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VOL. 129 | NO. 89 | Wednesday, May 7, 2014

Shelby County Home Sales on the Rise

By Amos Maki

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Shelby County experienced a modest increase in home sales in April compared to the same month last year, but sales rose sharply from March and prices continued their upward surge.

Shelby County experienced a modest increase in home sales in April compared to the previous April.

(Daily News File/Andrew J. Breig)

Shelby County recorded 1,356 home sales in April, up 2 percent from the 1,335 homes sold in April 2013, according to real estate information company Chandler Reports, www.chandlerreports.com. However, the 1,356 homes sold in April is up 14 percent from the 1,192 homes sold in March, giving Realtors hope that the market is heating up along with the weather.

“I think that’s probably more to do with the weather than anything else,” said Greg Glosson, president of the Memphis Area Association of Realtors. “We’re moving into our peak buying and selling season right now, and all the indicators point to a pretty robust season for us.”

Realtors said rising demand, fewer foreclosure sales and shrinking inventory are leading to rising home prices. The average sales price of a home in April was $141,752, up 10 percent from $129,078 in April 2013. Total sales volume in March was $191.9 million, up 11 percent from $172.3 million last March.

“For so long we were in a buyer’s market, and we’ve turned the corner and we’re in a seller’s market right now,” said Glosson.

Collierville’s 38017 ZIP code led the way in sales, with 98 averaging $282,832. The 38111 ZIP code around the University of Memphis recorded 87 sales averaging $105,364. Cordova South’s 38018 and Raleigh’s 38128 both netted 82 sales.

Of the 33 ZIP codes in Shelby County, 21 had an increase in overall sales activity for the month and 20 experienced an increase in average sales prices.

Bank, or foreclosure, sales continued their steady decline in April. There were 230 bank sales in Shelby County in April, down 31 percent from 333 bank sales last April. The average price of a bank sale was $72,226, down 9 percent from $79,421 in April 2013.

“Foreclosures are down and average sales price is up,” said Jason Gaia of Coldwell Banker Collins-Maury. “We don’t have a lot of inventory on hand, and what is out there I’m seeing multiple offers on, which is a good sign. All the indicators I’ve seen are very positive.”

Shelby County recorded 1,124 non-bank sales in March, up 12 percent from 1,002 last April. The average price of a non-bank sale was $155,979, up 7 percent from $145,580 in April 2013.

Realtors sold 50 new homes in April, down 34 percent from 76 new homes sold in April 2013. The average sales price of a new home was $265,758, down 3 percent from $273,522 last April.

There were 1,304 existing homes sold in April, up 4 percent from 1,259 homes sold in April 2013. The average sales price of an existing home in April was $136,997, up 14 percent from $120,358 last April.

The Shelby County housing market is emerging from a slow start to 2014, which most Realtors attributed to colder-than-average temperatures that lingered over the region into March. Through April, 4,626 homes have been sold in Shelby County, down 2 percent from 4,718 homes sold over the same four-month period in 2013.

“Considering the slow start we got in January and February, I think the year-to-date numbers look good,” Glosson said.

PROPERTY SALES 61 262 16,169
MORTGAGES 28 132 10,054
BUILDING PERMITS 88 424 38,360
BANKRUPTCIES 36 92 7,564