Area home sales rise at end of weak year
House sales in the Memphis area rose 10.6 percent in December compared to December 2010, but for all of 2011 sales fell 1.5 percent, according to figures released this week by the Realtors’ Memphis Multiple Listing Service.
Last month, 802 units were sold, compared to 725 in December 2010.
The rise mirrors December’s national trend in which sales rose 5 percent to a seasonally adjusted rate of 4.61 million. That’s the best level in a year and the third straight monthly rise.
In Memphis, there are at least anecdotal signs that January will continue the positive trend.
Prudential Collins-maury tracks weekly the appointments made by potential buyers who want to see one of the agency’s listings.
In the first week of January, 203 appointments were made, compared to about 135 typically made in the first week of a year, said Jules Wade, principal broker for Prudential Collins-maury’s East Memphis office.
For the second week of this month, 248 appointments were made, which is comparable to springtime numbers when the weather is better, he said.
“It’s only two weeks, but that’s encouraging to us,” Wade said.
The MLS figures reflect only sales entered by a Realtor, generally in 10 counties around Memphis. Another set of sales figures that comes out each month, called MAAR Data, covers fewer counties — just Shelby, Tipton and Fayette — but ref lects all sales, including sales by owners.
The December MLS figures show the average sales price was $134,000, a 14.6 percent decline from December 2010 when sales prices averaged $157,000.
For all of last year, 11,027 houses were sold in the MLS area, down from 11,198 sold in 2010.
The average sales price for 2011 was $140,000, down 9.1 percent from 2010 when the average was $154,000.
Pending sales on Thursday stood at 1,375, almost the same as the 1,377 pending sales in mid-december, according to the Memphis Area Association of Realtors.
The average time for houses to be on the market was 109 days, a 4.4 percent decrease from 114 days in November.
Last month, 11 sales were made involving houses priced at more than $500,000, compared to 16 such sales in November.
Nationally, sales totaled only 4.26 million for all of 2011. While that’s more than the 4.19 million sold in 2010, it’s below the 6 million that economists equate with healthy housing markets.
Sales are improving as the market is showing other positive indications.
Mortgage rates are at record-low levels. Builders have grown slightly less pessimistic because more people are saying they might be open to buying a home this year. And home construction picked up in the final quarter of last year.
The national median sales price rose 2.3 percent to $164,500 in December.
— Tom Bailey Jr.: (901) 529-2388 The Associated Press contributed to this story.