September Home Sales Flatten in Memphis
Here’s the good news for sellers in Memphis: Year-to-date home sales for the area are up 17.4 percent through September compared to 2005, according to the most recent Memphis Area Association of Realtors report.
Here’s the not-so-great news, however: Home sales for the month remained essentially flat at 1,522, compare
d to 1,516 12 months ago.
Overall in 2006, the Memphis area has had 15,354 homes sold for a total $2.7 billion, compared to same-period sales in 2005 of 14,009 homes sold at $2.3 billion. Demand for Tennessee mortgages appears to be growing.
Through September 2006, the average house price was $173,200, marking a 0.8 percent increase from last year.
The MAAR report also shows 11,178 active home listings for the Memphis area in September 2006. That’s around 2,000 more than a year earlier, making it more of a buyer’s market. If you’re thinking about a mortgage loan in the city, now would be a great time to make an offer.
“The inventory of homes is at a seven-month supply level and sales prices are flattening, but the average time on market is unchanged from a year ago at 85 days,” said MAAR president William Mitchell.
“Buyers have plenty of homes to choose from, continuing low interest rates, a highly affordable marketplace, with no gloom-and-doom forecast on the horizon due to the stability of our local economy.”