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Archive for February, 2012

January New Housing Analysis

February 23rd, 2012 Comments off

Shelby County’s new housing market saw an increase in activity for January. There were 57 new homes sales up 19% from January 2011 and up 4% from December 2011.

Builders filed 49 new home permits up 30% from the 38 filed last January.

Average new home sales prices also saw an increase, up 4% from the prior year and up 10% from December to $240,854.

Gerland Creek in Southeast Shelby County (38125) had the most home sales, three total, averaging $123,090.

Arlington (38002) had the most new home sales with 9 total averaging $253,383. Arlington also had the most new home permits filed for the month with 18 total averaging $191,536 in Maple Grove PD, Olive Grove, Riggins Hills, Evergreen Hills, Grove/Lakeland, Oakwood/Lakeland and Hunters Walk No.

The top builder for January was Regency Home Builders with 7 new home sales averaging $225,489 and 15 new home permits filed.

Click here to review our January Market Trend reports including: Residential Market Conditions, Commercial Market Conditions, Detailed Foreclosure Analysis, New Housing Inventory Analysis and Residential & Commercial Lender Analysis reports.

Read the latest article on local home building activity from The Daily News including perspectives from Sean Carlson with Regency Home Builders and Keith Grant of Grant Homes here.

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January 2012 Foreclosure Analysis

February 16th, 2012 Comments off

January foreclosures were up 83% from last year with 446 filed for the month compared to 244 in January 2011.

The average foreclosure amount was $83,005 down 12% from $94,843 last year. The average tax appraisal amount on a foreclosed property was up 6% to 125,816.

The zip codes with the most foreclosures include Raleigh (38128) with 35, Oakhaven/Parkway Village (38118) with 33, Hickory Hill South (38141) with 32 and Southeast Shelby County (38125) with 31.

Arlington (38002) had the largest increase in foreclosure activity, up 600% from last year with 15 recorded for the month and an average foreclosure amount of $158,092.

Foreclosure notices were down 36% with 676 filed compared to 1,048 last January. Virtually every zip code in the county had a reduction in foreclosure notice activity.

Fannie Mae remains as the top foreclosure inventory holder with 561 properties in inventory at the end of the month with a total value of $74 million.

Raleigh (38128) and Westwood (38109) tied for the most homes in foreclosure inventory with 234 each valued at $19 million and $14 million respectively. Frayser (38127) took a close second with 231 homes in inventory valued at $13 million.

Fannie Mae, HUD, Freddie Mac and Bank of New York were the top sellers of residential properties for all of Shelby County in January.  Collectively, they sold over 200 properties for the month.

Click here to review our complimentary Residential Market Conditions reports or contact Wendy Greenlaw at wendy@chandlerreports.com to subscribe to our Detailed Foreclosure Analysis reports.

Shelby County January Home Sales Report

February 9th, 2012 Comments off

Home sales up 8%!

923 home sales were recorded in Shelby County for the first month of the year, up 8% from January 2011 and up 5% from December.

Average home sales prices were $109,515, unchanged from the prior year. 

Bank sales accounted for 30% of total home sales and were the majority of the increase in overall sales with 278 recorded compared to 236 last year. Bank sales prices continue to drive down average home sales prices with an average of $64,645 for the month down 6% from January 2011 and down 11% from December.

The average price for non-bank sales was up 3% from January but down 8% from December to $128,855.

Residential foreclosures were up 83% from January 2010 and up 9% from December. The average foreclosure amount was $83,005 down 12% from the prior year while the average tax appraisal amount on a foreclosure was up 6% to $125,816.   

Foreclosure notices were down 36% from last January. Virtually every zip code in the county saw a decrease in foreclosure notice activity.

There were 57 new home sales recorded, up 19% from last year and up 4% from December. The average sales prices for new homes was $240,854.

Frayser (38127) had the most home sales with 56 total and Collierville (38017) had the most sales revenue with $13.2 million across 44 sales. 

Some good indicators for the market include the recent reduction of the unemployment rate to 8.3%, the lowest we have seen in three years, and mortgage interest rates are at historic lows, 3.85% for a 30-year fixed mortgage.

Click here to view our complimentary Residential Market Trend reports.

Real Estate Pros Figuring Out New Reality

February 2nd, 2012 Comments off

An article by Sarah Baker of The Daily News.

The real estate market isn’t projected to get back to the pre-bubble bursting days of 2007 anytime soon.

It’s part of the new reality that agents across the board are coping with, and it was the heart of the discussion Thursday, Jan. 26, when real estate information company Chandler Reports hosted its “Master Your Market: 4th Quarter 2011 Update.”

“For those of you who are counting, it’s been four years, five months and 26 days since real estate agents’ world was turned upside down,” said Ed Beasley of Sowell & Co. Realtors who spoke at the event.

Beasley’s sales from 2004 to 2006 were all about the same. Then in 2008, sales were down 30 percent. In 2009, sales were down 40 percent. By 2010, Beasley was reaching into his savings.

But in the last six months Sowell & Co.’s figures have seen about a 7 percent uptick.

“It’s taken four or five years to get to where we are now,” Beasley said. “It’ll take us eight years to get back up. At least we’re moving in the right direction.”

The forum, held at the Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, discussed residential and commercial sales, plus new housing and loan activity.

Click here to read the full article.

Review our Year End 2011 Residential Market Conditions Reports here.