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November 2012 Real Estate Update

December 18th, 2012

Home Sales

Shelby County had another great month for residential real estate as home sales and sales prices continue to increase.

Sales were up 16% from last November with 1,187 home sales recorded compared to 1,024 last year.

While 56% of home sales were valued under $100,000, average home sales prices were up 5% for the month to $123,756.

Home sales over $500,000 were up 60% from last November with 27 recorded.

Year-to-date virtually every zip code in the county has an increase in sales activity. 18 out of 33 zip codes (55%) have year-over-year improvements in average sales prices.

Overall home sales activity is up 18% year-to-date with 13,772 sales recorded through November and average sales prices are up 2% from the same period last year. 

Bank sales accounted for 20% of all home sales for the month, with 236 recorded, down 15% from last year. Year-to-date bank sales are up 11% from 2011.

Non-bank sales were up 28% from last November with 952 recorded averaging $137,379, an increase of 2% from last year.

Click here to review our November Market Trends reports.

Commercial Sales

Through the end of October commercial sales activity is unchanged from last year with 595 sales recorded compared to 594 recorded during the same period in 2011. 

The average sales prices for commercial properties remain high, up 40% through the end of October at $1.5 million.

Office sales are up 22% from last year with 89 recorded averaging $1.3 million and Industrial sales are up 35% with an average sales price of $2 million.

Vacant Land Over 1 Acre (114), Warehouses (85) and Apartments (63) have the most sales recorded through the first ten months of the year.

Click here to review our November Market Trends reports.

Foreclosure Analysis

Foreclosures of residential properties were down 14% from last November with 280 recorded compared to 327 last year.

The average amount of a foreclosed home was $86,706 and the average tax appraisal value was $121,233.

The majority of foreclosures were within the city limits with 204 total, a decrease of 21% from November 2011. Foreclosures in unincorporated areas were down 13% from last year with 41 recorded.

Year-to-date residential foreclosures are up 9% from last year and average foreclosure amounts are down 3% to $85,147.

Foreclosure notices were up 25% in November with 564 recorded compared to 749 last year.

Click here to review our November Market Trends reports.

New Housing & Builder Activity

New housing continues to show signs of improvement. Nationally,  housing construction spending was up 3% in October. 

New home sales were up 1% in November with 75 sales recorded compared to 74 in November 2011.

The average sales price of a new home was up 39% to $293,415. 

Year-to-date new home sales are up 3% and average sales prices are up 15%.

Collierville had the most new home sales for the month with 21 total averaging $396,263.

762 new home permits have been filed through the end of October, up 28% from the same period last year. Arlington has the most new home permits filed with 178 total averaging $228,634.

Regency Homebuilders continue to rank as Shelby County’s top builder with 172 new home starts and 133 new home sales through the end of October averaging $220,223.

Click here to review our November Market Trends reports.

Mortgage Trends & Lending

594 residential loans were filed at time of sale, up 5% from last November.

The average mortgage amount was $155,590 with an average sales price of $177,344 making the average loan to value ratio 88%.

306 loans filed were conventional fixed rate, 166 were FHA fixed rate, 29 were VA fixed rate and 22 were short term loans, due within one year.

The top lenders based on the total number of residential loans filed at time of sale were Community Mortgage with 61 loans followed by Magna Bank with 49 and Patriot Bank with 33 loans. 

Click here to review our November Market Trends reports.

Read the latest article on local housing from Sarah Baker with The Daily News here.

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