Fayette home sales the highest in five years

Fayette County reached the 350-sales mark for homes last month faster than it has in any previous year since 2008.  According to data released this week by the Memphis Area Association of Realtors, the county has seen 373 sales this year through August.
The median sales price in Fayette has climbed $5,000 to $170,000, the most since 2009.
At 48, sales were down 6 percent last month.  At this time last year, the county had seen 308 homes sold for the year. Going back five years to 2008, nearly 425 homes were bought through August.  New home sales (65) are up 38 percent so far this year. The median sales price for new homes is currently $219,894.
Sales across Shelby County are also up on the year.
The county itself has seen a 10-percent jump in sales compared to last year, when 9,332 sales were reported eight months into the year.  Last month alone, 1,584 houses were purchased in Shelby County, an 11-percent increase from the previous year.
Memphis-area home sales for August increased 11.6 percent from a year ago, with 1,702 total sales recorded in the records database.
Total sales were flat from July. Average sales price year-over-year rose 10.3 percent to $142,363. Inventory was down 2.6 percent with 6,599 units listed for sale. Sales volume YTD increased 22.3 percent to $1.59 billion.
“The market continues to remain very active,” said MAAR President Regina Hubbard. “The monthly numbers are really solid and the year-to-date numbers are strong.”
Serving the Mid-South for more than 100 years as the Voice for Local Real Estate, the Memphis Area Association of Realtors serves and represents real estate professionals as well as provides real estate information to the general public.
About 3,000 members unite to make up one of Tennessee’s largest local Realtor organizations with real estate expertise stretching throughout the greater Memphis area. The MAARdata system includes records of all property transactions in Shelby, Fayette and Tipton counties.
The MLS includes listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy, and Lauderdale counties in Tennessee; DeSoto County in Mississippi; and Crittenden County in Arkansas.homesales