This year’s third quarter new housing market for Shelby County was slower than last year’s third quarter, but showing some signs of recovery. One positive sign, unsold inventory levels were reduced by 19% during the quarter with 2,794 houses in inventory as of 09/30/2009, compared to 3,433 houses as of 09/30/2008.
Only 145 new home permits were pulled during the quarter compared to 272 in the third quarter of 2008.
When comparing new home sales and new home starts quarter over quarter for 2009, both numbers have increased over the last three consecutive quarters showing continued signs of possibly a more active new housing market to come.
The top builders for the quarter were Regency Homes with 21 new home starts and Chamberlain & McCreery with 25 new home sales.
Click here to review our latest Market Trend reports or email wendy@chandlerreports.com to receive detailed Housing Inventory data by ZIP Code showing # of plotted lots, # of vacant lots, # houses in inventory and average sales price by Subdivision.
Overall commercial sales for the third quarter were down 21% from the same quarter of 2008. There were 138 sales totalling $73,869,926.
Midtown (38104) had the most sales with 11 properties totaling over $3.6 million. Hickory Hill North (38115) had the highest revenue with 5 sales totalling over $13 million.
The largest commercial property sale was a 2-story truck terminal in 38118 for $4,150,000.
There were 32 commercial foreclosures for the quarter with an average foreclosure amount of $28,479. West Person/Elvis Presley had the most foreclosures with 5 Bank-Sales and an average foreclosure amount of $13,240. Midtown (31804) had the highest average foreclosure amount at $130,768 with 2 foreclosures.
Click here to read the latest article on the commercial sales from The Daily News.
Overall, foreclosures in Shelby County have leveled off with 1,507 for the quarter down 1% from the same quarter last year. The average foreclosure amount was down 30% from 3Q08 at $41,520.
Frayser (38127) closed third quarter with the highest number of foreclosures in Shelby County at 136. The positive news is that their total number of foreclosures is down 5% from the same quarter last year.
HUD (Housing of Urban Development) had the most foreclosure sales with 258 valued at $9+million and an average sales amount of $35,449.
Click here to read the latest article on foreclosures from The Daily News.
Chandler Reports has added Residential New Housing Inventory Analysis to it’s new Market Trends reports! These online reports are updated monthly and quarterly and provide a comprehensive view of the new housing market in Shelby County.
Subscribers can review New Home Sales by ZIP Code, New Housing Analysis by ZIP Code, the Top Builders, Top 25 Subdivisions with New Home Permits and Top 25 ZIP Codes for New Home Permits!
These reports are great for banks, lenders, government agencies, builders and anyone interested in tracking Shelby County’s new housing market.
For the month of August, Arlington (38002) claimed the most new home sales with a total of 13 sales and an average sale value of $272,995. Regency Homes was ranked the Top Builder based on the total number of new home permits filed. They filed 9 permits with an average permit value of $111,414. Bowden sold 6 new homes in August, making them the Top Builder for total number of new home sales with an average sales value of $143,633.
Click here to view these new reports and additional reports including: Residential Market Conditions, Commercial Market Conditions and Detailed Forelcosure Analysis.
Categories: Uncategorized Tags: appraiser, builders, developers, investors, lenders, local real estate, Memphis, new home permits, new homes, real estate, real estate agents, real estate market, Shelby County
