Memphis area housing inventory down down 13% from 2012 – what does that mean for my Germantown home?
In July 2012, there were 7615 homes for sale in the Memphis area. The June 2014 report shows 6644 homes for sale. If you look at Germantown home sales, they are up 18.8% and the median sales price for Germantown homes is up 1.8% to $279,900 for June 2014. If you are a home seller in Germantown, this is great news. Inventory is low but the number of homes sold is higher than this time last year. This creates a supply and demand problem which benefits Germantown home sellers. Although there is not a large increase in sales price, the homeowners who were on the market in the last two years and couldn’t sell might find a great opportunity exists right now to sell your Germantown home. Although prices overall in Germantown have not increased, individual neighborhoods and homes with sought after amenities in Germantown do receive multiple offers within the first days on the market. For example, today there are only 12, 4 bedroom homes with a pool priced at $300,000 and less in Germantown. Buyers looking for a home in Germantown with a pool don’t have a lot of options so this may drive prices up a bit for the best looking homes. If you are looking for the $1,000,000 homes in Germantown your list is limited to twelve homes. Germantown home sellers can take advantage of this low inventory as well as affordable interest rates to get their home sold now to make that move they may have been putting off.
If you think you have heard this story before about low inventory, watch this video while Suzanne White with Keller Williams takes you for a look inside the Memphis Area Multiple Listing Service to see the real data of how many homes are for sale in Germantown.
When you are ready to sell your Germantown home, call Suzanne at 901-730-6314 or visit http://www.homeslistedinmemphis.com/sell/
Suzanne White, REALTOR
Keller Williams Realty
1255 Lynnfield Rd Ste 100
Memphis, TN 38119