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Archive for October, 2011

September New Housing Report

October 27th, 2011 Comments off

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.

September Foreclosure Analysis

October 20th, 2011 Comments off

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.

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Shelby County September Home Sales Report

October 14th, 2011 Comments off
Home Sales Up 2%! 

 

Home sales in Shelby County totaled 1,073, representing a 2 percent boost from 1,053 in September 2010. 

Last month’s totals were also a 13 percent decrease from 1,229 in August. 

Home sales averaged $125,469, a 1 percent dip from $126,446 in September 2010. 

Total sales volume in September reached $134.6 million, a 2 percent jump from $133 million in September 2010, but a 13 percent decrease from $166 million in August.

Like Q3, last month’s bank sales declined. September’s 258 bank sales marked a 25 percent drop-off from September 2010’s 346 sales and were 21 percent lower from August’s 327.

Foreclosure sales in the county averaged $69,998 – up 4 percent from the prior month – and totaled $18 million. 

Meanwhile, nonbank sales in September totaled 815 – a 15 percent increase from 707 year over year – but a 10 percent dip from August’s 902 sales. Traditional sales averaged $143,029 last month and reached $116.6 million in total sales volume. 

Existing home sales totaled 1,006 in September, a 4 percent decrease from September 2010 and a 13 percent increase from August. Home sales in the category averaged $119,032 and totaled $119.7 million.

On the other hand, new home sales totaled 67 in September, down 23 percent from 87 during the same month a year ago. New home sales averaged $222,110 and totaled $14.9 million. 

The highest producing ZIP in September was a tie between Arlington’s 38002 and Cordova North’s 38016, with 66 sales each. Cordova North was also the highest producing for bank sales, with 23 averaging $108,300 and totaling $2.5 million.

Year to date, Shelby County has seen 550 new home sales, down 32 percent from 813 during the previous year-to-date period.

Click here to view our September 2011 and Q3 Residential Market Trend reports.

Home sales report provided by Sarah Baker of The Daily News.