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Third Quarter 2010 Highlights

October 14th, 2010

Residential Sales Highlights

  • Total sales were down 16% with 3,328 compared to 3,992 in Q3 2009.
  • Bank sales were down 18%.
  • New home sales were down 9%
  • Areas that saw improvement in the third quarter compared to Q3 2009: 38105 (Uptown), 38053 (Millington), 38112 (Rhodes College), 38126 (South Memphis) and 38128 (Raleigh).
  • Eads (38028) had the largest decline in home sales for the quarter, down 42% from the prior year.

Commercial Sales Highlights

  • 143 total sales, only down 1% from Q3 2010
  • Total sales revenue up 118% with $162 million recorded for the quarter.
  • Bank sales down 8%
  • Sale of the Crescent Center for $50 million assisted with total sales revenues.
  • Vacant land over 1 acre had the most sales with 38 total followed by Apartments with 25 sales then Neighborhood Single Tenant and Warehouses with 14 sales each.

Foreclosure Highlights 

  • Residential foreclosure down 11% from Q3 2009 with 1,322 recorded.
  • Residential foreclosure notices down 36% mainly due to September’s historically low filings with only 360 recorded for the month. Largerly in part due to the recent foreclosure moratorium.
  • Frayser, Raleigh and Cordova North led with the most residential foreclosures.
  • Commercial foreclosures down 4% from prior year with 66 recorded for the quarter.

Be sure to join us for our free Master Your Market seminar on Thursday, November 11th from 3:00PM-4:30PM at the Germantown Athletic Club’s Media Room for a full review of residential and commercial trends including sales, mortgages and foreclosures. Guest speakers Rand Bouldin, Appraiser for Bouldin & Associates and Andy Raines, Property Tax Attorney with Evans & Petree PC will be discussing their perspectives on new construction, the commercial market and property tax appraisal value trends. Click here to register today.

Review all of our 3Q10 reports here.

Click here to read about quarterly sales results from The Daily News.

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