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VOL. 126 | NO. 20 | Monday, January 31, 2011

2010 Home Sales Declined 9.7 Percent

By Allison Buckley

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Home sales in the Memphis market declined 9.7 percent in 2010, showing the market perhaps still has a ways to go to recovery.

There were 13,711 homes sold in 2010, a 9.7 percent decline from the 15,186 sold in 2009, according to the latest numbers from the Memphis Area Association of Realtors’ Multiple Listing Service.

The average sales price, however, did increase by 0.8 percent with an average of $128,813 compared to $127,803 in 2009.

Sales volume fell 9 percent from $1.94 billion in 2009 to $1.77 billion in 2010.

East Memphis led the way in 2010 with 2,083 houses sold. That submarket also had the highest total in December with 138.

Germantown had the highest average sales price in 2010 at $328,031 and also in December at $322,973.

For the early months of 2010, the homebuyers tax credit seemed to push the real estate industry in the right direction. But when that tax credit expired on April 30, the market saw a decrease in activity.

However, MAAR leaders are hopeful for increased momentum moving forward.

“The market will continue to stabilize, which is going to benefit the sellers quite a bit,” said Leon Dickson, president of MAAR and owner/broker of BenchMark at Southwind Realtors LLC.

“From a buyer’s standpoint, you still got the best interest rates and a nice inventory. I think they both can be happy in the situation we have right now.”

Inventory in December stood at 8,379 homes, creating a two-year low, signs that maybe there is an improvement in the economy on the way.

Memphis-area home sales for December were 896, a 22.6 percent decrease from December 2009’s 1,158 home sales.

The average sales price in December also decreased but not as drastically when the price was $129,342, a drop from December 2009’s sales price of $132,154.

The monthly sales volume decreased the most with a total of $115.9 million in December compared to $153.0 million in December 2009.

The December 2010 home sales number was an increase from November’s total of 857. December 2010’s average sales price also decreased from November’s $138,088.

December’s sales volume also decreased – $115.9 million from November’s sales volume of $118.3 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 242 14,959
MORTGAGES 111 255 19,585
FORECLOSURE NOTICES 21 43 3,838
BUILDING PERMITS 153 512 35,842
BANKRUPTCIES 61 182 14,216
BUSINESS LICENSES 18 104 5,095
UTILITY CONNECTIONS 76 246 21,679
MARRIAGE LICENSES 16 75 4,632

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