Memphis & Shelby County Commercial Sales up 14% in 1st Quarter

April 24th, 2014

There were 223 commercial property sales recorded in the first quarter of 2014 compared to 196 in the first quarter of 2013, a 14% increase in total sales volume. Average sales prices were up 13% to $1.5 million compared to $1.3 million in Q1 2013.

Multi-family properties had the largest increase in sales activity with 33 recorded for the quarter, up 83% from last year. Apartments made up most of these sales with 30 recorded averaging $2.9 million per transaction.

Retail, Office and Land sales all showed improvements over last year while Industrial, Entertainment and the sales of Churches & Schools were down.

Vacant land over 1 acre had 42 sales claiming the most sales for the quarter followed by neighborhood single tenant commercial properties with 34 sales, apartments with 30 sales and warehouses with 27 sales.

Midtown’s 38104 recorded the most commercial sales for the quarter with 19 total averaging $805,000.

The largest commercial transaction recorded for the quarter was the sale of  Miller Creek of Germantown apartments located in Southeast Shelby County. The 330-unit complex sold for $44 million on January 21st. Click here for a full report of the transaction from The Daily News.

Download our complete collection of commercial market trends for the 1st Quarter including:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups (Office, Retail, Industrial, etc.)
  • Commercial Sales by Property Type (Apartment, Warehouse, Church, etc.)
  • Commercial Sales by Zip Code – Bank vs. Non-Bank
  • Commercial Sales by Property Type – Bank vs. Non-Bank

Commercial Market Conditions - Shelby County

 

 

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Memphis & Shelby County November Foreclosure Analysis

December 10th, 2013

Residential foreclosures were down 18% in November with 225 recorded compared to 274 recorded last year.  

The average amount of a foreclosed property was $82,829 and the average tax appraisal value was $112,519, both down from November 2012.  

Year-to-date foreclosures are down 14% from the same period last year. The decline in foreclosure activity has impacted bank sales which are down 21% YTD compared to the same period in 2012.

November foreclosure activity was down for every municipality except for Bartlett which had a slight increase. Foreclosures in the city of Memphis were down 23% from last November.  

Foreclosure notices were down 25% for the month with 437 recorded compared to 575 recorded in November 2012.  

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 227 homes valued at $11.2 million.  

Southeast Shelby County (38125) had the most foreclosure inventory revenue with $21 million followed closely by Cordova North (38016) with $20 million. 

Fannie Mae owned the most foreclosed properties with 350 total valued at $42 million.  

Click here to download our Detailed Foreclosure Analysis reports.

Residential Foreclosure Analysis - Shelby County

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3rd Quarter New Housing Update for Memphis & Shelby County

November 20th, 2013

Despite a strong first half of the year, Shelby County’s new housing market appears to have hit a bump in the road in the 3rd quarter of the year with new home sales falling by 17%. During 2013’s third quarter the market saw just 197 new home sales compared to 2012’s third quarter with 238 new home sales. With the drop in sales and with builders continuing to try to balance unsold inventory1 levels, the market also saw a 14% drop in new home starts for the quarter with 199 new home starts in this year’s third quarter compared to 231 in last year’s third quarter. On a positive note, new home sales prices continue to outpace last year’s prices with 2013’s third quarter price of $267,400 being up 5% from 2012’s third quarter price of $253,882. Unsold inventory levels have remained relatively steady through out the year with the 3rd quarter being no exception. There were 883 houses in inventory as of 9/30/2013, compared to 882 houses as of 9/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply2 of new housing. At the end of last year’s third quarter, there were 4.5 quarters, or 11.7 months, supply of new housing. Regency Homes continues to be Shelby County’s top builder with 50 new home starts and 56 new home sales during this year’s third quarter. 

