Shelby County Home Sales Climb 15 Percent

By Amos Maki

May home sales jumped 15 percent from the same month last year, while the average sales price increased 9 percent.

Home sales in Shelby County were up 15 percent in May compared to the same month last year, helped in part by neighborhoods such as this one in Lakeland.

(Daily News File/Lance Murphey)

Shelby County netted 1,457 home sales in May, up from 1,381 sales last May, according to real estate information company Chandler Reports,

“The Memphis housing market is in a pretty good place,” said Memphis Area Association of Realtors President Regina Hubbard.

The total sales volume in May was $197.2 million, up 15 percent from $171 million at the same point last year.

And the average sales price last month was $135,374, up 9 percent from $124,005 in May 2012.

Cordova North’s 38016 ZIP code saw the highest number of sales in May, with 107 homes taken off the market. Next was Cordova South’s 38018 ZIP code, which recorded 90 sales. Collierville’s 38017 ZIP code came in third with 81 sales.

Collierville led the way in total sales with $22.6 million, while River Oaks’ 38120 ZIP code had the highest average sales price at $482,577.

May’s performance had real estate agents upbeat about the market.

“It’s about time,” said Allen Green of John Green & Co. “The sellers are ready to sell and the buyers are ready to buy.”

The number of existing home sales increased 5 percent, from 1,320 last May to 1,388 this May. Total sales for May were $180 million, a 15 percent leap from $156 million last year. The average sales price for an existing home in May was $129,707, up 9 percent from $118,892 last year.

“The most encouraging thing is the values are starting to come back up a bit, which makes it easier for sellers to sell,” Green said. “They may have wanted to sell but couldn’t because they couldn’t get the price they wanted.”

New home sales totaled 69 in May, up from 61 the same month last year. The average sales price for a new home was $249,361, up from $234,652 last year.

Non-bank sales in May totaled 1,178, up from 1,228 last year, while bank – or foreclosure – sales dropped to 279 in May, compared to 368 last year.

“We’re really optimistic and things are looking good right now,” Green said.

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