Memphis & Shelby County 3rd Qtr CRE Review
Commercial sales were up 17% in the third quarter of 2014 with 224 sales recorded compared to 191 recorded in the third quarter of 2013.
Total revenue was up 126% with the quarter ending with $312M in revenue compared to $137M in 2Q13.
Through September of this year commercial sales are up 13% from the same period last year.
The average sales price of a commercial property was $1.4M, up 94% from an average sales price of $720K in the third quarter of last year.
Property types with the most sales in 3Q14 were Land Sales with 53 sales, Retail properties with 43 sales and Multi-Family with 37 total sales.
Multi-Family properties had the most improvement from last year with 32 total sales, up 106% from the 18 recorded in 3Q13.
Vacant land over 1 acre (43), Apartments (32) and Warehouses (28) had the most sales by building type.
Commercial foreclosures were down 32% from last year with 15 recorded for the quarter compared to 22 recorded last year.
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