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Archive for February, 2011

January 2011 Foreclosure Analysis

February 24th, 2011 Comments off

Foreclosures fell 41% in January 2011 compared to the prior year with only 265 recorded. Shelby County seems to still be feeling the effects of the foreclosure moratorium from the fall of 2010 as foreclosures have consistenly fallen since October 2010. Average foreclosure amounts were up 5% from January 2010 to $131,498.

Foreclosure notices in January were up 6% with 1046 filed for the month. Frayser (38127) claimed the most notices with 80 filed but this was a decrease of 19% from the prior year. River Oaks (38120), Germantown (38138) and Germantown East (38139) all saw increases in foreclosure notices above 100%.

Housing and Urban Development bumped Fannie Mae from the top spot on the Top 25 Foreclosure Inventory Holders list. At the end of January HUD had 477 foreclosures in their inventory valued at $60.4 million. While Fannie Mae is number 2 on the list with 439 properties, their inventory value sits at $39 million.

Frayser (38127), Oakhaven/Parkway Village (38118), Westwood (38109) and Raleigh (38128) lead the county with foreclosure inventory with more than 200 properties in each zip code and a total value of $87.4 million.

We expect foreclosure activity to pick up throughout the year as national foreclosures are expected to exceed the 1 million mark.

Click here to read the lastest article from The Daily News on the local real estate market.

Review our January Market Trend Reports here.

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January 2011 New Housing Analysis

February 18th, 2011 Comments off

There were 47 new home sales recorded in the first month of the year compared to 71 recorded in January 2010.  New home sales made up 6% of all home sales in Shelby County with an average sales price of $229,645, virtually unchanged from the prior year.

A total of 23 new home permits were filed in January averaging 3,862 and $243,994.

The Top Builder for the month based on the number of new home permits filed was Charles Morgan of Vintage Homes with 6 permits, averaging 3,255 square feet and an average value of $216,519. All of the permits were filed at Gerland Creek subdivision. Gerland Creek is on the north side of Shelby Drive west of Hacks Cross Road.

Southeast Shelby County (38125) had the most new home permits filed for the month with 10 total averaging 3,749 square feet and $248,961.

February is looking to be a positive month for new home permits, there have been 30 filed through February 11th.

Click here to read the lastest article from The Daily News on local homebuilding activity.

Review our January Market Trend Reports here.

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January 2011 Residential Sales Update

February 10th, 2011 Comments off

January home sales were down 3% from 2010 with 851 total sales recorded for the first month of the year.

 

Millington had the highest improvement of home sales from January 2010, up 163% with 21 sales total averaging $107,567 per sale.

 

Average home sales prices were also down 3% from 2010 to $109,861. 

 

Existing home sales made up 94% of the total sales recorded with an average sale price of $102,859 virtually unchanged from the same month last year.

 

Bank sales were down 23% from the prior year and average bank sales prices were up 21%.

 

New home sales were down 34% with 47 recorded and an average sales price of $229,645. Cordova South (38018) and Southeast Shelby County (38125) had the most new home sales with 8 each.

 

Foreclosures were down a whopping 41% with 265 recorded. The average foreclosure amount was up 5% from the prior year to $90,146.

 

Foreclosure notices were up 6% with 1,046 recorded. Germantown, Midtown and River Oaks all had increases in notices above 90%. 

 

If you missed our “Master Your Market: Year in Review” seminar on January 26th, you can read a recap of the event from Sarah Baker of The Daily News! Click here.

 

Review all of our County Market Trend reports covering Shelby, Fayette, Tipton, Davidson, Williamson and Wilson Counties click here

 

2010 Foreclosure Analysis

February 3rd, 2011 Comments off

Foreclosures were down 11% from the prior year with 4,984 total in 2010 and an average foreclosure amount of $83,772. The foreclosure moratorium in the fall reduced foreclosures to historic lows throughout the last quarter of the year. Foreclosure notices were down 21% from 2009 with 10,575 filed for the year.

 

Most zip codes in Shelby County had a decrease in foreclosure notices with the exception of 38117 (up 4%), 38138 (up 7%) and 38139 (up 21%). Germantown East (38139) had the highest increase in foreclosures, up 115% from 2009 with 43 recorded for the year and an average foreclosure amount of $255,471, providing further evidence that the foreclosure epidemic continues to move east across the county and is hitting higher-end residential markets.

 

The average appraisal value of foreclosures has continued to rise since 2003 to it’s peak last year of $125,239.

 

Frayser remains the leading foreclosure inventory holder with 291 properties at the end of 2010 valued at $20 million.

 

Southeast Shelby County (38125) leads the county in total foreclosure inventory value at $60 million with 180 properties in inventory.

 

Click here to read the latest on the foreclosure crisis from The Daily News.

 

Review all of our 2010 Real Estate Market Trend Reports here.