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September Pulse Report

October 23rd, 2012

Home Sales

1,273 home sales were recorded in Shelby County up 19% from last year, closing out the 3rd quarter with a 17% increase in sales compared to the 3rd quarter of 2011. 

Average home sales prices in September were $127,912 up 2% from $125,114 in September 2011.

Year-to-date sales activity is up 16% and average sales prices are up 2% from the same period last year.

23% of total home sales in September were bank sales, up 12% from last year.

Non-bank sales were up 21% from last year and averaged $147,533, an increase of 3% from $142,626.

Investors continue to increase home sales activity while keeping average prices low with properties changing hands multiple times on one day.

Commercial Sales

Commercial sales activity is up 2% through the end of August with 479 sales recorded. Average sales prices for commercial properties are up 54% to $1.62 million.

So far this year, Industrial sales are seeing the most improvement, up 40% from the same time last year with 87 sales recorded.

Average prices for Retail ($1.6M) and Office ($1.2M) properties are both up over 175%.

Vacant Land Over 1 Acre (91), Warehouses (75) and Apartments (49) have the most sales recorded through the first eight months of the year.

Foreclosure Analysis

Residential foreclosures were down 16% with 294 recorded compared to 351 last September. 

The average amount of a foreclosed home was $92,932 and the average tax appraisal value was $124,254.

The majority of foreclosures were within the city limits with 204 total, a decrease of 18% from last September. Properties located in the unincorporated areas had 71 foreclosures, down 23% from last year.

Year-to-date residential foreclosures are up 12% and commercial foreclosures are down 19%.

New Housing Activity

New home sales were down 7% in September with 66 sales recorded compared to 71 in September 2011.

The average sale price of a new home was up 16% to $251,437. 

Arlington had the most new home sales for the month with 14 total averaging $223,468.

586 new home permits have been filed through the end of August with Arlington claiming the most with 140.

Subdivisions with the most new home permits filed this year include: Gerland Creek in Southeast Shelby County with 31, Kensington in Arlington with 26 and Wolf River Ranch in Collierville with 25.

There were 37 lot sales recorded in September, with the majority being sold in Schilling Farms in Collierville.

Mortgage Trends & Lending

691 residential loans were filed at time of sale, up 23% from last September.

51% of the mortgages filed were between $100,000-$250,000.

The average mortgage amount was $152,182 with an average sale price of $177,265 making the average loan to value ratio 86%.

The majority of mortgages taken at time of sale were conventional fixed rate loans averaging $171,219. 194 loans were FHA fixed rate loans averaging $140,804.

The top lender based on the total number of residential loans filed at time of sale was Community Mortgage with 81 loans followed by Magna Bank and Guild Mortgage Company with 43 loans each. 

Click here to review our September and 3rd Quarter Market Trends reports.

Join us Thursday, November 8th from 3:00PM-4:30PM as we review all of our third quarter Market Trends reports. Guest speaker Dr. Phyllis Betts, with the University of Memphis Center for Community Building and Neighborhood Action will share her department’s latest study on lending activity in Shelby County with an analysis of loan activity from 2004-2010 showing how foreclosures and investor purchases have impacted neighborhoods. Click here to register!

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