Memphis area home sales for May 2017

May 2017 Real Estate Update

Hello, I hope you had a great May!

Want to own a piece of Elvis History?  For almost 40 years, Elvis Presley‘s personal physician — the controversial Dr. George Nichopoulos, a.k.a., Dr. Nick — lived in this house.

Presley helped design it and pay for it, Nichopoulos told The Guardian in 2002, and the King’s fingerprints are easily seen. The home’s distinct design features a racquetball court, an indoor atrium and uniquely colored shag carpeting. The home was finished in 1976, one year before Presley’s death.

Check out the details here

Home Sales
Schools are out for summer and Memphis home sales are heating up as we move into the busiest season for residential real estate.
Memphis area home sales for number of units sold in May was up 9% with 1,771 sales recorded for the month compared to 1,625 last year. Total Memphis area home sales volume was up 20% with $300 million recorded compared to $250 million last May.
Through the first five months of this year, the number of home sales in the Memphis area recorded are up 8%, average home sales prices are up 7%, and total home sales revenue is up 15% from the same period in 2016.
Memphis area average home sales prices continue climbing and reached $169,549 in May, up 10% from $154,171 in May 2016.
Bank-owned property sales continue to decline, down 17% from last May with 130 recorded for the month averaging $80,558.
Investor purchases accounted for 18% of all home sales in Shelby County for the month with an average sales price of $88,773. 39% of investor purchases were made by out-of-town buyers.
Following is a breakdown of May home sales by municipality comparing 2017 figures to 2016:
Home Sales by Municipality
Municipality #of Units Sold Avg. Sale Price Avg. Price/SqFt
Arlington 15% -1% 7%
Bartlett -2% 8% 2%
Collierville 22% 0% 8%
Germantown 0% 14% 11%
Lakeland -21% 2% -2%
Memphis 9% 13% 12%
Millington 31% 13% 7%
Unincorporated 19% 17% 9%
 
37% of home sales in the county were valued between $50,000-$149,000. The median sales price was up 13% to $135,000.
Home sales over $500,000 were up 32% from last year with 58 recorded for the month compared to 44 in May 2016.

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:

Get Your FREE Home Value Now

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,

What is your 901 Home Worth NOW!
5 Home Buying Myths
Homes for Heroes Program
Homes for sale with pool under $300,000
Find out about the Certified Pre-Owned Home Unique Selling Program
Search All Homes For Sale
Homes Close to Where You Work
Suzanne White
REALTOR
Keller Williams Realty
901-261-7900
Licensed In: TN
License #: 294656
Contact Me

     

 

5 Home Buying Myths
What is your 901 Home Worth NOW!
Homes for Heroes Program
Homes for sale with pool under $300,000
Find out about the Certified Pre-Owned Home Unique Selling Program
Search All Homes For Sale
Homes Close to Where You Work
Suzanne White
REALTOR
Keller Williams Realty
901-261-7900
Licensed In: TN
License #: 294656
Contact Me

You Can Also Visit Us At:        

Memphis Real Estate Market Report

 

April Real Estate Update
 
Home Sales
A major shortage of homes available on the market is the most likely culprit causing home sales in Memphis and Shelby County to decline for the first time in eight months.
The number of units sold in April was down 7% with 1,470 sales recorded for the month compared to 1,574 last year.
Through the first four months of this year, the number of home sales recorded are up 7% and average home sales prices are up 5% from the same period in 2016.
Average home sales prices in April reached $158,037, up 4% from $151,458 in April 2016.
Bank-owned property sales continue to decline, down 35% from last April with 113 recorded for the month averaging $88,106.
Check out the breakdown of April home sales by municipality comparing 2017 figures to 2016:
Home Sales by Municipality
Municipality #of Units Sold Avg. Sale Price Avg. Price/SqFt
Arlington -11% 2% 6%
Bartlett -14% 5% 7%
Collierville -27% 4% 5%
Germantown -14% 13% 5%
Lakeland -31% 1% -2%
Memphis -6% 6% 7%
Millington -44% 19% 10%
Unincorporated 20% 12% 6%
 
Home sales over $500,000 were up 21% from last year with 46 recorded for the month compared to 38 in April 2016. 
One of the priciest sales when priced per square footage was a sale in the Artesian Condominums which sold for $280.12 a square foot. This popular 16-story high rise offers stunning, contemporary condos with sweeping views from the rooftop deck.  The amenities include indoor and outdoor pools, tennis court, bike storage, workout room, yoga room, a pet park and more.  9989540-7Would you pay $280 a square foot for this view? 

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:

Get Your FREE Home Value Now

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,

What is your 901 Home Worth NOW!
5 Home Buying Myths
Homes for Heroes Program
Homes for sale with pool under $300,000
Find out about the Certified Pre-Owned Home Unique Selling Program
Search All Homes For Sale
Homes Close to Where You Work
Suzanne White
REALTOR
Keller Williams Realty
901-261-7900
Licensed In: TN
License #: 294656
Contact Me

     
9989540-7