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Archive for July, 2010

2Q10 Foreclosure Analysis

July 30th, 2010 Comments off

Foreclosures were up 3% from 2Q09. Foreclosure notices were down almost 15% for the quarter.

(38120) River Oaks in East Memphis had the highest increase in foreclosures, up 275% from 2Q09 with 15 total, an average foreclosure amount of $465,365 and an average appraisal amount of $637,233.

The average foreclosure appraisal amount has risen every year since 2003, currently up to $125,119 in 2Q10.

(38125) Southeast Shelby County received the most foreclosure notices with 233 total, but overall their notices were down 26.3% from 2Q 2009.

Frayser is the leading inventory holder with 431 properties at the end of the quarter valued at $27.9 mil.

(38018) Cordova South leads the county in foreclosure inventory value with $55 million followed by (38125) Southeast Shelby County with $51.1 million.

Fannie Mae is the leading inventory holder with 502 total properties in inventory at the end of the quarter valued at $56.4 million.

Review our Market Trend Reports here!

Click here to read the latest article from The Daily News on the local housing market.

2Q10 New Home Sales Report

July 22nd, 2010 Comments off

2Q10 was an exciting quarter for new home sales activity! New home sales accounted for 7% of all home sales.

297 total new home sales were recorded, an increase of 15% from 2Q 2009!

• 204 total permits filed, 36.9% increase from Q2 2009.

• 2Q10 was the best quarter for number of permits pulled in nearly 2 years! 270 permits were pulled in 3Q08.

• (38016) Cordova North had the most new home sales with 76 total, averaging 1,817 sq ft and $132,648.

• Top Builder by the number of new home permits was Regency Homebuilders LLC with 31 permits pulled, averaging $168,293 and 2,339 sqft.

• Top Subdivision for new home permits was Lake Las Cruces in Raleigh with 19 permits pulled averaging $82,090. The 44 contiguous lots were acquired by Habitat for Humanity in March from a Bancorpsouth foreclosure. This is Habitat’s largest development in their 27-year history.

Click here to read more about the new housing market from The Daily News Online.

Review Chandler Reports 2Q10 Residential Market Trends here!

 

 
 

 

 
 

 

 

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Exciting June and 2Q10 Residential Sales Results!

July 8th, 2010 Comments off

The total number of home sales for June was 1,570, up 22% from June 2009! 

Average sales prices were up 6% from the prior year to $133,428! 

2Q 2010 ended with a BANG! Home sales are up 7.1% from 2Q 2009 with 4,101 for the quarter. Average sales prices for the quarter are up 9.8% from the same quarter of the prior year to $128,394!
 
Year-to-date sales are up 4% since the same time in 2009 with 7,195 already closed in 2010 compared to 6,901 closed during the same time last year.
 
In other good news…New Homes Sales are up 15% for the quarter with 297 closed in 2Q 2010 compared to 258 closed in 2Q 2009!
 
70% of June’s total sales were Non-Bank salesup 36% from June 2009!
 
June new home sales were up 68% from the prior year with 129 total sales!.

 
June foreclosures were

down a whopping 25% from June 2009 with only 399 recorded for the month!

 
Click here to review our June and 2Q10 Residential Market Trend Reports!

May 2010 Commercial Sales Recap

July 2nd, 2010 Comments off

43 commercial property sales were recorded for May in Shelby County, up 2% from 2009.

Average sales prices were $494,421, down 27% from the prior year.

The largest commercial property sale was the Hampton Inn located at 1280 West Poplar in Collierville. SGR LLC purchased the property from Collierville Hotels GP on May 11, 2010 for $5,050,000.

Join us Thursday, July 29th from 11:30AM-12:30PM to review 2Q10 commercial market trends and listen to guest speaker Joseph Steffner, President  of Grubb & Ellis Memphis provide details on the state of Shelby County’s commercial real estate market. Cost is $20/person and includes a boxed lunch, copy of the presentation as well our updated market trend reports. Click here to register.

Read the latest article on the commercial market from The Daily News Online here.