November MAAR report: Home sales drop as market slows

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MEMPHIS-AREA INVENTORY.

Memphis-area home sales for November decreased 11.0 percent from a year ago, with 1,356 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database. Sales were down 20.7 percent from October, when there were 1,710 total sales.

Average sales price from November-to-November was up 10.3 percent, at $193,916. Inventory decreased 1.7 percent, with 4,012 units listed for sale. Year-to-Date sales volume was up 2.1 percent at $3.42 billion.

“Low inventory continues to have an impact on the market,” said MAAR President Lee McWaters. “There continue to be multiple-offer situations and sales volume is up for the year.”

The MAARdata system includes records of all single-property transactions in Shelby, Fayette and Tipton counties. The MLS includes listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy and Lauderdale counties in Tennessee; DeSoto County in Mississippi; and Crittenden County in Arkansas. Historical home sales statistics are located at maar.org/marketreports.

Bartlett

November 2018 vs. November 2019: Sales dropped 17.6%, from 85 to 70 units. The median sales price rose 21%, from $180,000 to $217,750. New home sales remained the same, with two sales in both November 2018 and November 2019. The average sales price for all homes rose 13.5%, from $195,953 to $222,425.

Comparing year-to-date: Total 2019 home sales in Bartlett through the end of November dropped 6.8%, from 1,153 to 1,075 units. The 2019 YTD median sales price rose 4.6%, from $205,000 YTD in 2018 to $214,500 YTD in 2019.

Arlington

November 2018 vs. November 2019: Sales dropped 50%, from 32 to 16 units. The median sales price rose 53.4%, from $234,500 to $359,793. New home sales dropped 14.3%, from seven in November 2018 to six in November 2019. The average sales price for all homes rose 30.8%, from $258,449 to $337,963.

Comparing year-to-date: Total 2019 home sales in Arlington through the end of November dropped 1.8%, from 397 to 390 units. The 2019 YTD median sales price rose 13.2% from $265,000 YTD in 2018 to $299,950 YTD in 2019.

Lakeland

November 2018 vs. November 2019: Sales rose 19%, from 21 to 25 units. The median sales price rose 48.9%, from $214,900 to $320,000. There were five new home sales in November 2019; information from November 2018 was not available for comparison. The average sales price for all homes rose 11%, from $301,080 to $334,086.

Comparing year-to-date: Total 2019 home sales in Lakeland through the end of November rose 3.1%, from 293 to 302 units. The 2019 YTD median sales price rose 2.5%, from $295,000 YTD in 2018 to $302,523 YTD in 2019.

Shelby County

November 2018 vs. November 2019: Sales dropped 14.7%, from 1,398 to 1,192 units. The median sales price rose 7.6%, from $132,000 to $142,000. New home sales rose 9.5%, from 42 in November 2018 to 46 in November 2019. The average sales price for all homes rose 10.5%, from $170,395 to $188,333.

Comparing year-to-date: Total 2019 home sales in Shelby County through the end of November dropped 2%, from 16,561 to 16,237 units. The 2019 YTD median sales price rose 3.3%, from $141,000 YTD in 2018 to $145,685 YTD in 2019.

Written by KIRA McNEIL and CAROLYN BAHM.