Click here to download our complete 3rd Quarter analysis of new housing data for the most active zip codes in Memphis & Shelby County including new housing charts with trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

 

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2013 Commercial Real Estate Review: Seminar Recap

November 14th, 2013

Commercial Real Estate Market Reawakens

Article by: Amos Maki, The Daily News

After suffering through a prolonged slump, the Memphis commercial real estate market this year began to shake off the rust that gathered during the “Great Recession,” and brighter days could be ahead for the prime markets in the apartment, retail, office and industrial sectors, according to local experts.

However, to make sure the commercial real estate market continues its rebound, civic and business leaders must maintain a laser focus on job creation.

Those themes emerged during the 2013 Commercial Real Estate Review & Forecast hosted by The Daily News on Thursday, Nov. 7, at the Memphis Brooks Museum of Art.

Click here to read the full article from The Daily News.

You may review the presentations delivered by speakers Wyatt Aiken, Brad Kornegay, Blake Pera and Jason Polley by clicking the links below:

Office Real Estate  – Wyatt Aiken, Commercial Advisors 

Industrial Real Estate - Brad Kornegay, Colliers International

Multifamily Real Estate - Blake Pera, CB Richard Ellis

Retail Real Estate- Jason Polley, Stonecrest Investments

 

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Memphis & Shelby County New Housing Activity Through 3Q 2013

October 31st, 2013

Through the first 3 quarters of 2013, we have seen a 7.3% increase in new home sales and a 2% decrease in new home starts from the same period in 2012.

The Top Subdivisions Based on New Home Sales Through 9/30/2013

  • Kensington in Arlington: 34 sales averaging $219,620
  • Schilling Farms in Collierville: 32 sales averaging $308,565
  • Fountain Brook in Cordova North: 31 sales averaging $190,842
  • Gerland Creek in Southeast Shelby County: 26 sales averaging $145,856
  • Wolf River Ranch in Collierville: 20 sales averaging $448,711

The Top Subdivisions Based on New Home Starts Through 9/30/2013

  • Wolf River Ranch in Collierville: 43 permits averaging $371,244
  • Gerland Creek in Southeast Shelby County: 31 permits averaging $170,615
  • Kensington in Arlington: 30 permits averaging $199,736
  • Woodgrove in Collierville: 23 permits averaging $252,939
  • Fountain Brook in Cordova North: 22 permits averaging $192,552

Regency Home Builders is the Top Builder in Shelby County with 163 new home sales and 176 new home starts recorded in the first 9 months of the year.

Download our 3rd Quarter New Housing Analysis & Charts to review the most active new housing zip codes in the county with new housing trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

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3rd Qtr Commercial Market Trends for Memphis & Shelby County

October 14th, 2013

3rd Quarter commercial sales were up 35% compared to the 3rd Quarter of 2012. Average sales prices for commercial properties were down 33% to $716K.

Download our complete collection of 3rd Quarter 2013 Commercial Market Trends reports at: http://bit.ly/1gEPtT4 to review all commercial sales and foreclosure activity in Memphis & Shelby County.

Our Commercial Market Conditions reports provide you insight into local commercial market activity and trends.

Included in your purchase:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups (Office, Retail, Industrial, etc.)
  • Commercial Sales by Property Type (Apartment, Warehouse, Church, etc.)
  • Commercial Sales by Zip Code – Bank vs. Non-Bank
  • Commercial Sales by Property Type – Bank vs. Non-Bank

Available in PDF format by specific month, quarter or year.

Commercial Market Conditions - Shelby County

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New Subdivision Plats Issued in Memphis & Shelby County

September 25th, 2013

We have recently received several new address assignment plats from MLG&W for new single family and multi-family developments indicating that the new housing market is coming back to life.  We haven’t seen this much activity since the crash of the housing market in 2007
when new construction came to a screeching halt.

Address assignment plats issued by MLG&W are one of the first indications of new developments starting to take shape. Once developers are able to get address assignments through MLG&W for new lots or units, they can move forward on filing final recorded subdivision plats with the Shelby County Registers Office and start pulling building permits for new construction.

