March 2017 Memphis Home Sales ..and an amazing riverfront home takes the lead!

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Your March 2017 Market Report

March 2017 Memphis Home Sales

Home sales in Memphis and Shelby County continued an upward trend through the first quarter of 2017. 
The number of units sold in March was up 20% with 1,612 sales recorded for the month compared to 1,344 last year. Total home sales volume was up 26% with $245 million recorded compared to $195 million last March.
Through the first quarter of this year, the number of home sales recorded are up 13% and average home sales prices are up 6% from the same period in 2016.
Average home sales prices in March reached $151,688, up 5% from $144,949 in March 2016.

One of Downtown Memphis’ most distinct homes has sold. Designed in 2003 by Archimania, the nearly 5,000-square-foot home sits on the bluff of the Mississippi River at 449 Tennessee St. Garnering a sales price of $1.7 million, the home takes the distinction of being the most expensive house sold this year.

Bank-owned property sales continue to decline, down 17% from last March with 137 recorded for the month averaging $95,282.
Investor purchases accounted for 24% of all home sales in Shelby County for the month with an average sales price of $67,428.
Following is a breakdown of March home sales by municipality comparing 2017 figures to 2016:
Home Sales by Municipality
Municipality #of Units Sold Avg. Sale Price Avg. Price/SqFt
Arlington -29% 3% 9%
Bartlett 12% 16% 10%
Collierville 12% 16% 10%
Germantown 31% 11% 9%
Lakeland 0% -9% 6%
Memphis 24% 5% 8%
Millington 15% -6% -3%
Unincorporated 16% 6% 5%

This has affected your home’s value!

I would like to invite you to find out the new value of your home using today’s technology at a website I created that will provide you with your homes new value at:

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See all current homes for sale near YOU with option to get notified as soon as your neighbor’s home lists for sale before the major real estate websites even get them!

I hope you find this helpful and, as always, I appreciate your consideration in referring any friends, family, or colleagues my way.

Again, thank you for supporting me and my business endeavors and do not hesitate to let me know if you have any questions about anything related to real estate or your home!

Best Wishes,

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Suzanne White
Keller Williams Realty
Licensed In: TN
License #: 294656
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