Today I want to give you an update on the latest numbers and trends that we’ve seen in our real estate market. According to chandlerreports.com, June was a great month and we saw a lot of promising trends, such as:
- Overall home sales are up by 8%.
- Average sale prices are up by 5%.
- Bank-owned property sales are down by 20%.
- Home sales over $500,000 are up over 30%.
As far as that steep drop in bank-owned property sales is concerned, it’s actually a good sign for our market. A drop in the number of foreclosed properties is good for your resale value. There are still foreclosures available out there, but they are a little harder to find now.
There is a chart below that shows the numbers for all the different municipalities in the area. As you can see, the average sale price has increased in Arlington, Bartlett, Collierville, and Germantown.
The market is still very strong for sellers, but we aren’t seeing as many multiple offer situations. If you have any questions about the market or about your home specifically, don’t hesitate to give me a call or send me an email today. I would love to hear from you.