May Numbers for Memphis Real estate
Well the numbers are out for the month of May by our local MLS and they are similar to numbers we have seen in previous months. Namely an increase in average price and a increase in median price, along with a decrease in the amount of time that properties stay on the market.
The average price increase was 11% for the month of May versus last May and the median sales price was up 14.4% from May last year. There was also increase of units sold of 6.1%. All very solid numbers and great news, again, for home owners. The Strong sellers market we are in continues.
The big change this month (even though it really is a small change) is that we have finally started seeing some new listings hitting the market. There was an increase 4.2% listings on the market then there were a month ago.
Will we finally start having the selection that the buyer's need? Who knows what the future holds, but one can hope!