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Archive for May, 2011

April Lender Analysis

May 26th, 2011 Comments off

There were 1,540 total loans filed in Shelby County for April including loans at time of sale, refinances and second mortgages with a total of $241 million in total loan revenue.

The Top Lenders based on number loans and total loan revenue were:

  • Regions Bank: 125 loans valued at $19.3 million
  • Wells Fargo: 109 loans valued at $16.8 million
  • SunTrust Bank: 77 loans valued at $10.1 million

For residential loans placed at time of sale, Community Mortgage led with 65 loans and an average loan amount of $151,127 followed by Magna Bank with 51 loans averaging $189,730 per loan.

The majority of residential loans were Conventional Fixed Rate with 244 filed for the month averaging $166,492 closely followed by FHA Fixed loans with 215 filed averaging $135,034.

Cordova North (38016) had the most loans filed for the month with 56 total, an average mortgage amount of $131,801 and an average loan to value ratio of 97%.

First Tennessee led for the most commercial loans at time of sale with 3 for the month averaging $184,333.

The largest loan for the month was a $3.4 million loan to Greer Land Co-Restaurants out of KY by The Metropolitan Bank. The loan was filed on April 29th with the $1.35 million sale of property located at 7864 Winchester Road. The anticpated use is for a 8,600 square foot Cheddars restaurant in the Centennial Commons Retail Center.

Click here to review our complimentary Market Trend reports.

If you would like to subscribe to our monthly Lender Analysis Reports, please contact wendy@chandlerreports.com.

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Shelby County April New Housing Report

May 19th, 2011 Comments off

There were 56 total new home sales recorded in April down 45% from the prior year. The average sales price was down 4% from April 2010 to $215,570.

Cordova-North (38016) had the most new home sales with 15 total averaging $145,181 followed by Arlington (38002) with 13 sales and Germantown East (38139) with 10 new home sales. New home sales prices in Collierville (38017) averaged $487,063 with 4 new home sales closed for the month.

Gerland Creek in Southeast Shelby County (38125) had the most new home sales with 5 total and an average sales price of $133,897. It was also among the top subdivisions for new home permits in addition to St. Andrews Place in Cordova-North (38016). They both had 5 new home permits filed in April.

Regency Homes had the most new home sales for the month with 10 total averaging $181,206 followed by Vintage Homes with 7 sales averaging $134,841. Both companies also topped the lists of the most new home permits filed in April with 14 and 11 respectively.

Cordova-North (38016) saw the most new home permits with 15 total averaging 2,143 sqft and $149,423.

Click here to review our complimentary residential Market Trend reports.

Click here for a detailed overview of the new housing market, including local Builder perspectives, from The Daily News.

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April 2011 Home Sales Report

May 6th, 2011 Comments off
Home Sales up 3% from March!
  
April home sales were down 12% from April 2010, but were up 3% from March with 1,097 sales recorded and an average sale price of to $107,812.
  
Year-to-date, home sales are down 14% from the same time last year with 3,752 closed in the first four months of the year. The 2010 tax credit helped boost home sales in 2010 and we don’t expect that same level of volume for the first half of 2011.
  
On a positive note, year-to-date average sales prices are holding steady at $113,971, virtually unchanged from the same time last year. 
  
61% of April home sales in Shelby County were sold for under $100,000.
  
The largest sale recorded for the month was in River Oaks (38120) for $1.15 million. The sale occurred on February 18th for a 7,600 sqft home on Dovecot.   
  
Bank Sales were down 7% in April with 359 recorded and an average sales price of $63,349, down 3% from April 2010.  
   
New home sales were down 45% with only 56 recorded for the month and a 4% decrease in average sales prices down to $215,570.
   
Foreclosures have continued to decrease and were down 16% in April with 409 recorded compared to 485 last year.
  
While areas like Frayser and Raleigh, most commonly known for foreclosure activity have continued to see declines, areas in east Shelby County continue to see a rise in foreclosure activity. Arlington (38002), Cordova North (38016) and Bartlett/Brunswick (38133) all saw increases in total foreclosures for the month.
  
Click here to view all of our April Residential Market Trend reports.   

 

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