Archive for July, 2013

Improving Real Estate Market Offers Hope

July 29th, 2013 Comments off

Article by Amos Maki of The Daily News

The 2013 countywide reappraisal resulted in a historic drop in property values, but improving real estate metrics are providing a glimmer of hope for the local economy.

That was the message industry professionals heard Thursday, July 25, at real estate information company Chandler Reports’ 2013 Mid-Year Master Your Market seminar at the Memphis Marriott East.

The 2013 Shelby County reappraisal has touched every property owner and forced city and county governments to raise taxes to just produce the same amount of revenue before the overall tax base dropped.

For the first time in recorded history Shelby County property values – including those in the city of Memphis and all of its suburban municipalities – dropped, by 3.9 percent.

Click here to read the full article.

Master Your Market: Mid-Year Review

July 18th, 2013 Comments off

Shelby County home sales are on the rise and foreclosure activity and bank sales are historically low. Attend our “Master Your Market: Mid-Year Review” on Thursday, July 25th at the Memphis Marriott East from 3:00PM-4:30PM to learn about the latest real estate trends in Memphis and Shelby County.

Guest speakers Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 property tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the status of new housing and builder activity.

Eric Barnes, Publisher for the The Daily News and The Memphis News, will present Chandler Reports market trends and will moderate the event.

The cost is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive an electronic copy of the presentation along with copies of our most popular 2nd Quarter trend reports.

Please click here for additional details or to register.

2nd Qtr 2013 Commercial Market Trends

July 12th, 2013 Comments off

Commercial Market Conditions - Shelby CountyOur 2nd Quarter 2013 Commercial Market Trends Reports are now available for download! Review all commercial sales and foreclosure activity in Memphis and Shelby County by zip code.

Reports include:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups
  • Commercial Sales by Property Type
  • Commercial Sales by Zip Code – Bank v. Non-Bank
  • Commercial Sales by Property Type – Bank v. Non-Bank

    Click here to download today!

    June 2013 Real Estate Update

    July 9th, 2013 Comments off

    Home Sales

    June closed out the second quarter with 1,444 home sales, up 9% from 1,327 in June 2012.

    Average home sales prices were up 11% to $158,056 from $142,341 last year.

    Year-to-date home sales are up 9% and average sales prices are up 10%. 2nd Quarter sales were up 11% from 2Q 2012.   

    Bank sales accounted for 15% of total home sales  for the month and were down 39% from last June with 214 recorded. Year-to-date bank sales are down 18% from the same period last year.

    21 out of 33 zip codes in the county had an increase in overall sales activity in June and 22 zip codes had an increase in average sales prices. 

    45% of all home sales for the month were valued under $100,000.

    Home sales over $500,000 were up 12% from last year with 47 recorded  compared to 42 in June 2012. 

    Attend our “Master Your Market” 2013 Mid-Year Review for a full recap of real estate trends through the first half of the year. Guest speaker Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the latest in new housing and builder activity. Click here to register.

    Click here to download our Residential Market Conditions reports.

    Commercial Sales

    Commercial sales were down 14% in May with 61 recorded compared to 71 in May 2012.

    Average sales prices were down 70% to $560K compared to $1.8 million last year. 

    Through the first 5 months of the year overall commercial sales are up 5% and average prices are down 21% from the same period last year.

    The largest commercial transaction recorded in May was the sale of 5155 Citation Drive in Oakhaven for $11.3 million. The 398,992 square-foot warehouse was purchased by Exeter Property Group on May 21st. Click here to read the full details of the transaction.

    Office and Special Purpose properties saw an increase in overall sales activity in May while all other property types had decreases or were unchanged from May 2012.

    Vacant Land Over 1 Acre (10), Apartments (9) and Warehouses (8) had the most sales by property type in May. 

    Click here to download our latest Commercial Market Conditions reports.

    Residential Foreclosure Analysis

    Residential foreclosures were down 16% in June with 253 recorded compared to 301 last June.

    The average amount of a foreclosed property was $78,418 and the average tax appraisal value was $109,009, both down slightly from June 2012. 

    Year-to-date foreclosures are down 15% from the same period last year.

    Foreclosure activity was down in June for virtually every municipality. Arlington and Millington had slight increases while the city of Memphis had a 13% decrease. 

    Foreclosure notices were down 7% for the month with 601 recorded compared to 646 last June. 

    Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 237 homes valued at $11.4 million. Frayser, Raleigh and Oakhaven all have over 200 properties in their foreclosure inventory. 

    Fannie Mae owned the most foreclosed properties with 372 total valued at $40.7 million.

    Click here to download our Detailed Foreclosure Analysis reports.

    New Housing & Builder Activity

    New home sales were up 9% in June with 79 sales recorded compared to 70 in June 2012.

    The average sales price of a new home was up 11% to $255,581.

    Year-to-date new home sales are up 17% and average new home sales prices are up 6%. 

    Arlington (18), Collierville (17) and Southeast Shelby County (7) had the most new home sales recorded for the month.  

    105 new home permits were filed in May, up 4% from May 2012. Collierville had the most new home permits filed in May with 20 total averaging $297,184. 

    Regency Homebuilders was the top builder in May based on new home sales and new home permits with 21 sales recorded averaging $240,256 and 28 permits filed averaging $219,309.

    Click here to download our New Housing Inventory & Analysis reports.

    Mortgage Trends & Lending Analysis

    802 residential loans were filed in June at the time of sale, up 8% from June 2012.

    The average mortgage amount was up 7% from last year to $183,958 with an average sales price of $211,731 making the average loan to value ratio 87%.

    Collierville had the most loans recorded at the time of sale with 106 total averaging $255,650.

    480 loans filed were conventional fixed rate, 185 were FHA fixed rate, 40 were VA fixed rate and 10 were short term loans, loans due within one year.

    The top lenders in June based on the total number of residential loans filed at time of sale were Magna Bank with 90 loans, Community Mortgage Bank with 69 loans and BancorpSouth Bank with 47 loans.

    Click here to download our Residential Lender Analysis reports.