MAAR Releases March Marketing Report

Memphis-area home sales for March declined 23.2 percent from a year ago, with 1,166 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database. Median sales price fell 20 percent to $80,000 from March 2010. However, total sales rose 32.4 percent from February when there were 881; median sales price was up 5.4 percent from February. Year to date, total sales were off 15.4 percent. Inventory for March was essentially flat from the previous three months with 8,443 units listed for sale. YTD sales volume was down 15 percent at $364.1 million.

“The market is basically a reflection of the economy,” said MAAR President Leon Dickson. “Pending sales were up 11 percent from February, but recovery is going to be a slow process.”