Commercial real estate sales had a strong month this past March, supporting the trend of a successful quarter for commercial sales as well for 2014. The 208 sales in the first quarter were up 6.l percent from 196 sales in the first quarter of 2013. Commercial sales volume for the quarter was $319.6 million and the average sales price for a commercial property was $1.53 million, with an average price per square foot of $38.34. That compares to sales volume of $254.9 million and an average sales price of $1.3 million in the first quarter of 2013. Commercial real estate in Shelby County is still riding a wave of momentum from the tail end of 2013 that is still going strong into 2014.

Shelby County recorded 99 commercial sales in January, which was up 10 percent from 90 in January 2013. Commercial sales were up 12 percent in February, with 48 sales recorded compared to 43 recorded in February 2013. Shelby County recorded 61 commercial sales in March with a total sales volume of $115.1 million and an average sales price of $1.88 million, down 3 percent from 63 sales in March 2013. Shelby County recorded 829 commercial sales in 2013, the most commercial sales recorded since 2008. That number is predicted to be eclipsed by 2014, as long as the supply, demand, and momentum all remain intact.