MAAR Releases Market Report for May

Memphis-area home sales for May made an 18.3 percent jump from May 2009, with 1,439 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales spiked 7.7 percent from April as the market continued to be impacted by the tax credit; home buyers were required to have a purchase contract signed by April 30. Median sales price rose 15.9 percent from April 2009. Pending sales showed the effects of the tax credit ending and fell 20.5 percent. Inventory increased 2 percent from April to 9,523 units listed for sale. Sales volume through the first five months of 2010 was up 8.1 percent over the same period in 2009.


May Comparison:
                                 2010           2009     % Change
Total Home Sales:     1,439          1,216        18.3%

Median Sales Price:  $109,500    $94,500   15.9%

Average Sales Price: $138,990    $120,912   8.0%

Monthly Sales Vol:  $200 mil.    $147 mil.  36.1%

Year-to-Date Comparison:
                                2010           2009      % Change
Total Home Sales: 5,984          5,836           2.5%

Med Sales Price:  $94,000      $79,000       19.0%

Avg Sales Price:   $124,851    $118,431     5.4%

Sales Volume:      $747.1 mil.  $691.2 mil.   8.1%

Historical home sales statistics are located at www.maar.org/marketreports.

“An 18 percent gain in sales from a year ago is significant,” said MAAR President Glenn A. Moore. “The drop in pending sales was to be expected, given the expiring tax credit.”

Source: Memphis Area Association of Realtors