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Memphis area sees highest home sales of year in August

housing-iconMEMPHIS — August home sales in the Memphis-area increased 10.3 percent from a year ago, with 1,942 total sales recorded in the Memphis Area Association of Realtors property records database.

Sales were up 11.2 percent from July, when there were 1,747 total sales. Average sales price from August-to-August was up 4.4 percent at $183,175. Inventory decreased 2.1 percent, with 4,713 units listed for sale. Year-to-date sales volume was up 13.7 percent at $2.24 billion.

“August sales were the highest we’ve seen all year,” said MAAR President Tommie Criswell. “Now we’re about 10 percent ahead on total sales year-to-date.”

August is the most recent period for which data is available. The MAAR data system includes records of all property transactions in Shelby, Fayette and Tipton counties. See the August market report for all included municipalities and counties at maar.org.

Bartlett home sales

Bartlett’s August total home sales are down 4.5 percent, compared to August 2016 (128 vs. 124 homes). The median sales price for August rose 6.0 percent, from $183,000 to $194,000. New home sales in Bartlett dropped by 7.7 percent, with 12 homes sold in August 2017 compared to 13 homes sold in August 2016.

Year-to-date through the end of April, Bartlett’s total home sales are up 3.9 percent, from 874 homes sold YTD in 2016 to 908 homes sold so far this year. The YTD median sales price shows a 6.2 percent increase from $178,950 to $190,000. New home sales numbers are down 9.5 percent, from 105 at this point in 2016 to 95 through the end of August this year.

Lakeland home sales

Lakeland’s August total home sales are up 73.9 percent, compared to August 2016 (40 vs. 23 homes). But the median sales price for August’s total home sales dropped by 4.5 percent, from $261,800 in August 2016 to $250,000 this August.

MAAR did not have data on Lakeland’s August 2016 or August 2017 new home sales.

Year to date through the end of August, Lakeland’s total home sales are up 12.6 percent, from 207 homes sold YTD in 2016 to 233 homes sold so far this year. The median sales price decreased by 0.80 percent, from $255,000 YTD in 2016 to $253,000 so far this year. New home sales numbers are down 28.6 percent from seven new homes sole YTD in 2016 to five so far this year.

Arlington home sales

Arlington’s August total home sales are down by 7.5 percent, compared to August 2016 (49 vs. 53). The median sales price for August rose by 1.2 percent, from $237,000 to $239,900. New home sales in Arlington dropped by 28.6 percent, with seven homes sold in August 2016 vs. five homes sold this August.

Year to date through the end of August, Arlington’s total home sales are flat, with 286 homes sold by this point in August 2016 and August 2017. The YTD median sales price rose by 3.5 percent, from $231,951 in August 2016 to $240,000 in August 2017. New home sales are down 23.7 percent, with 29 sold so far this year vs. 38 homes sold through August 2016.

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