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October Pulse Report

November 15th, 2012

Home Sales

The housing market continues to improve with 1,406 home sales recorded in Shelby County, up 36% from last year. 

Average home sales prices were up 1% for the month to $123,399.

Year-to-date home sales activity is up 18% with 12,584 sales recorded through October and average sales prices are up 2% from the same period last year. 

22% of home sales for the month were bank sales, up 21% from last year. The average price of a bank sale was $68,371, up 14% from October 2011. Year-to-date bank sales are up 26% from 2011.

Non-bank sales were up 41% from last October with 1,092 recorded averaging $139,221, a decrease in sales price of 2% from last year.

While there is an abundance of short sales activity and investor purchases, average home sales prices are hanging on, a positive indicator that the housing market continues to move in the right direction. Some local real estate offices report that 20-50% of their monthly sales are short sales.

Click here to review our October Market Trends reports.

Commercial Sales

Commercial sales are down 3% through the end of September with 530 recorded.

September’s commercial sales were off by 36% effecting 3rd quarter and year-to-date totals.

Average sales prices for commercial properties remain high, up 52% through the end of September at $1.6 million.

Sales of churches and schools are seeing the most improvement, up 40% from the same time last year with 24 sales recorded. Industrial sales are up 23% with 91 sales.

Average prices for Retail ($1.5M), Office ($1.1M) and Entertainment ($1M) properties are all up over 75%.

Vacant Land Over 1 Acre (103), Warehouses (78) and Apartments (57) have the most sales recorded through the first nine months of the year.

Click here to review our October Market Trends reports.

Foreclosure Analysis

Residential foreclosures were up 11% with 351 recorded compared to 316 last October. 

The average amount of a foreclosed home was $86,495 and the average tax appraisal value was $119,290.

The majority of foreclosures were within the city limits with 250 total, an increase of 13% from October 2011. 

While their overall foreclosure totals were comparatively low, Arlington and Germantown had an increase in activity while Bartlett and Millington foreclosures were down from last October.  

Year-to-date residential foreclosures are up 11% and average foreclosure amounts are down 4%.

Foreclosure notices were up 40% in October with 796 recorded. Year-to-date foreclosure notices are down 14%.

Click here to review our October Market Trends reports.

New Housing & Builder Activity

New housing continues to gain momentum. 

New home sales were up 25% with 81 sales recorded compared to 65 in October 2011.

The average sales price of a new home was up 15% to $255,442. 

Year-to-date new home sales are up 3% and average sales prices are up 12%.

Arlington had the most new home sales for the month with 23 total averaging $239,870.

679 new home permits have been filed through the end of September, up 22% from the same period last year. Arlington has the most new home permits filed with 155 total averaging $226,645.

At the end of the 3rd Quarter there were 911 homes in unsold inventory, up slightly from 3Q 2011. 

Regency Homebuilders continue as Shelby County’s top builder with 151 new home starts and 116 new home sales through the end of September.

Click here to review our October Market Trends reports.

Mortgage Trends & Lending

732 residential loans were filed at time of sale, up 36% from last October.

The average mortgage amount was $154,080 with an average sales price of $172,065 making the average loan to value ratio 90%.

The majority of mortgages taken at time of sale, 398, were conventional fixed rate loans averaging $169,521. 210 loans were FHA fixed rate loans averaging $139,557.

The top lenders based on the total number of residential loans filed at time of sale were Community Mortgage with 85 loans followed by Magna Bank with 59 and Regions Bank with 41 loans. 

Click here to review our October Market Trends reports.

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