November Market Report

MEMPHIS, TN – December 8, 2011 – (RealEstateRama) — Memphis-area home sales for November jumped 28.4 percent from a year ago, with 1,076 total sales recorded in the Memphis Area Association of REALTORS^® MAARdata property records database. Total sales rose 2.1 percent from October, when there were 1,054 sales. Average sales price year-over-year was down 15.2 percent and year-to-date was also down 2.6 percent at $125,504. YTD total sales declined 8.3 percent. Inventory was down 4.7 percent from the previous month, with 7,673 units listed for sale. YTD sales volume fell 10.8 percent to $1.49 billion.