Archive

Archive for September, 2010

New Market Trends for Fayette & Tipton Counties!

September 30th, 2010 Comments off

Chandler Reports is excited to introduce new market trend reports for Fayette & Tipton Counties!

You can now review residential sales by zip code for both counties!

Similar to our Shelby County reports, these reports will be updated quarterly and  show the total number of home sales, average sales price, average size and average price per square foot for each zip code with comparisons to the prior year.

Click here to review our new Market Trend Reports!

Be sure to register for our upcoming Master Your Market seminar!

This free event will be held Thursday, November 11th from 3:00PM-4:30PM at the Germantown Athletic Club’s Media Room located at 1801 Exeter Road and will cover third quarter residential and commercial sales, foreclosures mortgages and more!

Attendees will receive copies of our presentation and our most popular market trend reports. Refreshments will be served.

Click here to register! Seating is limited.

Bright Spots in Memphis Real Estate

September 23rd, 2010 Comments off

While home sales are far from where we would like them to be it does seem that the market has stabilized. There is more than enough negativity about the market and economy so this week let’s focus on some bright spots and hopeful news that everyone can appreciate.

Year-to-date, total home sales are down 2% from the same period in 2009 but average home sales prices are up 2% and total sales revenues are up $5 million.

High-end home sales (over $1 million) are up 53% from 2009 with 26 sales so far this year, the latest being a home on Pinnacle Creek in Germantown that sold for $1.56 million on September 14th.

New home sales are up 8% compared to the first 8 months of last year and bank sales are down 14% during this same period compared to 2009.

Based on our latest poll, unemployment is the largest concern of real estate professionals and in August the unemployment rate in TN dropped to 9.6%, down from 10.9% a year ago which was the second largest decline in unemployment nationwide. Local companies such as Smith & Nephew, Methodist Le Bonheur Healthcare, Soladigm Inc., Technicolor and KTG LP are expanding their businesses and adding more jobs to our local market.

Signaling that consumer confidence is on the rise, retail sales were up 0.4% in August according to the Commerce Department. This was the highest increase in 5 months and the second straight monthly increase and biggest gain since March.

According to the latest article from The Daily News, area Realtors feel that the housing market has nowhere to go but up. Click here to read the article.

Depending where you look and what you read, the outlook and persepective of the market changes on a daily basis. Let’s hope that September home sales results continue to point upward and that this momentum continues through the remainder of the year. Check back soon for September’s results and our updated market trend reports.

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August New Housing Report

September 16th, 2010 Comments off
There were 74 new home sales in Shelby County in August with an average sales price of $222,873.
 
Areas with the most new home sales include: Arlington (27), Midtown (12) and Cordova North (7).
 
The top Builder by new home permits for August was Habitat for Humanity with 10 permits pulled averaging $103,382.
 
The top Builder by new homes sales was NY&Y Development with 13 sales averaging $61,008. 
 
Click here to view all of our FREE Residential Market Trend Reports!
 
Shelby County Building Permit Report
September 3-9   

 

  •  27 New Home Sales
  •  30 Lot Sales valued at $1.2 million
  •  3 New Home Permits
  •  31 Remodel Permits
 
Fayette and Tipton County Permits
  •  7 Fayette County New Home Permits
  •  24 Fayette County Remodel Permits
  •  3 Tipton County New Home Permits
  •  15 Tipton County Remodel Permits
Click here for the latest article from The Daily News on the housing market.
 
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August Commercial Sales Update

September 9th, 2010 Comments off

There were 37 commercial sales reported in August totalling $292.5 million. While the total number of sales were down 12% from the prior year, the total sales revenue was up 30% and average sales prices were up 47% to $810,381.

The largest commercial sale was 2382 Germantown Parkway in Cordova. The Shops at Rock Creek located at the corner of Germantown Parkway and Rockcreek Parkway sold for $4.4 million to Southstar Holdings-UNCC LCC. This was a bank sale from a property foreclosure by Wells Fargo in October 2009. Click here to read more details about this sale.

Vacant Land over 1 acre had seven total sales for the month, the most of any property type.

Bartlett’s 38134 zip code had the most sales for the month with 28 totalling $11.7 million.

Take our Poll and let us know what concerns you most about the current market conditions.

Review all of our Market Trend reports here.

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August Residential Sales Update

September 2nd, 2010 Comments off

Sales were down for the second consecutive month. August closed with 1,125 reported home sales, down 13% from the prior year.

Average home sales prices fell as well to $129,754, down 1% from July and down 5% from August 2009.

New home sales were down 24% from the same month last year with 74 recorded for the month and an average sales price of $222,873.

Bank Sales accounted for 38% of the total home sales for the month and averaged $60,386.

466 foreclosures were reported, down 11% from August 2009 but average foreclosure amounts were up 17% to $85,547.

Adding to the decline of average home prices and property values are foreclosure amounts that are increasing in value and bank sales that are 30% below the average foreclosure amount.

Fannie Mae, who is consistently the top seller in Shelby County sold 108 properties in August with an average sale amount of only $42,243. In the same month of 2009, their average sale amount was $50,599 and in August 2008 it was $71,633. Investors both in and outside of Memphis are taking advantage of these extremely low prices.

Year to date, total home sales are now down 2% from the same period in 2009 however average home sales prices are up 2% and total sales revenues are relatively equal. New home sales are up 8% compared to the first 8 months of last year and bank sales are down 14% during this same period compared to 2009.

High unemployment rates, low consumer confidence and low appraisals are no match for the historically low interest rates.

Take our Poll and let us know what concerns you most about the current market conditions.

Click here to read the latest from The Daily News.

Review all of our Market Trend reports here.