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Archive for November, 2010

Fayette & Tipton County 3Q10 & October Results

November 19th, 2010 Comments off

Fayette County reported 102 sales for the third quarter, down 24% from the prior year. Their average sales amount was down 7% to $192,590 from $207,194 3Q09. Oakland (38060) had the most home sales with 49 recorded and an average sales price of $162,591, down 33% from the prior year.

October sales in Fayette County were down 36% with 29 recorded for the month with an average sales price of $162,411. Oakland and Somerville claimed the most sales with 22 recorded in both towns. Fayette County had 22 building permits filed in October.

Tipton County had 152 home sales for the quarter, down 21% from 3Q09 and an average sales price of $126,716. Atoka (38004) had the most home sales with 35 total averaging $171,570, down 43% from the prior year.

October home sales for Tipton County were down 45% with 41 recorded and an average sales price of $119,986. Covington (38019) had the most home sales with 14 total averaging $109,279 per sale. The county filed 21 permits for the month.

Click here to review all of our trends for West TN.

3Q10 Master Your Market Update

November 12th, 2010 Comments off

Here are some highlights from yesterday’s Master Your Market seminar:

  • While overall sales activity for the 3rd quarter was down by 17%, overall year-to-date sales are only down 3% through September.
  • Existing homes sales prices seem to be stabilizing and are up 2% year-to-date with an average sales price of $115,732.
  • Foreclosure activity was down significantly for the quarter largely in part to the recent foreclosure moratorium however foreclosure inventory is at an all time high of 5,991 homes in inventory valued at almost $900 million.
  • Commercial sales saw a boost for the quarter with the $50 million sale of the Crescent Center in July though the number of commercial sales was unchanged from 3Q09.
  • New Housing inventories continue to decline, down to 2,400 homes at the end of the quarter.
  • Unemployment rates in Memphis are the lowest since April 2009 and 3Q10 bankruptcy filings were down, good signs that perhaps the job market is turning around and will help provide stability to the real estate market.
  • According to a recent NAR survey, FSBO sales hit a record low this year as more and more homeowners are relying on professional real estate agents to sell their homes.
  • The outlook for 4Q10 was not positive due to decreasing home sales numbers, low consumer confidence and continued concerns about the recent foreclosure documentation crisis.

Andy Raines gave wonderful insight into property tax appraisal values for Memphis and Shelby County and shared great examples of residential and commercial property appraisals that his firm, Evans & Petree, have worked on over the past year.

Rand Bouldin, commercial appraiser for Bouldin & Associates, provided valuable information on the commercial market space and new housing.

Be sure to join us in January when we provide a 2010 year-in-review of residential and commercial sales, mortgages and foreclosures with our outlooks for 2011!

Click here to review all of our market trend reports for Shelby, Tipton and Fayette Counties!

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October 2010 Residential Sales Update

November 4th, 2010 Comments off

October sales continued on the down slope that we saw in September with only 1,010 sales recorded for the month, down 21% from October 2009 and down 4% from September.

 

Average home sales prices in October were virtually unchanged from the prior year at $120,628. 

 

Year-to-date, sales are down 5% from the same time in 2009 and average sales prices are slightly up.

 

Bank sales were down 30% from October 2009 with 338 recorded for the month. Year-to-date, bank sales are down 15% from the same time last year!

 

New home sales were down 60% from October 2009 with only 49 recorded driving the year-to-date performance on new homes down 4% from the same period in 2009.

 

Foreclosures in October were down by 33% with 311 recorded. This is mostly in part to the foreclosure moratorium that had major banks halting the foreclosure process due to poor documentation processes. Bank of America and ALLY Financial/GMAC have since resumed with their foreclosure proceedings.

 

Foreclosure notices remained low in October with 689 recorded for the month, down 41% from the prior year. 

 

Join us next Thursday, 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.

 

Click here to read the latest from The Daily News.

 

Review all of our Shelby County Market Trend reports here.

 

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