Memphis-area home sales for August declined 24.7 percent from a year ago, with 1,293 total sales recorded in the data property records database of the Memphis Area Association of Realtors (MAAR).
Sales decreased 11.8 percent from July, when there were 1,466 total sales. Average sales price from August to August increased 11 percent to $161,191. Inventory decreased 0.5 percent, with 6,770 units listed for sale.
Year-to-date (YTD) sales volume decreased 1.2 percent to $1.58 billion.
“Pricing remains at healthy levels,” said MAAR President Greg Glosson. “Total sales are down and part of it may be that we’re moving out of the summer selling season and part of it’s the reduced number of bank sales.”
In August, Bartlett saw a 22.7 percent drop in home sales compared to the same month last year. The median sales price in Bartlett dropped by 1.8 percent to $157,000. New home sales showed a 22.2 percent drop for the month.
Bartlett’s total YTD home sales are down from 699 to 633 (a 9.4 percent decrease); however, the median sales price has risen to $159,000 (a 3.2 percent increase).
For more housing information on Bartlett and other Memphis-area municipalities and counties, see the August 2014 report on the MAAR website.
The MAAR data system includes records of all property transactions in Shelby, Fayette and Tipton counties.
MAAR tracks home sales in the Memphis area each month. The official market reports are pulled around the first of each month for sales recorded in the immediate previous month. Monthly multiple listing service (MLS) sales reports are generated around the 15th of each month for sales in the previous month.