Fourth-Quarter Home Sales Rise 28.4 Percent

By Sarah Baker

Local home sales in the fourth quarter increased 28.4 percent compared to the fourth quarter last year, according to real estate information company Chandler Reports,

Shelby County saw 3,770 home sales from Oct. 1 to Dec. 31, up from 2,937 sales during the same period in 2011.

Home sales averaged $122,580 and totaled $461 million in the fourth quarter, compared to averages of $120,412 and a total of $353.5 million in Q4 of 2011.

Out of the county’s 34 ZIP codes, Collierville’s 38017 generated the most housing activity in Q4, with 243 sales averaging $288,810 and totaling $70 million. Eads’ 38028 had the highest average price, $449,568, with nine sales.

Bank, or foreclosure, sales notched 811 sales from October to December, up 5 percent from 770 last year. The average price of a bank sale in Q4 also jumped 4 percent to $70,514. Raleigh’s 38128 had the most bank sales, with 59 averaging $38,348 and totaling $2.3 million.

Conversely, nonbank, or traditional, sales rose 36 percent year over year to 2,950 in Q4. Year to date, nonbank sales were up 21 percent to 11,129. Nonbank sales averaged $136,894 and totaled $403 million.

Meanwhile, sales of new homes rose 15 percent, with 224 sales in fourth quarter compared to 195 a year ago. Average pricing for new homes in Q4 saw a 26 percent boost to $272,098, and total sales volume boosted 44 percent to $61 million. Collierville led Shelby County in new home sales with 55, followed by Arlington’s 38002 with 47.

Existing sales reached 3,537, a 29 percent increase from 2,741 during last year’s fourth quarter. Homes in that group averaged $113,111 and totaled $400 million.

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