Bartlett home sales spiked in June, easily outpacing any month of sales thus far in 2022.
Memphis Area Association of Realtors data shows 143 homes were sold in Bartlett during June, an increase of 36 percent from 105 in 2021. The second-highest month for home sales in Bartlett this year is May with 119 sales.
Investment firms were involved in a lot of those June transactions, either buying properties, selling them or selling groups of homes to another investment firm.
In the 38002, 38133, 38134 and 38135 ZIP codes of Bartlett, investment firms were involved in 49 of the 143 sales during June, according to Shelby County Register of Deeds sales data.
The average sales price for a Bartlett home in June was $331,849, up 16.4 percent from $285,015 in June 2021.
There have been 590 homes sold in Bartlett during 2022 so far, down slightly from 599 a year ago, according to MAAR, which tracks sales in Shelby, Fayette and Tipton counties.
The average sales price of Bartlett homes has risen 17.5 percent to $312,760 for the first six months of the year, compared to $266,290 in 2021.
Across all three counties tracked by MAAR, sales rose 6.8 percent in June compared to a year ago and the average sales price rose 13.5 percent to $286,103.
The month also was marked by another increase in home inventory. There were 2,380 units listed for sale in June, an increase of 8.6 percent from the previous month and 26 percent higher than the record low inventory of 1,882 units in January for the greater Memphis area.
“June sales were good in 2021, and they were even better this year,” said MAAR President Bill Stewart. “Inventory took another jump, which means buyers will have more selection.”
While June is traditionally a strong month for home sales, the spike in Bartlett could have been aided by a slight decline in mortgage rates the last few weeks.
The average 30-year fixed rate mortgage was 5.91 percent in mid-June, but has trended lower since then to 5.73 percent on July 15, according to Bankrate.com.
The average 15-year mortgage rate was 4.89 percent on July 15 and the average Adjustable Rate Mortgage was 4.213 percent.
But the Federal Reserve is expected to increase its target federal funds rate by 75 basis points on July 27 to try and slow down runaway inflation, which could move mortgage interest rates higher as well.