Memphis Market Update for March
Another outstanding article from my good buddy Patrick Lantrip over at the Daily News. For the original article
Market remains ideal for seller's in March.
The Numbers -
Volume up 7% from 572 million to 612 million.
Rates hovering around 4.375%
For March, slight drop in Units Sold
From 1899 to 1878 vs last march
Avg price March 2017 vs March 2018 up 1%
From $151K to 164K
Eads had highest avg price at 415K
The number of new homes sales declined by 13%
Those same homes saw an avg price increase of 22%
Arlington saw the most new home sales
Shelby county Foreclosures decreased 12% from Q1 '17
Just like Patrick says in his article, it remains a seller's market, with multiple offers being the norm for nice homes. Many times those multiple offer situations occur the same day or the next day after a home hits the market. I have seen higher interest rates than what they say is the average. That's especially true for anyone using THDA or other down payment assistance programs that are available. Those rates are more likely to be 4.5% or higher.