Archive

Posts Tagged ‘analysis’

Memphis & Shelby County Commercial Sales up 14% in 1st Quarter

April 24th, 2014 Comments off

There were 223 commercial property sales recorded in the first quarter of 2014 compared to 196 in the first quarter of 2013, a 14% increase in total sales volume. Average sales prices were up 13% to $1.5 million compared to $1.3 million in Q1 2013.

Multi-family properties had the largest increase in sales activity with 33 recorded for the quarter, up 83% from last year. Apartments made up most of these sales with 30 recorded averaging $2.9 million per transaction.

Retail, Office and Land sales all showed improvements over last year while Industrial, Entertainment and the sales of Churches & Schools were down.

Vacant land over 1 acre had 42 sales claiming the most sales for the quarter followed by neighborhood single tenant commercial properties with 34 sales, apartments with 30 sales and warehouses with 27 sales.

Midtown’s 38104 recorded the most commercial sales for the quarter with 19 total averaging $805,000.

The largest commercial transaction recorded for the quarter was the sale of  Miller Creek of Germantown apartments located in Southeast Shelby County. The 330-unit complex sold for $44 million on January 21st. Click here for a full report of the transaction from The Daily News.

Download our complete collection of commercial market trends for the 1st Quarter including:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups (Office, Retail, Industrial, etc.)
  • Commercial Sales by Property Type (Apartment, Warehouse, Church, etc.)
  • Commercial Sales by Zip Code – Bank vs. Non-Bank
  • Commercial Sales by Property Type – Bank vs. Non-Bank

Commercial Market Conditions - Shelby County

 

 

Memphis & Shelby County November Foreclosure Analysis

December 10th, 2013 Comments off

Residential foreclosures were down 18% in November with 225 recorded compared to 274 recorded last year.  

The average amount of a foreclosed property was $82,829 and the average tax appraisal value was $112,519, both down from November 2012.  

Year-to-date foreclosures are down 14% from the same period last year. The decline in foreclosure activity has impacted bank sales which are down 21% YTD compared to the same period in 2012.

November foreclosure activity was down for every municipality except for Bartlett which had a slight increase. Foreclosures in the city of Memphis were down 23% from last November.  

Foreclosure notices were down 25% for the month with 437 recorded compared to 575 recorded in November 2012.  

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 227 homes valued at $11.2 million.  

Southeast Shelby County (38125) had the most foreclosure inventory revenue with $21 million followed closely by Cordova North (38016) with $20 million. 

Fannie Mae owned the most foreclosed properties with 350 total valued at $42 million.  

Click here to download our Detailed Foreclosure Analysis reports.

Residential Foreclosure Analysis - Shelby County

3rd Quarter New Housing Update for Memphis & Shelby County

November 20th, 2013 Comments off

Despite a strong first half of the year, Shelby County’s new housing market appears to have hit a bump in the road in the 3rd quarter of the year with new home sales falling by 17%. During 2013’s third quarter the market saw just 197 new home sales compared to 2012’s third quarter with 238 new home sales. With the drop in sales and with builders continuing to try to balance unsold inventory1 levels, the market also saw a 14% drop in new home starts for the quarter with 199 new home starts in this year’s third quarter compared to 231 in last year’s third quarter. On a positive note, new home sales prices continue to outpace last year’s prices with 2013’s third quarter price of $267,400 being up 5% from 2012’s third quarter price of $253,882. Unsold inventory levels have remained relatively steady through out the year with the 3rd quarter being no exception. There were 883 houses in inventory as of 9/30/2013, compared to 882 houses as of 9/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply2 of new housing. At the end of last year’s third quarter, there were 4.5 quarters, or 11.7 months, supply of new housing. Regency Homes continues to be Shelby County’s top builder with 50 new home starts and 56 new home sales during this year’s third quarter. 

Click here to download our complete 3rd Quarter analysis of new housing data for the most active zip codes in Memphis & Shelby County including new housing charts with trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

 

Memphis & Shelby County New Housing Activity Through 3Q 2013

October 31st, 2013 Comments off

Through the first 3 quarters of 2013, we have seen a 7.3% increase in new home sales and a 2% decrease in new home starts from the same period in 2012.

