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New Housing Inventory Summary

April 30th, 2010

Shelby County’s new housing market sees mixed signs for a recovery in the first quarter. New home sales fell by 8% for the quarter with 219 new home sales in the first quarter of 2010 compared to 2009’s first quarter of 239 new home sales. New home sale prices also fell by 21% during the first quarter with an average sales price of $211,737 compared to $267,712 in the first quarter of 2009.

The drop in the average sale price is partially due to banks selling off builder inventory that they’ve acquired through foreclosure proceedings at discounted prices. However, this in turn has had some positive effects on the total unsold inventory level for the county. The unsold inventory level for the county was reduced by 15% during the first quarter with 2,624 houses in inventory as of 3/31/2010, compared to 3,071 houses as of 3/31/2009. The current unsold inventory accounts for 12 quarters, or 27.8 months, supply of new housing.

At the end of last year’s first quarter, there were 12.8 quarters, or 25.2 months, supply of new housing. Another positive sign for the market is as the inventory levels have begun to shrink, builders have stepped back into the market giving the new housing market a boost for the first quarter with 176 new home permits pulled compared to 98 in the first quarter of 2009 amounting to an 80% jump in new home starts.

For a complete summary of the most popular new housing market areas in Shelby County, please contact Wendy Greenlaw at 901-528-5273 or wendy@chandlerreports.com. Subdivision summary reports include total number of platted lots, number of vacant lots, number of houses in inventory, first quarter starts, first quarter closings and average sales prices.

 

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