Following are some of the new subdivision plats that have been issued:

  • Criss Cross Village Phase 2 (Collierville) – 10 Lots
  • Windsor Place Phase 3 (Arlington) – 29 Lots
  • Enclave Phase 5 (Germantown) – 41 Lots
  • Twinings of Collierville (Collierville) – 9 Lots
  • Rolling Meadows Phase 3 (Collierville) – 16 Lots
  • The Villages at Porter Farms Phase 8 (Collierville) – 11 Lots

We have received additional plats for 4 apartment complexes including South Junction Apartments and Harbor Island in downtown Memphis.

Please contact wendy@chandlerreports.com for additional information about these plats or to register to receive new building permits as they are filed for the development of these subdivisions.

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“Master Your Market” Presentations Available Online

September 16th, 2013

If you missed our latest “Master Your Market” event on June 25th you can still receive all of the valuable information covered in our mid-year market trends seminar. Download our latest presentation with extensive trends and analysis for all of Memphis and Shelby County going back to 2003! Highlights are noted for residential and commercial sales activity, foreclosures, new housing, mortgages and more!

Master Your Market Presentations

Click here to read about the event on The Daily News Online.

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Memphis & Shelby County August Home Sales Update

September 9th, 2013

Home Sales

1,710 home sales were recorded in August, up 15% from 1,483 in August 2012.

Average home sales prices were up 12% to $139,223 from $124,726 last year.

Year-to-date home sales and average sales prices are both up 11% from the same time last year.

Bank sales accounted for 16% of total home sales for the month and were down 31% from last August with 275 recorded. Year-to-date bank sales are down 20% from the same period last year.

24 out of 33 zip codes in the county had an increase in overall sales activity in August and 27 zip codes had an increase in average sales prices.

51% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 300% from last year with 3 recorded compared to 0 recorded in August 2012.

Click here to download our Residential Market Conditions reports.

You may review our complete Pulse Report covering all residential and commercial sales activity, foreclosure analysis and mortgage trends here: http://conta.cc/17FkIoZ

Click here to subscribe to our FREE monthly Pulse Report covering Memphis & Shelby County real estate trends.

 

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2nd Quarter New Housing Analysis for Memphis & Shelby County

August 22nd, 2013

With Shelby County’s new housing market recovery steadily underway at the mid-year mark, we continue to see new home prices rise with this year’s 2nd quarter new home sale prices averaging $257,931 making this the highest 2nd quarter sale price we’ve seen since 2008 when the average new home sale price was $280,372.

This year’s average new home sale price is a 6% jump over 2012’s second quarter average price of $243,677. During this year’s second quarter we also saw new home sales jump by 17% with 260 new home sales compared to 223 sales during 2012’s second quarter.

This is the most new home sales we’ve seen since 2nd quarter 2010. New home starts remained steady with 269 starts during 2013’s second quarter unchanged from 269 starts during 2012’s second quarter. Regency Homes continues to be Shelby County’s top builder with 65 new home starts and 58 new home sales during this year’s second quarter.

With sales outpacing new home starts for the quarter, we saw a slight 2% drop in unsold inventory with 870 houses in inventory as of 6/30/2013, compared to 887 houses as of 6/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply of new housing. At the end of last year’s second quarter, there were 4 quarters, or 13.1 months, supply of new housing.

As the new housing market continues to push forward there is some growing concern among local builders over the current lot supply within Shelby County which has continued to dwindle over the last 7 years slowly pushing up lot prices and in turn continuing to push up new home prices affecting the affordability of new homes in the county. At the end of this year’s second quarter lot prices averaged $43,079 up 13% from year-end 2012’s average lot price of $38,285. This is something builders will continue to keep a close eye on going forward. With increasing lot prices and the dwindling supply, we will likely see new home prices continue to rise through out the remainder of the year.

Click here to download our complete 2nd Quarter New Housing Inventory Analysis & Charts report outlining new housing activity by zip code and subdivision.

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