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VOL. 127 | NO. 92 | Thursday, May 10, 2012

Home Sales Improve Just 2 Pct.

By Sarah Baker

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Shelby County home sales in April saw little change year over year, and more than half of total sales were valued at $100,000 or less.

Shelby County last month saw 62 new home sales averaging $249,905 and totaling $15.5 million. Sales of new homes increased 9 percent year over year. 

(Daily News File Photo: Lance Murphey)

Memphis and its 34 ZIP codes registered 1,116 home sales last month, up 2 percent from 1,094 recorded in April 2011, according to real estate information company Chandler Reports, www.chandlerreports.com.

Year to date, however, residential sales are up 14 percent for the first four months of this year (4,294) compared to the same period last year (3,752).

While 57 percent of home sales were valued at $100,000 or lower, April’s report included a few bright spots. Total sales revenue for April was $137 million, a 16 percent boost from $118 million seen during April 2011.

Average sales prices for the month were not only up 14 percent from last year, but 18 of the county’s ZIP codes saw year-over-year increases in average sales prices.

Those areas include: Cordova-South’s 38018 (up 14 percent), Downtown’s 38103 (up 22 percent), Midtown’s 38104 (up 44 percent), Westwood’s 38109 (up 38 percent), University’s 38111 (up 47 percent), Hickory Hill North’s 38115 (up 19 percent), East Central/Poplar Perkins’ 38117 (up 22 percent), Quince/Ridgeway’s 38119 (up 111 percent), Raleigh’s 38128 (up 13 percent) and Bartlett’s 38134 (up 17 percent).

What’s more, three homes sold for more than $1 million compared to zero last year. The high-end home sales closed in 38117, 38119 and River Oaks’ 38120.

Arlington’s 38002 had the most homes sales with 69 averaging $197,508 and totaling $13.6 million.

Collierville had the highest revenue with $18.3 million across 66 sales averaging $276,809.

Nonbank, or traditional, sales totaled 788 transactions in April, a 6 percent uptick from 741 in April 2011.

Sales in that category averaged $146,028 and totaled $115 million, compared to averaging $130,563 and totaling $97 million the year prior.

Bank, or foreclosure, sales accounted for 29 percent of total home sales in April with 329 recorded – a 7 percent decrease from last year’s 353 sales. Bank sales averaged $66,044 and reached $21.7 million in sales volume.

Frayser’s 38127 tallied the most foreclosures, with 21 averaging $15,482.

As for sales of new homes, there were 62 sales recorded averaging $249,905 and totaling $15.5 million. Sales of new homes increased 9 percent year over year, while average sales price increased 25 percent.

Meanwhile, existing home sales totaled 1,055 in April, a 2 percent uptick from 1,037 sold in April 2011. Existing home sales averaged $114,980 and totaled $121,304.

Sales of condominiums were flat year over year, with 40 averaging $113,438 and totaling $4.5 million.

Germantown’s 38138 tallied the most condo sales with five averaging $92,200 and totaling $461,000.

Chandler Reports is a division of The Daily News Publishing Co. Inc.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 218 10,440
MORTGAGES 91 293 13,620
FORECLOSURE NOTICES 25 68 2,712
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 184 10,076
BUSINESS LICENSES 25 62 3,798
UTILITY CONNECTIONS 90 338 14,895
MARRIAGE LICENSES 10 68 3,235

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