Page 4 theview . com March 2018
business
February Real Estate Update
Home Sales
Memphis and Shelby County home sales continue to move upward and don ' t show any sign of slowing .
There were 1,183 residential sales recorded for the month , up 6 % from 1,114 in February 2017 .
Average home sales prices continue to rise and were up 3 % from last February .
There was $ 177 million in home sales recorded for the month versus $ 162 million in February 2017 , a 9 % increase year-overyear .
Year-to-date the number of units sold are up 6 %, average sales prices are up 8 % and total sales are up 15 % from the same period last year .
46 % of residential sales were identified as investor purchases with 50 % of them being out-of -town buyers .
Home sales over $ 500,000 were up 20 % with 36 recorded compared to 30 in February 2017 . Seven home sales were valued over $ 1M up 75 % from last year .
New Housing & Builder Activity
Average prices for new homes continue to increase , up 38 % from last February to $ 368,447 .
New home starts were up 28 % in January with 64 permits recorded averaging $ 311,382 compared to 50 filed in January 2017 averaging $ 318,679 .
Fayette & Tipton County Market Trends
Fayette County home sales were up 10 % in February with 54 sales recorded for the month compared to 49 recorded in February 2017 . Average home sales prices were up 4 % from last February to $ 257,118 .
Oakland ( 38060 ) recorded the most home sales for the month with 29 total averaging $ 226,581 . Tipton County home sales were up 3 % with 63 recorded for the month compared to 61 recorded last February . Average home sales prices were down 6 % to $ 139,527 compared to $ 147,787 in February 2017 . Covington ( 38019 ) recorded the most home sales for the month with 18 total averaging $ 67,053 .
“ This article is derived from the Pulse Report offered by Chandler Reports ”
RIBBON CUTTINGS
Arlington Abbey
Friends and Chamber members joined Senior Pastor Vickie Parker on February 22 , at the Ribbon Cutting for Arlington Abbey , 6183 Quintard Street , Arlington . The Abbey is the oldest church building in Arlington and has been restored to be usable for church services , weddings , family gatherings , and business meetings . www . arlingtonabbey . com .
RE / MAX On Point
Claim On My Own Insurance ?
By David B . Peel , Special to THE VIEW 38002
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Would your auto insurance be involved when an accident is not your fault ?
This question is a very good one . The simple answer is that your auto insurance often has coverages that can help even when someone else
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causes an accident :
Medical payments coverage may be used and often is between $ 1,000.00 and $ 5,000.00 . Sometimes that has to be paid back at the final settlement , but it can be very handy if it ’ s needed .
Underinsured or UIM coverage can be very helpful in the event that damages turn out to be above the amount that the
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liability insurance has .
It ’ s important to remember that your auto insurance does not count a not at fault accident like this against you in any way . There are rumors that they do , but I assure you that is State law that they do not , and cannot . It does not raise your rates or cause cancellation . ( Although I ’ d be fine to change policies for
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25,000.00 tax free dollars .
In fact , it is actually required that they be properly notified of any accident even if it is not your fault . This means more than just telling the agent . They ’ ll assign a claim number to it in the event that they have any policy provisions that are helpful to you .
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Friends , family , staff , and Chamber members joined Jason and Laura Wallace at the opening of their new RE / MAX On Point office in Arlington , located at 5224 Airline Road , Suite 111 , 901-290-0620 . The Arlington office joins the couple ' s East Memphis realty office . www . OnPointRealty . net . |
Advertising in The View 38002 makes good business sense . To learn more about increasing your business by adding print media to your marketing plans , contact Iggy Collazo , Advertising Director , at ads @ theview38002 . com or 901-848-4092