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Real estate agents weigh in on local market trends

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Memphis-area home sales for September decreased 4.6 percent from a year ago, with 1,554 total sales recorded, according to the Memphis Area Association of Realtors.
Real estate broker Patti Jennings of Norman Realtors explained the problem is a lack of sellers. “All of the suburbs are having this problem,” she said. “The school systems and the police on crime control are primary factors.”
She added that the housing inventory shortage over the past two years has led buyers to pay more for homes to beat out competition on multiple-offer situations.
“Buyers are actually taking money to the closing table because they are spending more than appraised value,” Jennings said. “So if the contract price is higher than the appraisal, the buyer is paying more to get the house. So in return this is bringing the values up each year. So appraisals are going up because the comparable sales are rising.”
September is the most recent month in 2018 for which complete numbers are available. MAAR’s property record’s database includes all single-property transactions in Shelby, Fayette and Tipton counties. The multiple listing service (MLS) includes listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy and Lauderdale counties in Tennessee; DeSoto County in Mississippi; and Crittenden County in Arkansas.
For the greater Memphis area, sales were down 18.6 percent from August when there were 1,910 total sales. Average sales price from September-to-September was up 1.4 percent, at $183,092. Inventory decreased 1.0 percent, with 4,519 units listed for sale. Year-to-date sales volume was up 8.3 percent at $2.74 billion.
“The market continues to show good value,” said MAAR President Lauren Wiuff. “Sales dropped from August, but that’s pretty normal.”
Collierville
home sales

Collierville’s September total home sales are down 11.7 percent, compared to September 2017 (111 vs. 98 homes). The median sales price for September dropped by 5.7 percent, from $354,900 in September last year to $334,500 this September. New home sales in Collierville were down by 41.2 percent, with 17 homes sold in September 2017 vs. 10 homes sold in September 2018.
Year-to-date through the end of September, Collierville’s total home sales are down 4.4 percent, from 964 homes sold YTD in 2017 to 922 homes sold through this September. The YTD median sales price shows a 3.9 percent increase from $336,975 to $350,000. New home sales numbers are up 17.2 percent, from 93 as of September 2017 to 109 through the end of September this year.
Real estate agent Maureen Fraser helped to put those Collierville numbers in context. She is the recruiting and promotions manager at John Green & Company and is currently serving her fourth term as a Collierville alderman.
“Collierville is continuing to experience low inventory – most of the new homes being built are priced over $450,000,” Fraser said. “We are experiencing a definite shortage of homes priced $350,000 and below.”
She continued, “There has been an uptick this week with activity – folks in town for fall break looking to see what is available, and those seriously looking to move before the end of the year.
“Interest rates are expected to continue to climb, as there was a small bump this past Friday. Higher rates will affect the cost/size of the home the buyers can purchase. Some buyers are hurrying to purchase before the rates go up further.
“Collierville continues to be the lead the Mid-South in the number of sales as well as average sales price.”
Germantown
home sales

Germantown’s September total home sales are down 22.1 percent, compared to September 2017 (95 vs. 74 homes). The median sales price for September rose by 1.6 percent, from $304,000 in September last year to $309,000 this September. New home sales in Germantown were down by 60 percent, with five homes sold in September 2017 vs. two homes sold in September 2018.
Year-to-date through the end of September, Germantown’s total home sales are up 3 percent, from 711 homes sold YTD in 2017 to 732 homes sold through this September. The YTD median sales price shows a 7.2 percent increase from $305,000 to $327,000. New home sales numbers are up 25.9 percent, from 27 as of September 2017 to 34 through the end of September this year.
Bartlett
home sales

Bartlett’s September total home sales are down 18.2 percent, compared to September 2017 (90 vs. 110 homes). The median sales price for September rose by 4.1 percent, from $188,500 in September last year to $196,300 this September. New home sales in Bartlett were down by 63.6 percent, with 11 homes sold in September 2017 vs. four homes sold in September 2018.
Year-to-date through the end of September, Bartlett’s total home sales are down 7.7 percent, from 1,020 homes sold YTD in 2017 to 941 homes sold so far this year. But the YTD median sales price shows a 7.9 percent increase from $190,000 to $205,000. New home sales numbers are down 13.9 percent, from 108 as of September 2017 to 93 through the end of September this year.
“There is going to have to be more new construction, especially in the Bartlett area,” Jennings said. “Bartlett is very affordable compared to other suburbs.”
Arlington
home sales

Arlington’s September total home sales are down 20.9 percent, compared to September 2017 (43 vs. 34 homes). The median sales price for September dropped by 1.5 percent, from $267,000 in September last year to $263,000 this September. New home sales in Arlington were down by 62.5 percent, with eight homes sold in September 2017 vs. three homes sold in September 2018.
Year-to-date through the end of September, Arlington’s total home sales are down 2.7 percent, from 329 homes sold YTD in 2017 to 320 homes sold through this September. The YTD median sales price shows a 9.5 percent increase from $242,000 to $265,000. New home sales numbers are up 45.9 percent, from 37 as of September 2017 to 54 through the end of September this year.
Shelby County
home sales

For Shelby County as a whole, September’s total home sales are down 6.3 percent, compared to September 2017 (1,488 vs. 1,394 homes). The median sales price for September rose by 1.9 percent, from $142,250 in September last year to $144,950 this September. New home sales in Shelby County were down by 35.1 percent, with 57 homes sold in September 2017 vs. 37 homes sold in September 2018.

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