Archive for April, 2010

New Housing Inventory Summary

April 30th, 2010 Comments off

Shelby County’s new housing market sees mixed signs for a recovery in the first quarter. New home sales fell by 8% for the quarter with 219 new home sales in the first quarter of 2010 compared to 2009’s first quarter of 239 new home sales. New home sale prices also fell by 21% during the first quarter with an average sales price of $211,737 compared to $267,712 in the first quarter of 2009.

The drop in the average sale price is partially due to banks selling off builder inventory that they’ve acquired through foreclosure proceedings at discounted prices. However, this in turn has had some positive effects on the total unsold inventory level for the county. The unsold inventory level for the county was reduced by 15% during the first quarter with 2,624 houses in inventory as of 3/31/2010, compared to 3,071 houses as of 3/31/2009. The current unsold inventory accounts for 12 quarters, or 27.8 months, supply of new housing.

At the end of last year’s first quarter, there were 12.8 quarters, or 25.2 months, supply of new housing. Another positive sign for the market is as the inventory levels have begun to shrink, builders have stepped back into the market giving the new housing market a boost for the first quarter with 176 new home permits pulled compared to 98 in the first quarter of 2009 amounting to an 80% jump in new home starts.

For a complete summary of the most popular new housing market areas in Shelby County, please contact Wendy Greenlaw at 901-528-5273 or Subdivision summary reports include total number of platted lots, number of vacant lots, number of houses in inventory, first quarter starts, first quarter closings and average sales prices.


First Quarter 2010: New Housing Analysis

April 23rd, 2010 Comments off

Shelby County had 230 new home sales for the First Quarter of 2010, up 8% from 1Q09. New home sales accounted for 7% of all home sales in the county for the quarter.

Average new home prices were down 28% from the prior year to $211,744.

Cordova North (38016) had the most home sales with 49 total averaging $129,113. Franklin Farms, in Cordova, was the leading subdivison for new home permits with 30 filed for the quarter and an average permit amount of $158,383. Regency Homes is the primary builder for this subdivision and claimed the most new home sales with 22 for the quarter averaging $163,860.

Click here to review more in-depth new housing analysis reports.

Read The Daily News article about first quarter building permits here.

Other leading subdivisions for new home permits include Cambridge Manor in Arlington with 11 permits, Sutton Place East in Cordova North with 10 and Maple Grove PD in Arlington with 8 permits.

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First Quarter 2010: Foreclosure Analysis

April 15th, 2010 Comments off

Shelby County foreclosures were up 4% from 1st Quarter 2009 with 1,418 total and an average appraisal amount of $122,731 up 11% from the prior year.

The average foreclosure amount was down 22% from 1Q09 to $39,423.

Foreclosure notices were down 7.3% from first quarter 2009 with 3,088 total.

Frayser remains the leader in foreclosure inventory with 434 properties at the end of the quarter, down from 460 at the start of the year.

Cordova South (38016) leads in the total amount of appraised inventory value with over $58 million.

There were 48 commercial foreclosures, up 50% from 1Q09. The average commercial foreclosure amount was $236,443.

Click here to review all of the First Quarter 2010 Residential Market Conditions Reports!

Read the latest article from The Daily News on 1Q10 foreclosure results!

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March 2010 Residential Sales Update

April 8th, 2010 Comments off

March closed the quarter with astounding results!

1,279 sales were recorded for the month, up 36% from February and up 9% from March 2009! This is the most sales we have seen since October 2009!
Overall First Quarter 2010 results showed slight improvement over the First Quarter of 2009 with a 0.7% increase in total sales.  
March average sales prices were up 13% from February to $116,279, down 2% from last year.

March new home sales were up 18% from March 2009 but the average new home sales price dropped 26% down to $208,389 with virtually no change from February 2010.

March Non-Bank sales were up 14% from the prior year and Bank Sales were up 2%.

Average sales price for the quarter was $111,325 down 3.5% from 1Q09. 
1Q10 Foreclosures were up 4% from 1Q09 with 1,418 for the quarter. The average appraisal value for foreclosures was up 11% to $122,731.
Click here to review all of the First Quarter 2010 Residential Market Conditions Reports!
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March-Preliminary Sales Numbers Are In!

April 1st, 2010 Comments off

It appears that March residential sales will help the first quarter end on a very positive note!

As of March 29th there were 1,077 sales with 2 days left to close! In March 2009 there were 1,178 sales and we’re expecting to exceed that number!

Chandler Reports estimates that March will close with roughly 1,300 sales which will be the highest recorded month for the quarter. January sales were meek with 885 and February sales beat out the same month in 2009 with 959. It appears that as we progress over the months the volume of sales is continuing to increase. It has yet to be seen if average home sales prices are on the rise as well.

Be sure to check here next week when we update our monthly and quarterly Market Trend Reports!

And don’t forget that we will recap 1Q10 residential and commercial sales, foreclosures and mortgages at our next “Master Your Market” event on Thursday, April 29th from 11:30AM-12:30PM at Germantown’s Great Hall! Attendees will receive a boxed lunch, a copy of our presentation and the latest copies of our market trend reports. Email to register or for more infomation.

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