While November 2009 sales increased 17% from 2008, foreclosures also increased by 6% with 420 but had a 45% decrease in the value of the foreclosed properties leveling out at $33,751. Frayser continues to be among the cities with the highest number of foreclosures each month, seeing 42 in November. Bartlett (38135) had the highest increase in foreclosures with 24 versus 5 in 2008.
Shelby County had 77 new home sales for November with an average sale value of $220,363. Cordova held the highest number of new home sales with 19 valued at $133,365. The Top Builder for the month was Kevin Hyneman who sold 6 new homes. Grant Homes pulled the most new home permits in November with an average value of $195,452. Arlington remains at the top of the new home permit list with 19 permits pulled for the month and an average permit amount of $371,943.
Click here to read the latest article from The Daily News on the local housing market.
View the latest Market Trend reports from Chandler Reports.
Chandler Reports wishes everyone a happy and healthy holiday season!
As 2009 comes to a close, we would like to thank all of our subscribers and Appraisers that use our services and contribute their data to making our online database the best in the Memphis market!
In 2010, we will keep you posted on our new services and offerings including:
- New Radius Search Capabilities through our Custom Comp Tool
- Quarterly Market Trend Updates
- Free Training Sessions on Effectively Using Chandler Reports
We look forward to working with you in 2010!
There were 1,154 total home sales for November, up 17% from November 2008.
Of those sales, 771 were Non Bank Sales up 47% from 2008 where almost half of the sales for the month were Bank Sales.
November sales totalled more than $144 million and the average sales price was $125,086, up 3% from October.
There were only 88 new home sales for the month, down 27% from the prior month.
ZIP Codes with the most home sales were: 38016 (Cordova North), 38117 (East Central/Poplar Perkins), and 38128 (Raleigh)
Click here to review our full set of Residential Market Trend reports.