Archive for November, 2011

October Foreclosure Analysis

November 17th, 2011 Comments off

Shelby County foreclosure activity was up 15% compared to October 2010 with 319 recorded for the month.

The foreclosure moratorium from last fall lowered foreclosure rates to historic lows. Foreclosures are still down significantly from the 400-500 we used to average each month.

Raleigh (38128) had the most foreclosures with 24 total averaging $48,263. Cordova’s 38016 closely followed with 21 foreclosures recorded averaging $166,070.

The average foreclosure amount was $88,864 up only 1% from last year. The average foreclosure amount has remained fairly steady since the beginning of the year hovering in the mid to upper $80K’s.

Foreclosure notices were down 17% from last October with 570 recorded. Westwood (38109) had the most notices filed with 41 total followed by Southeast Shelby County (38125) with 37 recorded.

Fannie Mae continues to lead as the top foreclosure inventory holder with 465 properties valued at $58 million. Their inventory went up in October with 81 new foreclosures recorded and only 70 sold in the month.

HUD had the most bank sales for the month with 82 total, averaging $37,620 totaling $3M in sales.

Westwood (38109) had the most foreclosures in inventory at the end of the month with 231 total valued at $13M.

Southeast Shelby County (38125) has the most in foreclosure inventory value with $28M followed closely by Collierville (38017) with $27M.

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October Home Sales Report

November 10th, 2011 Comments off

Home Sales Up 2%!  4th Consecutive Month with Year over Year Improvement!  

Home sales in Shelby County totaled 1,073 in October, up 2% from October 2010. 

This was the fourth consecutive month with year over year improvement. Every month since July has shown an increase in sales activity from the same month in 2010. 

Average home sales prices held steady at $121,191, unchanged from the prior year. 

Bank sales continue to decline with 261 recorded, down 16% from October 2010. Bank sales made up 25% of all sales in the county.

While foreclosures were up 15% from last year with 319  for the month, the number of foreclosure sales is fairly consistent to the past several months.

The foreclosure moratorium which halted foreclosures in 4Q10 is expected to throw off foreclosure activity comparisons through the last quarter of this year when comparing current totals to last year’s numbers.

New home sales were up 20% from October 2010 with 61 recorded averaging $221,227. Year to date home sales totals are off almost 30% from last year while average home sales prices are holding steady to 2010 figures at $219,000.

There were three home sales valued at over $1 million compared to 1 in October of last year. The largest home sale was a 10,000 sqft home that sold for $4.1 million in Germantown’s Forest Hill Woods that closed on October 14.

Frayser (38127) had the most home sales by zip code with 81 total while Arlington (38002) had the most sales revenue with $13.4 million followed closely by Collierville (38017) with $13.1 million. 

Click here to view our complimentary October 2011 Residential Market Trend reports.