw your own conclusions on that one.

1st Quarter-2008 Residential Sales Results

The numbers for March,2008 and the first quarter are in from The Memphis Area Association of REALTORS (MAAR). Number of sales was off (22.3%) from last year with the Median sale price dropping from $132,000 to $120,000 (-9.1%). March 2008 home sales contributed more than $172 million to the Memphis-area economy.
Historical home sales statistics are located at www.maar.org/media.
“Pending sales remained at the increased levels we saw last month, indicating continued strong market activity,” said MAAR President John Snyder.

If you love statistics, like I do, or if you want to see how your community fared, you will want to check out the full report at:
http://www.spake.com/memphishomesales.htm (click the March link).

If You Love Statistics

Earlier in the month I posted Memphis residential real estate sales results for January-February, 2008 compared to the same period in 2007. I just found out that MAAR (Memphis Area Association of REALTORS) is posting comprehensive sales figures, including sales, median sales price, average sales price, average days on market, pending and active listing information, types of financing, year-to-year comparisons, sales inventory breakdown, active listings graph, and sales details for 17 specific areas in the Greater Memphis Area. Just about anything a real estate stats nerd would want. Wow, I may never have to use that spreadsheet on Google Documents again. Check out the February Report for the no-spin version of what is happening in the market.

If you are considering buying or selling or know someone who is, call me.

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