The Top Subdivisions Based on New Home Sales Through 9/30/2013

  • Kensington in Arlington: 34 sales averaging $219,620
  • Schilling Farms in Collierville: 32 sales averaging $308,565
  • Fountain Brook in Cordova North: 31 sales averaging $190,842
  • Gerland Creek in Southeast Shelby County: 26 sales averaging $145,856
  • Wolf River Ranch in Collierville: 20 sales averaging $448,711

The Top Subdivisions Based on New Home Starts Through 9/30/2013

  • Wolf River Ranch in Collierville: 43 permits averaging $371,244
  • Gerland Creek in Southeast Shelby County: 31 permits averaging $170,615
  • Kensington in Arlington: 30 permits averaging $199,736
  • Woodgrove in Collierville: 23 permits averaging $252,939
  • Fountain Brook in Cordova North: 22 permits averaging $192,552

Regency Home Builders is the Top Builder in Shelby County with 163 new home sales and 176 new home starts recorded in the first 9 months of the year.

Download our 3rd Quarter New Housing Analysis & Charts to review the most active new housing zip codes in the county with new housing trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

“Master Your Market” Presentations Available Online

September 16th, 2013 Comments off

If you missed our latest “Master Your Market” event on June 25th you can still receive all of the valuable information covered in our mid-year market trends seminar. Download our latest presentation with extensive trends and analysis for all of Memphis and Shelby County going back to 2003! Highlights are noted for residential and commercial sales activity, foreclosures, new housing, mortgages and more!

Master Your Market Presentations

Click here to read about the event on The Daily News Online.

July Residential Foreclosure Analysis-Memphis & Shelby County

August 15th, 2013 Comments off

Residential foreclosures were down 18% in July with 287 recorded compared to 350 last year.

The average amount of a foreclosed property was $84,802 and the average tax appraisal value was $116,999, both down 2% from July 2012. 

Year-to-date foreclosures are down 15% from the same period last year.

Foreclosure activity was down in July for virtually every municipality. Arlington and Germantown had slight increases while the city of Memphis had an 18% decrease. 

Foreclosure notices were down 15% for the month with 561 recorded compared to 659 last July. 

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 239 homes valued at $11.6 million. Frayser was a close second with 231 properties.

Fannie Mae owned the most foreclosed properties with 372 total valued at $40 million.

Click here to download our Detailed Foreclosure Analysis reports.

July Home Sales Update for Memphis & Shelby County

August 8th, 2013 Comments off

There were 1,694 home sales recorded in July, up 19% from 1,420 in July 2012.

Average home sales prices were up 10% to $156,310 from $142,180 last year.

Year-to-date home sales are up 10% and average sales prices are up 10% to $136,552.

Bank sales accounted for 15% of total home sales for the month and were down 20% from last July with 260 recorded. Year-to-date bank sales are down 18% from the same period last year.

22 out of 33 zip codes in the county had an increase in overall sales activity in July and 26 zip codes had an increase in average sales prices.

43% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 100% from last year with 6 recorded  compared to 3 in July 2012.

Click here to download our Residential Market Conditions reports or click here to read our Pulse Report for a review of commercial sales, foreclosure activity, new housing and builder trends and activity with mortgages and lending.

2nd Quarter New Housing Inventory & Analysis

August 2nd, 2013 Comments off

Review the latest trends in new housing and builder activity for Memphis & Shelby County including Top Builders, Top Subdivisions, Builder Ranking and much more!

New Housing Inventory Analysis & Charts - Shelby CountyNew Housing Inventory Builder Ranking ReportNew Housing Inventory Subdivision SummaryNew Housing Inventory Builder Summary

Master Your Market Seminar Recap: Uncertainty Pervades Real Estate

February 18th, 2013 Comments off

Seminar: Uncertainty Pervades Real Estate

Article by: Sarah Baker, Real Estate Reporter for The Daily News

2013 will be a big year on many real estate fronts – foreclosures, property taxes and property values.

That was the message industry professionals heard Thursday, Feb. 14, at real estate information company Chandler Reports’ 2012 year-end “Master Your Market” seminar at the Holiday Inn University of Memphis.

Attendees learned about two ongoing issues that affect every homeowner and taxpayer – the 2013 Shelby County reappraisal and the Shelby County school consolidation.

Although separate but related topics, one word was used throughout both presentations from Andy Raines, property tax attorney with Evans Petree PC, and Eric Barnes, publisher of The Daily News and The Memphis News – uncertainty.

“We don’t really know what’s going to happen with the schools yet,” Barnes said. “From a really callous real estate point of view … if the schools are a big driver of where people buy and sell their homes, all of this uncertainty isn’t helping a market move forward. From a somewhat civic point of view, the only people it helps is the private schools.”

Despite the uncertainty with the ongoing legal and legislation situation, Barnes said one thing is almost certain: county taxes are going to go up, perhaps considerably.

