The Memphis Area Association of Realtors shows home sales are up in Bartlett but down in Lakeland and Arlington for last month compared to March of 2016.
March is the most recent month in 2017 for which complete numbers are available. The MAAR data system includes records of all property transactions in Shelby, Fayette and Tipton counties. See the March market report for all included municipalities and counties at maar.org.
Bartlett home sales
Bartlett’s March total home sales are up 9.1 percent for last month, compared to March 2016 (108 vs. 99 homes). The median sales price for March also rose by 19.9 percent, from $159,300 to $191,000. New home sales in Bartlett dropped by 15.5 percent, with 13 homes sold in March 2016 compared to 11 homes sold this March.
Year-to-date through the end of March, Bartlett’s total home sales are up 16.5 percent, from 231 homes sold YTD in 2016 to 269 homes sold so far this year. The YTD median sales price shows a 14.2 percent increase from $169,000 to $193,000. New home sales numbers are up 5.6 percent, from 36 at this point in 2016 to 38 this year.
Lakeland home sales
Lakeland’s March total home sales are down 5.6 percent, compared to March 2016 (18 vs. 17 homes). But the median sales price for March total home sales jumped by 25.5 percent, from $259,024 in March 2016 to $325,000 this March. New home sales in Lakeland were flat, with two homes sold in March 2016 and the same number this March.
Year to date through the end of March, Lakeland’s total home sales are up 30.6 percent, from 49 homes sold YTD in 2016 to 64 homes sold so far this year. The median sales price decreased 12.1 percent, from $260,000 YTD in 2016 to $228,500 so far this year. New home sales numbers are up 100 percent from two YTD in 2016 to four so far this year.
Arlington home sales
Arlington’s March total home sales are down by 19.4 percent for last month, compared to March 2016 (31 vs. 25 homes). The median sales price for March rose by 7.6 percent, from $226,700 to $243,900. New home sales in Arlington were flat, with three homes sold in March 2016 and the same number this March.
Year to date through the end of March, Arlington’s total home sales are up 15.4 percent, from 65 YTD in 2016 to 75 so far this year. The median sales price rose by 17.2 percent, from $217,500 to $255,000. New home sales are up 10 percent year to date, with 10 sold YTD in 2016 compared to 11 so far this year.
Entire Memphis-area home sales
The Memphis-area home sales for March are up by 17.1 percent, compared to March 2016 (1,634 vs. 1,395 homes). Sales were up 44.6 percent from February, when there were 1,130 total sales.
“We obviously saw a huge jump in sales from February to March,” said MAAR President Tommie Criswell. “Some of that is seasonal, but it’s also a sign of this market’s strength.”
The median sales price for March was down by 4 percent, from $125,000 to $120,000. Average sales price from March-to-March was up 2.7 percent, at $155,124. Inventory decreased 0.8 percent, with 4,464 units listed for sale.
New home sales were up by 23 percent, with 61 sold in March 2016 vs. 75 homes sold this March.
Year to date through the end of March, total Memphis-area home sales are up 13.4 percent, from 3,524 YTD in 2016 to 3,996 so far this year. The median sales price rose by 1.7 percent, from $115,000 to $117,000. YTD sales volume is up 19.4 percent at $606.9 million.
Written by Carolyn Bahm, Express editor. Contact her at (901) 433-9138, bartlett.editor@journalinc.com or carolyn.bahm@journalinc.com.
