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Memphis Real Estate Market Stats

by Melissa Thompson

Median Days on the Market Drops to 34!

by Melissa Thompson

Some Highlights:

- The National Association of REALTORS® surveyed their members for their Confidence Index.

- The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.

- Homes sold in less than 60 days in 44 out of 50 states, and Washington D.C.

- Homes typically went under contract in 34 days in October!

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 or [email protected] for all your Real Estate needs!

By: KCM Crew

Lack of Existing Home Inventory Slows Sales Heading into Fall

by Melissa Thompson

Some Highlights:

  • The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
  • First-time homebuyers made up 31% of all sales in August.
  • Homes are selling quickly with 51% of homes on the market for less than a month.
  • A limited supply continues to drive up prices for the 66th consecutive month.

​​Contact Melissa Thompson at Your Key to Memphis and she can help you get your house on the market and sold this autumn!

​​By: KCM Crew 

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Memphis Real Estate Market Report – September 2016

by Melissa Thompson

September home sales increased by 8% from last year. 1,535 sales were recorded for the month compared to 1,421 last year. Average sales price was up 3% to $160,607. Year to date home sales are up 6%. Average sales price is up 3% from last year. 20 of 33 zip codes in the county had an increase in overall sales for the month and 20 zip codes saw increases in average sales prices. Home sales over $500,000 were the same as last year with 42 for the month. Home sales valued over $1 million were up 33%.

Home Sales by Municipality

Municipality

No. of Sales

Average Prices

Arlington

3%

6%

Bartlett

22%

6%

Collierville

16%

1%

Germantown

-8%

-9%

Lakeland

-14%

-26%

Memphis

9%

8%

Millington

0%

-13%

Unincorporated

3%

15%

 

Be sure to contact Melissa Thompson, Your Key to Memphis Team with Crye-Leike for all of your Real Estate needs – 901-729-9443 or [email protected].

www.yourkeytomemphis.com

 

Memphis Real Estate Market Report – July 2016

by Melissa Thompson

Home sales slipped in July. 1,585 home sales recorded for the month averaging $159,050. The number of home sales recorded was down 13% while the average sales price was up 13%. The median sales price for a home was $143,000, up 14% from last July. Year-to-date the number of home sales are up 5% and home sales revenue is up 8% from the same period in 2015. Only 8 of 33 zip codes in the county had an increase in overall activity for the month while 20 zip codes saw increases in overall sales prices. Home sales over $500,000 were up 43% from last year with 61 recorded for the month. Year-to-date home sales valued over $1 million are up 38% from the same period in 2015.

Home Sales by Municipality

 

Municipality

No. of Sales 

 Average Prices

Arlington

5%

8%

Bartlett

-1%

8%

Collierville

-19%

9%

Germantown

-8%

-3%

Lakeland

-29%

-3%

Memphis

-12%

18%

Millington

86%

7%

Unincorporated

-27%

29%

 

 

Be sure to contact The Melissa Thompson, Your Key to Memphis Team with Crye-Leike for all of your Real Estate needs - 901-729-9526 or [email protected]

 

Home Sales Up in Every Price Range over $100K!

by Melissa Thompson

Homes Sales Up in Every Price Range over $100K! | Keeping Current Matters

The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.

Homes priced between $100-250K showed a modest increase at 3.4%. This not only points to the lower inventory of homes available for sale in this price range but also speaks to the overall strength of the housing market.

Sales of homes over $250,000 increased by double digit percentages with sales in the $750,000- $1 million range showing the largest increase, up 16.7%!

As prices in many markets continue to accelerate, it is no surprise to see the percentage of homes in the higher price ranges increasing.

Here is the breakdown:

Homes Sales Up in Every Price Range over $100K! | Keeping Current Matters

What does that mean to you if you are selling?

Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.

 

New Home Sales Up 25.4% Last Month!

by Melissa Thompson

New Home Sales Up 25.4% Last Month! | Keeping Current Matters

According to the latest Census Bureau Report, sales of newly constructed homes soared to new heights in June to a seasonally adjusted rate of 592,000. This marks the highest annual rate in 8 years.

Trulia’s Chief Economist, Ralph McLaughlin had this to say:

“New home sales jumped sharply in June, and marked the best month since February 2008. This is a continued sign that demand for homes remains solid and aptly reflects increasing homebuilder confidence.” 

