MAAR Releases February Market Report

Memphis-area home sales for February fell 11.8 percent from a year ago, with 881 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales dropped 8.2 percent from January. Median sales price rose 21.4 percent to $75,900 from February 2010 and average sales price increased 13.1 percent. February had eight sales of $750,000 or more. However, median sales price was down 12.7 percent from last month and average sales price declined 8.6 percent. Year to date, total sales were off 7.6 percent. Inventory for February was essentially flat from the previous two months with 8,409 units listed for sale. February sales volume was nearly identical to 2010, but year to date was down 5.5 percent at $220.4 million.

“Although total sales were down, the year-to-date non-bank sales, or normal sales, were up 9 percent,” said MAAR President Leon Dickson. “That’s a positive heading into the spring when activity usually picks up.”