Memphis August 2017 Chandler Report

[Sean Tagge]

For everyone interested in understanding the Memphis, TN market conditions I suggest subscribing to the Chandler Reports 

Below is their report for August:

"August Real Estate Update

Home Sales

Memphis and Shelby County home sales continued to improve through the summer.

The number of units sold in August was up 14% with 1,957 sales recorded for the month compared to 1,710 last year. Average home sales prices increased 6% to $172,152.

Total home sales volume was up 21% with $337 million recorded compared to $279 million last August.

Through the first eight months of this year, the number of home sales recorded are up 10%, average home sales prices are up 4%, and total home sales revenue is up 14% from the same period in 2016.

For the first time this year bank-owned property sales saw an increase, up 7%, with 147 recorded for the month compared to 138 last August.

Investor purchases accounted for 19% of all home sales in Shelby County with an average sales price of $74,898. 45% of investor purchases were made by out-of-town buyers, with 38 properties purchased by CSMA BLT LLC, the leading hedge fund owner in Shelby County.

Following is a breakdown of August home sales by municipality comparing 2017 figures to 2016:

Home Sales by Municipality

Municipality	#of Units Sold	Avg. Sale Price	Avg. Price/SqFt
Arlington	-12%	-4%	3%
Bartlett	-3%	5%	12%
Collierville	5%	-7%	2%
Germantown	-2%	7%	4%
Lakeland	83%	-5%	3%
Memphis	18%	10%	10%
Millington	67%	78%	29%
Unincorporated	16%	27%	16%

37% of home sales in the county were valued under $100,000. The median sales price was up 5% from last year to $135,000.

Home sales over $500,000 were up 28% from last year with 68 recorded for the month compared to 53 recorded in August 2016. Home sales valued over $1M were unchanged from last year with 8 recorded."