There were 59 new home sales in February with an average sales price of $193,735. Cordova North (38016) had the most new home sales for the month with 14 total averaging $136,059.
48 new home permits were pulled in February with an average permit amount of $207,118. Cordova North ranked the highest with 14 permits filed.
Grant Homes and Regency Homes tied for placing the most new home permits, with 7 each. Grant Homes permits averaged $196,833 and Regency Homes permits averaged $149,632.
Regency Homes and Charles Morgan tied for having the most new home sales with 9 each. Regency Homes new home sales averaged $174,766 and Charles Morgan new home sales averaged $166,978.
Franklin Farms subdivision in Cordova had the most new home sales with 6, averaging $147,054.
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Shelby County had 425 foreclosures in February, down 13% from the prior year. The average foreclosure amount was $36,658 and the average appraisal value on the foreclosed properties was $114,799.
Quince/Ridgeway (38119) was up 133% from February 2009 with 7 total foreclosures with an average appraisal amount of $217,171.
Foreclosure notices were also down by 3.4% with 999 total compared to 1,034 in February 2009.
The Top Foreclosure Inventory Holder for the month was Fannie Mae with 444 properties at the end of the month valued at $48 million.
HUD was the Top Seller for the month with 109 sales and an average sale amount of $30,283.
Frayser (38127) remains the leader with the most foreclosure inventory with 445 properties at the end of the month, down 2% from the start of the month.
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February was a greatly anticipated month after January’s shortfall. The month closed with 959 sales up 10% from 2008 and up 8% from January.
Average sales prices fell 10% to $100,844 compared to $110,170 last year.
New home sales were up 5% but the average new home sales price dropped 25% down to $208,396.
Non-Bank sales were up 18% from the prior year and Bank Sales were up 2%.
Foreclosures were down 13% from February 2008 with 425 total. Foreclosure notices were also down 3.4%
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