March Home Sales Improve 18 Percent

By Sarah Baker

Mirroring the first quarter of the year, March home sales were up 18 percent with 1,263 recorded for the month compared to 1,067 in March 2011.

Year to date, home sales were up 20 percent from last year. March total sales revenue was up 14 percent from the same month last year with $147 million total for the month compared to $129 million.

Average home sales prices in March were down by 4 percent to $116,430 but made positive strides from February’s average price of $97,704.

Many areas in the county saw an increase in average sales prices from 2011, including Collierville (38017), Cordova South (38018), Downtown (38103), University (38111), Oakhaven/Parkway Village (38118), River Oaks (38120) and Bartlett (38133 and 38134).

Bank sales made up for 28 percent of total home sales in March with 353 recorded, up 10 percent from 320 last year.

Meanwhile, nonbank sales notched 910 sales last month, a 22 percent increase from March 2011. Traditional sales averaged $133,985 and totaled $121.9 million.

Collierville had the most sales in March, 94, and the most revenue with $26.6 million.

New sales were down 16 percent with 56 recorded for the month, up 44 percent from February. But on a brighter note, the average price for a new home sale was $273,468, up 16 percent from March 2011.

Conversely, existing homes sold in March totaled 1,207, a 21 percent uptick from March 2011. Sales in that category averaged $109,144 and reached $131.7 million in sales volume.