Sales have been climbing consistently over the last six months as shown in the graph below.

New Home Sales Up 25.4% Last Month! | Keeping Current Matters

One of the many reasons why many homeowners turn to the new homes market to find their dream home is due to the lack of existing homes for sale. As we have mentioned before, buyer demand is outpacing the supply of homes for sale at record rates.

Bottom Line

If you are a homeowner who is debating listing your home for sale this year, now may be the time. Meet with a local real estate professional who can help you take advantage of the buyers that are ready, willing and able to buy in your area.

 

Memphis Real Estate Market Report – June 2016

by Melissa Thompson

June was down overall in the Memphis market, but as for our team we were up. My team has closed 71 homes this year. The market had 1688 sales recorded compared to 1784 sales recorded in 2015. Average home sales prices were up 9% from last year. Year-to-date home sales are up 9% and home sale revenue is up 10% from the same period in 2015. 14 out of 33 zip codes had an increase in overall sales activity for the month and 27 zip codes saw an increase in average sales prices. Home sales over $500,000 were down 3% from last year with 61 recorded for the month. Home sales over 1 million are up 400% from June 2015. In fact, we had one in Central Gardens we closed.

Look in the chart below to see where your home falls.

Municipality

No. of Sales 

  Average  Prices

Arlington

56%

0%

Bartlett

0%

5%

Collierville

-14%

4%

Germantown

10%

12%

Lakeland

5%

5%

Memphis

-10%

10%

Millington

38%

14%

Unincorporated

1%

13%

 

Please contact The Melissa Thompson, Your Key to Memphis Team with Crye-Leike for all of your Real Estate needs - 901-729-9526 or [email protected]

Memphis Real Estate Market Report – April 2016

by Melissa Thompson

 

Home sales exploded up 19% from last year with 1581 record compared to 1331. Average sales price increased 5% with total revenue of $239 million, 25% increase from last year. Non-bank sales accounted for 89% of all home sales ~ Love that! Median price across the board was up 4%.Year to date home sales and total sales revenue up 9% from the same period in 2015. 26 of 33 zip codes in the county had an increase in overall sales activity for the month & 19 zip codes saw increases in average sale prices.Home sales over book were up 31 % from last year with 38 recorded for the month over $1 million are up 67% from this same time as last year.The Crye-Leike Quail Hollow office was up 14% from last April. My team had 26 contracts in April, so extremely busy!  We are working hard!

Home Sales by Municipality

Municipality

No. of 
Sales  

 Average  Prices

Arlington

20%

 -6%

Bartlett

25%

 2%

Collierville

27%

 10%

Germantown

18%

 1%

Lakeland

7%

 -8%

Memphis

25% 

 9%

Millington

157%

 -3%

Unincorporated

-15%

 11%

 

Please contact The Melissa Thompson, Your Key to Memphis Team with Crye-Leike for all of your Real Estate needs - 901-729-9526 or [email protected].

5 Reasons You Should Sell Now!

by Melissa Thompson
 

5 Reasons to Sell You House Now! | Keeping Current Matters

As the temperature continues to rise, buyers are coming out ready to purchase their dream home. Here are five reasons that you should list your house for sale now.

1. Strong Buyer Demand

Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are significantly more prospective purchasers currently looking at homes than at any point in the last two years!

These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

The National Association of Realtors reported last week that housing supply has slipped to a 5.0-month supply. This is still under the 6-month supply that is needed for a normal housing market.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. Home Prices Are Skyrocketing

Daren Blomquist, President of RealtyTrac, recently shared insights into why “2015 is a Great Year to Sell” by saying:

"So far in 2015, [sellers] are realizing the biggest gains in home price appreciation since 2007. In June, sellers sold for above estimated market value on average for the first time in nearly two years."

One major factor driving prices up is the lack of inventory available for the amount of buyers in the market. Often buyers, who find a home that they would like to make an offer on, are met with the reality that they aren’t the only ones interested.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now.

Prices are projected to appreciate by over 19.4% from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate near 4% right now.

Rates are projected to increase by a full percentage point over the next year according to Freddie Mac.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

by 

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Melissa Thompson
Crye-Leike Realtors
6525 N Quail Hollow Road
Memphis TN 38120
(901) 729-9526
(901) 756-8900
Fax: (901) 435-0620