MAAR Releases November Market Report

Memphis-area home sales for November fell 10.5 percent from October with 857 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database; however, the average sales price jumped 10.3 percent from last November to $138,088. Total sales declined 25.3 percent from November 2009, when the first-time home buyer tax credit still had an impact on the market. Inventory from October to November decreased 3.8 percent with 8,783 units listed for sale. Overall sales volume through November of 2010 was $1.64 billion.

“We did see a nice bump in average sales price for November,” said MAAR President Leon Dickson. “But we didn’t have the tax credit in play like we did in November of 2009, so it’s not surprising that total sales were lower.”