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Archive for March, 2012

Upcoming Training Events & Seminars

March 29th, 2012 Comments off

Shelby County Residential Services: Training Seminar
Wednesday May 2, 2012 from 2:00 PM to 3:00 PM

Join us for a live demonstration of all of our new features and tools now available in our Shelby County residential service! Feel free to bring your iPad or laptop and pull all of the reports live for the listings you are working with!

Location: MAAR’s Computer Lab

West TN Services for Fayette & Tipton Counties: Training Seminar
Wednesday May 2, 2012 from 3:30 PM to 4:30 PM

Join us for a live demonstration of our West TN Service including data for Fayette and Tipton Counties! We will walk you through all of our reporting tools and show you how to pull a comprehensive market analysis report. Feel free to bring your iPad or laptop and pull all of the reports live for the listings you are working with!

Location: MAAR’s Computer Lab

“Master Your Market”: First Quarter Update
Thursday May 3, 2012 from 3:00 PM to 4:30 PM

We’ll review first quarter home sales, commercial sales, the foreclosure crisis and lending results for all of Shelby County! Our guest panel will provide their perspectives and insights on local market activity.

Location: The Germantown Great Hall & Conference Center: Media Room  Cost: $10 for Chandler subscribers, $15 for non-subscribers

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Foreclosures Effecting Home Sales Prices

March 23rd, 2012 Comments off

46% of February home sales were valued under $50,000. The majority of these 472 home sales were bank and investor sales hitting almost every zip code in the county.

The top sellers of these properties were Fannie Mae, Housing and Urban Development, Bank of New York, Federal Home Loan Mortgage Corp and Federal National Mortgage Association.

Some of the top buyers of the homes valued under $50,000 included: Memphis Invest, Direct J Home Solutions, Mid South Homebuyers Inc. and Stable Investments.

Year-to-date foreclosures are up 42% from last year. If we continue to see this level of activity we could hit well over 5,000 foreclosures for the year compared to the 4,000 we had in 2011. Last year had the lowest number of foreclosures that we had seen since 2005 before the subprime mortgage crisis hit in 2006.

Recent policy changes have sped up the foreclosure process and we expect to see banks again moving forward with foreclosure starts and home seizures. The activity that had stalled during the foreclosure moratorium has cleared and the paperwork issues and lawsuits seem to be behind us.

The Federal Government has launched several new programs to assist homeowners with modifying their mortgages and these programs are expected to provide relief to about 10% of the total number of homes in jeapordy of foreclosure.

Pilot programs are running in major cities for investors to purchase foreclosures in bulk from Fannie Mae at a discounted rate with guarantees in place that the investors will hold the properties as rental units for a set number of years.

At the end of 2011 Shelby County had 3,767 homes in foreclosure inventory valued at over $351 million. As foreclosure activity picks back up and banks start selling these properties at steep discounts, home sales prices could continue to remain stagnant or fall below 2011 values.

The average home sales price in February was $97,704. The last time average sales prices were under $100,000 was back in 1995 when sales averaged $97,992.

Bright Spots in Memphis Home Sales

March 16th, 2012 Comments off

February home sales were up 36% from the same month last year and even though average home sales prices took a dive, down 17%, to $97,704, the lowest average sales price seen in over a year, there are still many bright spots in our local market.

Of Shelby County’s 34 zip codes, 24 saw an increase in overall sales activity from February 2011.

10 zip codes had increases in their average sales prices including: 38103 (Downtown): Up 60% to $247,339, 38133 (Bartlett/Brunswick): Up 16% to $129,091 and 38120 (River Oaks): Up 14% to $339,706.

Home sales valued between $450,000-$550,000 were up 400% from last February with 8 filed for the month. Half of these sales were in Germantown East (38139).

While overall bank sales were up for the month, causing the spike in sales valued under $50,000 and drastically reducing the average sales prices across the county, 8 zip codes had a reduction in their overall bank sales including: Arlington (38002), Cordova North (38016), Cordova South (38018) and Germanton East (38139).

