The New Year began with both pricing and sales taking a dip from this time in 2010. Memphis-area home sales for January fell 1.4 percent from a year ago, with 960 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Pricing took a harder hit, with median sales price off 9.7 percent from January 2010, at $83,500. Average sales price declined 6.9 percent to $124,756. Inventory for January held steady from December, with 8,382 units listed for sale. January sales volume was $119.8 million – or an 8.2 percent decline from 2010.
Sales dropped 3.4 percent from December, when there were 994 total sales recorded.
“The market is slow right now,” said MAAR President Leon Dickson. “The home buyer tax credit was in play a year ago. Unemployment remains a factor and consumer confidence obviously isn’t as high as we would like to see it.”
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