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VOL. 111 | NO. 13 | Tuesday, January 21, 1997

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Home sales peak in 96 Home sales peak in 96 Memphis area home sales recorded in the Multiple Listing Service reached an all-time high in 1996, according to a report last week from the Memphis Area Association of Realtors. Decembers total of 780 MLS-listed residential sales drove 1996s final tally to 11,546 sales, 1.5 percent better than the 11,373 home sales in 1995. "These final sales results clearly depict the tenor of the residential market in Memphis in 1996," said MAAR president Tom Kimbrough. "Market conditions were just right for buying and selling. "At the same time, the narrow margin of increase suggests that a rampant market is perhaps leveling off. This means that 1997 should be another excellent year, but one that might show a normal settling of the market." The 780 December sales comprise a drop of 13.2 percent from Novembers total of 883 and a 2.7 percent drop from the 801 sales in December 1995. The median sale price of MLS-listed homes was $99,900 in December, up 7.5 percent from $92,950 in 1995. Best selling price ranges in 1996 were $100,000 to $119,999 (1,124 sales); $120,000 to $139,999 (1,118 sales); and $70,000 to $79,000 (1,021). MAAR also honored some of its leaders, including MAAR Realtor of the Year Bobbi Gillis, at an inaugural reception last week. Gillis, co-owner of FaxonGillis Homes and 1995 MAAR president, has been a MAAR member since 1980. She currently serves as vice-chairman of the Tennessee Real Estate Commission and is a director of the Tennessee Association of Realtors. She also has been active with the Home Builders Association of Memphis and with local economic development efforts. Diane George, Realtor-associate with Home Realty Co., was named Realtor-Associate of the Year. Lisa Reid, senior vice president and production manager with Union Planters Mortgage, was named affiliate of the year. Presidential Awards were given to several committee chairman including Jim McNatt, professional standards; Bebe McWaters, Realtor political action committee; Mary W. Sharp, continuing education; Linda Sowell, governmental affairs; Greta Thompson, Multiple Listing Service Information Network; and Rodger "Shorty" Watkins, budget and finance.
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 1 20 171
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0