Archive

Archive for July, 2009

2Q09 New Housing Analysis Summary

July 30th, 2009 Comments off

New home sales continued to out pace the number of new home starts reducing high unsold inventory levels by 20%. As of June 30, 2009, there were 2,867 houses in inventory compared to 3,592 on June 30, 2008. Arlington/Lakeland (38002) had the most active new housing market for the quarter with 48 new home sales and 30 new home permits.

Charles Morgan of Vintage Homes was the top builder for the quarter with 14 new home starts and 16 new home sales.

To purchase a complete New Housing Inventory Summary, by ZIP code, listing subdivision names, platted lots, vacant lots, number of houses in inventory and average sales prices, please contact wendy@chandlerreports.com.

Click here to read the latest article from The Daily News on the local New Housing Market.

2Q09 Home Sales Prices and Mortgage Amounts

July 23rd, 2009 Comments off

There were 3,807 total home sales for the quarter and only 431 of those homes were sold at or above $250,000. The majority of the homes (1,567) were sold below $54,999 indicating that the local real estate market is still reeling from foreclosures.

With 41% of the sales for the quarter being Bank Sales averaging $59,364, foreclosures continue to drive down home sales prices and averages. On a positive note, the total number of Bank Sales in 2Q09 compared to 2Q08 is down 1%.

The combined home sales prices for 2Q09 was $443,314,533.

High value homes, those sold for $400,000-$5,000,000 saw only 128 total sales in the second quarter of 2009.

The highest number of transactions fell in the $10,000-$24,999 range.

298 homes were sold for under $10,000 with only 6 of those homes obtaining a new mortgage at time of sale. Of the 6 mortgaged properties, the loan to sales price ratio was 105%.

Homes sold between $125,000-$174,999 had the most new mortgages attached to the sale totaling 490, making up 23% of the total number of new mortgages.

The overall loan to sales price ratio was 90% with a total of $321,320,551 mortgaged.

2nd Quarter 2009 Foreclosure Recap

July 17th, 2009 Comments off

While Foreclosure Notices were up 14% from the same quarter last year, the overall number of Foreclosed properties was down 21% compared to Second Quarter 2008.

The ZIP Codes with the highest number of foreclosures include:

38125 with 87

38127 with 116

38128 with 97

The Department of Housing and Urban Development (HUD) remains at the top of the Foreclosure Inventory Holder’s List with 392 properties at the close of 2Q09 valued at over $30 million. 

Click here to read the latest article on Foreclosures from The Daily News.

Summer Home Sales on the Rise!

July 7th, 2009 Comments off

Hopefully everyone had a happy and safe 4th of July holiday!

Summer home sales are in full effect and June proved to be an excellent month!

For the month of June, Non-Bank home sales were up 10% (802) and the total average home sales price is up 11% ($125,137) from May!

Bank sales are down 10% from May showing further indication that the local real estate market is stabilizing!

Be sure to review our 2nd Quarter 2009 Market Trend Reports at http://www.chandlerreports.com/propinfo/shelby/RealEstateTrends.asp

Have a great week!