Archive

Archive for April, 2014

Memphis & Shelby County New Housing Inventory Lowest Since 2011

April 29th, 2014 Comments off

New housing was off to a slow start for the first quarter of the year. New home permits and new home sales were both down while dwindling new housing inventory and the decreasing availability of lots is causing new home sales prices to increase.

Builders pulled 189 new home permits compared to 233 in the first quarter of 2013, a decrease of 19%. New home sales were down slightly for the quarter with 181 new home sales recorded compared to 184 in Q1 2013.

Based on the total number of new home closings in the past 12 months, the 812 homes currently in unsold inventory account for 10.6 months of supply. The last time that inventory levels were this low was in the 4th quarter of 2011.

Click here to download our Q1 2014 New Housing Analysis & Charts for a summary of new housing activity by the most active zip codes. Review new housing data by subdivision including: platted lots, vacant lots, houses in inventory, 1st quarter starts, 1st quarter closings and average sales price.

 

New Housing Inventory Analysis & Charts - Shelby County

 

Categories: Uncategorized Tags:

Memphis & Shelby County Commercial Sales up 14% in 1st Quarter

April 24th, 2014 Comments off

There were 223 commercial property sales recorded in the first quarter of 2014 compared to 196 in the first quarter of 2013, a 14% increase in total sales volume. Average sales prices were up 13% to $1.5 million compared to $1.3 million in Q1 2013.

Multi-family properties had the largest increase in sales activity with 33 recorded for the quarter, up 83% from last year. Apartments made up most of these sales with 30 recorded averaging $2.9 million per transaction.

Retail, Office and Land sales all showed improvements over last year while Industrial, Entertainment and the sales of Churches & Schools were down.

Vacant land over 1 acre had 42 sales claiming the most sales for the quarter followed by neighborhood single tenant commercial properties with 34 sales, apartments with 30 sales and warehouses with 27 sales.

Midtown’s 38104 recorded the most commercial sales for the quarter with 19 total averaging $805,000.

The largest commercial transaction recorded for the quarter was the sale of  Miller Creek of Germantown apartments located in Southeast Shelby County. The 330-unit complex sold for $44 million on January 21st. Click here for a full report of the transaction from The Daily News.

Download our complete collection of commercial market trends for the 1st Quarter including:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups (Office, Retail, Industrial, etc.)
  • Commercial Sales by Property Type (Apartment, Warehouse, Church, etc.)
  • Commercial Sales by Zip Code – Bank vs. Non-Bank
  • Commercial Sales by Property Type – Bank vs. Non-Bank

Commercial Market Conditions - Shelby County