Only 67 new home sales were recorded for September, down 23% from last year. On a positive note, average new home sales prices were up 3% to $222,110.
Winstead Farms, Gardens of Grays Creek, Central Gardens Square and Fountain Brook all had the most new home sales with 4 per subdivision.
Arlington (38002) had the most home sales with 16 total averaging 3,900 sqft and $268,507 followed closely by Cordova-North (38016) with a total of 14 sales averaging $137,818.
Regency Home Builders had the most new home sales, 9 total averaging $175,053. They also filed the most new home permits for the month with 13 total averaging $233,451.
Gerland Creek in Southeast Shelby County (38125) and Trinity Park in 38118 had the most new home permits filed with 6 each. The homes in Trinity Park are Habitat for Humanity homes, http://www.memphishabitat.com/TrinityPark.shtml
Arlington had the most new home permits filed for the month with 57 total averaging 3,466 sqft and $263,494.
For a complete review of new housing, please join us Thursday, November 3rd from 3:00PM-4:30PM at the Germantown Conference Center where we’ll review 3rd Quarter residential and commercial sales, foreclosures, new housing, mortgages and more! Guest speakers will discuss the school consolidation and how the new changes may affect the housing market. Click here to register.
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Shelby County had 353 foreclosures in September, down 12% from the prior year.
The average foreclosure amount was up 5% to $92,742 compared to $88,523 in September 2010.
Raleigh (38128) had the most foreclosures for the month with 27 total averaging $51,435. The following zip codes all had 20 or more foreclosures: Cordova North (38016), Cordova South (38018), Westwood (38109), Oakhaven/Parkway Village (38118), Southeast Shelby County (38125) and Frayser (38127).
Foreclosure notices were up almost 70% from last year with 609 filed for the month, down 23% from August . The foreclosure moratorium that hit in the fall of last year will skew foreclosure data through the last quarter of this year.
Fannie Mae leads with the most foreclosure inventory. They had 454 properties valued at $57 million at the end of the month. They also had the most residential sales for the month with 86 total, averaging $64,000.
Frayser (38127) and Westwood (38109) have the most foreclosure inventory with 240 and 239 properties respectively. Southeast Shelby County (38125) has the highest foreclosure inventory value with $28 million across 159 properties.
Attend our “Master Your Market” seminar on Thursday, November 3rd where we’ll review 3rd Quarter residential and commercial sales, foreclosures, mortgages, new housing and more! Click here for more details or to register.
