The total Memphis area is seeing an increase in year-over-year home sales for July, although sales are down for Bartlett, Arlington and Lakeland, according to the Memphis Area Association of Realtors’ property records database.
The total Memphis-area home sales for July are up by 1.4 percent, compared to July 2017 (1,847 vs. 1,822 homes). The median sales price rose 7.6 percent, from $151,000 in July 2017 to $162,500 this July. New home sales were up by 24.2 percent, with 62 sold in July 2017 vs. 77 homes sold this July.
The average sales price from July 2017 to July 2018 was up 7.4 percent, at $197,211. Inventory increased 4.6 percent, with 4,548 units listed for sale this July.
YTD sales volume is up 11.7 percent at $2.1 billion.
Year to date through the end of July, total Memphis-area home sales are up 2.4 percent, from 11,133 homes sold YTD in 2017 to 11,400 so far this year. The median sales price rose by 11 percent, from $135,000 to $149,900. New home sales are up by 20.5 percent, from 440 YTD in 2017 to 530 so far this year.
“All the numbers are up from this time last year,” said MAAR President Lauren Wiuff. “A strong year for the market continues.”
July is the most recent month in 2018 for which complete numbers are available. The MAAR data system includes records of all property transactions in Shelby, Fayette and Tipton counties. See the July market report for all included municipalities and counties at maar.org.
Bartlett home sales
Bartlett’s July total home sales are down 2.3 percent, compared to July 2017 (126 vs. 129 homes). The median sales price for July rose by 3.9 percent, from $194,900 to $202,500 the previous month. New home sales in Bartlett were flat, with 12 homes sold in July 2017 and this July.
Year-to-date through the end of July, Bartlett’s total home sales are down 10.2 percent, from 781 homes sold YTD in 2017 to 701 homes sold so far this year. But the YTD median sales price shows a 10.5 percent increase from $190,000 to $209,900. New home sales numbers are down 7.1 percent, from 84 at this point in 2017 to 78 through the end of July this year.
Bartlett Mayor Keith McDonald commented that the biggest factor in lower home sales is the lack of available properties, not a lack of interest from home buyers.
Lakeland home sales
Lakeland’s July total home sales are down 11.4 percent, compared to July 2017 (31 vs. 35 homes). The median sales price for July total home sales dropped by 5.2 percent, from $269,000 in July 2017 to $255,000 this July. MAAR did not have data on Lakeland’s July 2017 new home sales; in July 2018, the number sold was one.
Year to date through the end of July, Lakeland’s total home sales are down 7.2 percent, from 194 homes sold YTD in 2017 to 180 homes sold so far this year. But the median sales price increased 15.9 percent, from $254,000 YTD in 2017 to $294,500 so far this year. New home sales numbers are down 40 percent from five new homes sold YTD in 2017 to three so far this year.
Arlington home sales
Arlington’s July total home sales are down by 12.8 percent, compared to July 2017 (41 vs. 47 homes). The median sales price for July rose by 16.8 percent, from $249,900 in 2017 to $292,000 this July. New home sales in Arlington rose 125 percent, with four homes sold in July 2017 increasing to nine this July.
Year to date through the end of July, Arlington’s total home sales are up 5.9 percent, from 237 YTD in 2017 to 251 so far this year. The median sales price rose by 9.7 percent, from $242,000 to $265,400. New home sales are up 79.2 percent year to date, with 24 sold YTD in 2017 compared to 43 so far this year.
