Home Sales Down 4 Percent in Fourth Quarter

By Amos Maki

Shelby County home sales slowed in the fourth quarter when compared to the same three-month period in 2012.

Shelby County recorded 3,598 home sales in the quarter that ended Dec. 31, down 4 percent from 3,760 homes sold in the same period last year, according to Chandler Reports, www.chandlerreports.com.

The average sales price of a home in the fourth quarter was $140,586, up 15 percent from $122,571 in the same period in 2012. Total sales volume in the quarter was $505.8 million, up 10 percent from $460.8 million in the fourth quarter of 2012.

The 38016 ZIP code of Cordova North recorded 256 home sales, followed by Cordova South’s 38018 ZIP code with 254 sales and Collierville’s 38017 ZIP code, which recorded 249 sales. Collierville led the way in sales volume in the quarter at $70.7 million.

There were 646 bank, or foreclosure, sales in Shelby County in the fourth quarter, down 20 percent from 811 bank sales over the same period in 2012. The average sales price for a bank sale in the fourth quarter was $74,025, up 5 percent from $70,514 in the same period in 2012.

There were 2,952 nonbank sales in Shelby County in the quarter, up slightly from 2,949 non-bank sales in the fourth quarter of 2012. The average sales price of a nonbank sale was $155,152, up 13 percent from $136,888 over the same period in 2012.

Shelby County recorded 227 new home sales in the fourth quarter, up 1 percent from 224 new homes sold in the fourth quarter of 2012. The average sales price of a new home in the fourth quarter was $266,330, down 2 percent from $272,018 in the same quarter in 2012.

There were 3,371 existing home sales in Shelby County in the fourth quarter, down 5 percent from 3,536 existing homes sold over the fourth quarter of 2012. The average sales price of an existing home in the fourth quarter was $132,118, up 17 percent from $113,104 over the same period in 2012.

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