Foreclosures were up 14% in February compared to last year but 9 zip codes saw decreases in foreclosure activity including: Millington (38053), Quince/Ridgeway (38119), River Oaks (38120) and Bartlett (38134).

As we look forward, we expect residential sales acvitity to continue to see year-over-year improvements and will closely monitor the effect that foreclosures and bank sales are having on the local real estate market.

Click here to review our February Residential Market Conditions Reports.

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February Home Sales Report

March 8th, 2012 Comments off
Home sales up 36%!
  

997 home sales were recorded in Shelby County in February up 36% from February of last year and up 8% from January!

Total sales revenue was up 13% from February 2011 with $97.4 million total compared to $86.5 million last year.

Average home sales prices faltered to $97,704, down 17% from the prior year and down 11% from January.

Bank sales accounted for 31% of total home sales with 312 recorded compared to 228 last year. 

Non-bank sales also saw a significant increase, up 35% from February 2011 with 685 total recorded.

While bank sales prices continue to drive down average home sales prices with an average of $61,811 for the month down an alarming 21% from February last year non-bank sales prices also declined significantly to $114,053, down 16% from last year.

Areas with significant decreases in home sales prices (over 25%) include: North Memphis (38107), Westwood (38109), Rhodes College (38112), East Central/Poplar Perkins (38117), Southeast Shelby County (38125) and Germantown East (38139). 

Frayser (38127) had the most home sales with 68 total and Collierville (38017) had the most sales revenue with $10.6 million across 40 sales. 

New home sales were down 19% with 38 recorded for the month and an average sales price of $219,925. 

Foreclosure activity was up 14% with 396 for the month compared to 347 last February. The average amount of foreclosures was up slightly by 1% to $82,965 and the average tax appraisal value of foreclosures was down 1% to $116,330.

Foreclosure notices were down 36% from last February with 635 filed compared to 991 in February 2011. Virtually every zip code in the county saw a decrease in foreclosure notice activity.  

Click here to view our complimentary Residential Market Trend reports.  

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Home Sales Prices Remain Flat

March 2nd, 2012 Comments off

An article from Sarah Baker of The Daily News

January home sales posted an 8 percent increase compared to the same month a year ago as average pricing remained flat, due in large part to the market’s abundance of foreclosures.

Shelby County saw 923 home sales last month, compared to 855 in January 2011 and 880 in December, according to real estate information company Chandler Reports, www.chandlerreports.com.

The majority of the increase in overall sales was due to bank (or foreclosure) sales, which made up 31 percent of total home sales. There were 278 sales recorded in that category during January, compared to 236 a year ago.

Carol Lott, president of the Memphis Area Association of Realtors, expects 2012 to continue to boast higher year-over-year sales totals – whether those sales are at arm’s length or not.

“I believe we will continue to see higher sales totals,” Lott said. “Some of those sales totals will continue to include foreclosures, because in good markets and bad there will always be foreclosures, but you are starting to see several normal sales, too.”

Bank sales continued to create downward pressure on the county’s overall average home sales prices. Bank sales averaged $64,355, compared to a total average home sales price of $109,515. Bank sales prices represented a 6 percent decrease from January 2011 and an 11 percent plunge from December.

But before the county sees any kind of up-trend in pricing, unit sales will pick up, said Joe Spake of InCity Realty.

“We won’t see a boom but a very gradual increase in prices over the next few years, and that will continue to be impacted by the (real estate-owned) market,” Spake said. “I think it will be years before we can honestly say the real estate market is ‘stable.’”

The average price for nonbank (or traditional) sales was $128,855, up 4 percent from January but down 8 percent from December. There were 640 nonbank sales last month, a 3 percent increase from January 2011.

Join us on Thursday, March 15th for the RISE Foundation’s monthly meeting where we will review our detailed foreclosure analysis market trend reports.

RESPONSIBLE LENDING COLLABORATIVE

MARCH 15TH

3:00 pm—4:45PM

1548 Poplar – Training Room 

FORECLOSURE TRENDS: IS THE WORST BEHIND US?

Special Guest: Wendy Greenlaw, Chandler Reports