MAAR Releases November Market Report

Memphis-area home sales for November jumped 28.4 percent from a year ago, with 1,076 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales rose 2.1 percent from October, when there were 1,054 sales. Average sales price year-over-year was down 15.2 percent and year-to-date was also down 2.6 percent at $125,504. YTD total sales declined 8.3 percent. Inventory was down 4.7 percent from the previous month, with 7,673 units listed for sale. YTD sales volume fell 10.8 percent to $1.49 billion

“Sales in November of 2010 were really light, so that has something to do with the huge percentage increase in sales this November,” said MAAR President Leon Dickson. “But it is encouraging that the market was more active.” Source: Memphis Area Association of Realtors