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Archive for August, 2013

2nd Quarter New Housing Analysis for Memphis & Shelby County

August 22nd, 2013 Comments off

With Shelby County’s new housing market recovery steadily underway at the mid-year mark, we continue to see new home prices rise with this year’s 2nd quarter new home sale prices averaging $257,931 making this the highest 2nd quarter sale price we’ve seen since 2008 when the average new home sale price was $280,372.

This year’s average new home sale price is a 6% jump over 2012’s second quarter average price of $243,677. During this year’s second quarter we also saw new home sales jump by 17% with 260 new home sales compared to 223 sales during 2012’s second quarter.

This is the most new home sales we’ve seen since 2nd quarter 2010. New home starts remained steady with 269 starts during 2013’s second quarter unchanged from 269 starts during 2012’s second quarter. Regency Homes continues to be Shelby County’s top builder with 65 new home starts and 58 new home sales during this year’s second quarter.

With sales outpacing new home starts for the quarter, we saw a slight 2% drop in unsold inventory with 870 houses in inventory as of 6/30/2013, compared to 887 houses as of 6/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply of new housing. At the end of last year’s second quarter, there were 4 quarters, or 13.1 months, supply of new housing.

As the new housing market continues to push forward there is some growing concern among local builders over the current lot supply within Shelby County which has continued to dwindle over the last 7 years slowly pushing up lot prices and in turn continuing to push up new home prices affecting the affordability of new homes in the county. At the end of this year’s second quarter lot prices averaged $43,079 up 13% from year-end 2012’s average lot price of $38,285. This is something builders will continue to keep a close eye on going forward. With increasing lot prices and the dwindling supply, we will likely see new home prices continue to rise through out the remainder of the year.

Click here to download our complete 2nd Quarter New Housing Inventory Analysis & Charts report outlining new housing activity by zip code and subdivision.

July Residential Foreclosure Analysis-Memphis & Shelby County

August 15th, 2013 Comments off

Residential foreclosures were down 18% in July with 287 recorded compared to 350 last year.

The average amount of a foreclosed property was $84,802 and the average tax appraisal value was $116,999, both down 2% from July 2012. 

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

Foreclosure activity was down in July for virtually every municipality. Arlington and Germantown had slight increases while the city of Memphis had an 18% decrease. 

Foreclosure notices were down 15% for the month with 561 recorded compared to 659 last July. 

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 239 homes valued at $11.6 million. Frayser was a close second with 231 properties.

Fannie Mae owned the most foreclosed properties with 372 total valued at $40 million.

Click here to download our Detailed Foreclosure Analysis reports.

July Home Sales Update for Memphis & Shelby County

August 8th, 2013 Comments off

There were 1,694 home sales recorded in July, up 19% from 1,420 in July 2012.

Average home sales prices were up 10% to $156,310 from $142,180 last year.

Year-to-date home sales are up 10% and average sales prices are up 10% to $136,552.

Bank sales accounted for 15% of total home sales for the month and were down 20% from last July with 260 recorded. Year-to-date bank sales are down 18% from the same period last year.

22 out of 33 zip codes in the county had an increase in overall sales activity in July and 26 zip codes had an increase in average sales prices.

43% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 100% from last year with 6 recorded  compared to 3 in July 2012.

Click here to download our Residential Market Conditions reports or click here to read our Pulse Report for a review of commercial sales, foreclosure activity, new housing and builder trends and activity with mortgages and lending.

2nd Quarter New Housing Inventory & Analysis

August 2nd, 2013 Comments off

Review the latest trends in new housing and builder activity for Memphis & Shelby County including Top Builders, Top Subdivisions, Builder Ranking and much more!

New Housing Inventory Analysis & Charts - Shelby CountyNew Housing Inventory Builder Ranking ReportNew Housing Inventory Subdivision SummaryNew Housing Inventory Builder Summary