New home sales accounted for 6% of all home sales in Shelby County with 168 recorded for the first quarter of the year. Average new home prices were up 8% from 1Q10 to $228,443.
Unsold inventory levels have continued to decrease with 1,036 remaining at the end of the first quarter. New home starts were down 30% for the quarter with 145 new home starts, compared to 205 in 1Q10.
38125 (Southeast Shelby County) and 38016 (Cordova-North) tied for the most home sales with 32 each. Oaklawn Estates in 38016 and Gerland Creek in 38125 each had 9 new home sales, the most of all subdivisions in the county.
Regency Homes was the top builder throughout 2010 and remained the top builder in the first quarter of the year with 34 new home starts and 27 new home sales averaging $178,347. They also pulled the most new home permits for the quarter, 34 total with an average permit value of $194,623.
Click here to review all of our First Quarter 2011 Market Trend reports for Shelby, Fayette, Tipton, Williamson, Davidson and Wilson Counties.
Click here to read the latest on new housing activity from The Daily News.