Archive for October, 2010

Third Quarter 2010 Highlights

October 14th, 2010 Comments off

Residential Sales Highlights

  • Total sales were down 16% with 3,328 compared to 3,992 in Q3 2009.
  • Bank sales were down 18%.
  • New home sales were down 9%
  • Areas that saw improvement in the third quarter compared to Q3 2009: 38105 (Uptown), 38053 (Millington), 38112 (Rhodes College), 38126 (South Memphis) and 38128 (Raleigh).
  • Eads (38028) had the largest decline in home sales for the quarter, down 42% from the prior year.

Commercial Sales Highlights

  • 143 total sales, only down 1% from Q3 2010
  • Total sales revenue up 118% with $162 million recorded for the quarter.
  • Bank sales down 8%
  • Sale of the Crescent Center for $50 million assisted with total sales revenues.
  • Vacant land over 1 acre had the most sales with 38 total followed by Apartments with 25 sales then Neighborhood Single Tenant and Warehouses with 14 sales each.

Foreclosure Highlights 

  • Residential foreclosure down 11% from Q3 2009 with 1,322 recorded.
  • Residential foreclosure notices down 36% mainly due to September’s historically low filings with only 360 recorded for the month. Largerly in part due to the recent foreclosure moratorium.
  • Frayser, Raleigh and Cordova North led with the most residential foreclosures.
  • Commercial foreclosures down 4% from prior year with 66 recorded for the quarter.

Be sure to join us for our free Master Your Market seminar on Thursday, November 11th from 3:00PM-4:30PM at the Germantown Athletic Club’s Media Room for a full review of residential and commercial trends including sales, mortgages and foreclosures. Guest speakers Rand Bouldin, Appraiser for Bouldin & Associates and Andy Raines, Property Tax Attorney with Evans & Petree PC will be discussing their perspectives on new construction, the commercial market and property tax appraisal value trends. Click here to register today.

Review all of our 3Q10 reports here.

Click here to read about quarterly sales results from The Daily News.

September Residential Sales Update

October 7th, 2010 Comments off

While only 1,055 home sales were recorded in September, down 14% from the prior year, there are still many bright spots for overall sales activity.

Average home sales prices in September were down 8% from the prior year to $126,777. Average sales prices so far this year average $123,592, virtually unchanged from the same time last year.

Bank sales were down 8% from September 2009 with 378 recorded for the month. Year-to-date, bank sales are down 14% from the same time last year!

New home sales were down 20% from September 2009 with only 86 recorded. Year-to-date, though, new home sales are up 5% from the same time last year!

Foreclosures in September were up only slightly by 1% with 423 total. Year-to-date, foreclosures are down 2% from this time in 2009 although average foreclosure amounts continue to rise and were at $124,452 in September, up 20% from the prior year.

Foreclosure notices hit a historic low in September with only 360 recorded for the month, down 64% from the prior year! On average, we usually see between 900-1000 foreclosure notices filed each month!

Months like September can make it difficult to be positive about the housing market’s stability but if you look at the results from a broader perspective you’ll see that we’re not far from 2009 totals and that perhaps the market has bottomed out. Moving into the last quarter of the year, we need to remain positive that we have turned a corner and that we will hopefully see some gains in 2011.

Do you feel that the local market has stabilized? Take our Poll.

Join us November 11th for our FREE Master Your Market seminar where we’ll cover 3Q10 residential and commercial sales, foreclosures, mortgages and more! Register today! Seating is limited.

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