“It is a strange dynamic, even if they get a separate municipal school district, county taxes, I think in general, are going to up,” Barnes said. “The city of Memphis, the City Council is committed, and they really mean this, to lowering property taxes in the city. That’s interesting from a real estate point of view. People who say, ‘I want to get out of that really high double taxation in the city of Memphis,’ you could envision over the next four to eight years, a time when that difference isn’t quite as dramatic.”

To that end, Raines said the 2013 county reappraisal is very crucial because, generally speaking, as property taxes go up the value of property goes down. With commercial property, that affects buyers because when taxes are higher, net operating income is lower. With residential property, buyers look at property taxes as a component of what they’re going to pay for the house.

“Taxpayers need to be aware and very diligent about keeping an eye on the property taxes,” Raines said. “In Tennessee, with no state income tax, the property tax and the sales tax has to make a break. In Shelby County, you have unique issues such that the city of Memphis and Shelby County combined rate is significantly higher than any other rate in the state.”

But what value is it that the Shelby County Assessor of Property is trying to put on the property every four years? Raines said under state law, Jan. 1, 2013, is the date at which the fair market value – what a willing buyer would pay for the property and what a seller would be willing to sell it for.

“For a number of years, especially back in the 70s and 80s, the assessor’s values were usually less than you could really sell it for,” Raines said. “But over time, as reappraisals became every four years, that gap has narrowed. Now, the game is really what is the 100 percent fair value?”

Raines said for the first time in history, the value of a reappraisal is going down. How much the value decreases won’t be official until April 20.

“Typically in a reappraisal, because it’s every four years, values were going up, up, up – you would expect that the overall appraised value to go up, perhaps go up significantly,” Raines said. “The best indication we have now is that the overall value of the property will go down.”

The assessor uses a mass appraisal technique and it’s different for residential and commercial. This is because there are 350,583 parcels in the county. For commercial property, various appraisers use an income-approach model based on market data and then tailor it to each property type.

For residential, values come down to neighborhood comparable sales – hence the relevance of a homeowner’s proximity to foreclosures. Raines said the assessor uses “a common sense test” – if a neighborhood has 10 sales and eight of them are foreclosures, deeper analysis is directed at those foreclosures. But if there were only two foreclosure sales out of 10, it’s not as applicable.

Barnes said foreclosure attorneys and trustees are predicting foreclosures will jump about 20 percent – a result of two recent settlements with Bank of America and Wells Fargo.

Barnes said statewide, “the seriously over 90-days delinquent number” is down from the 2008 and 2009 peak. But it’s still historically very high.

“Even though we had this really bad housing recession/depression, there are a lot more loans out there now than there were back in 2005,” Barnes said. “The unemployment rate is better, but it’s still high; lending is happening, but the requirements on buying homes is still difficult. So the foreclosure mess isn’t going away, but it has come down from its real peak. There’s a lot of problematic homes still under the radar.”

Back in 2004 and 2005, in a good economy when unemployment was low and “people were feeling good,” Barnes said there were still 7,500 homes in Shelby County that went into the foreclosure process. Last year, there were 8,000 homes foreclosed in a much worse housing market.

“To some extent, we’re coming down,” Barnes said. “I think it’s going to level out. Even if the economy is booming, there are going to be 7,000 to 8,000 homes that go into foreclosure.”

 

June Lender Analysis Report

July 30th, 2012 Comments off
743 residential loans were filed at time of sale, up 7% from last June, totaling $126 million.
 
The average loan amount at time of sale was $169,163, up 12% from $150,767 in June 2011.

 

377 loans were conventional fixed rate with an average mortgage amount of $185,734.
 
196 loans were FHA fixed rate with an average mortgage amount of $145,318.
 
There were 35 loans where 2 mortgages were taken at time of sale, averaging $257,737.

The average sale amount on a residential loan was $197,316 making the average loan to value ratio 86%,  unchanged from last year.

The majority of loans (23%) were between $50,000-$99,999.

There were six residential loans filed at time of sale that were over $1 million.

The Top Lenders by total number of residential loans at time of sale were: Community Mortgage (71 loans), Magna Bank (51 loans) and BancorpSouth (45 loans). 

The Top Lenders by total number of all residential loans, including refinances, were: Wells Fargo (161 loans), Regions Bank (110 loans) and Magna Bank (105 loans).

Commercial loans at time of sale were also up, by 56%, with 28 filed averaging $5.5 million and totaling $155 million. 

The largest commercial loan at time of sale was filed by CWCapital LLC for $25.7 million.

Click here to view our complimentary Residential Market Conditions trend reports.
 
Contact us to subscribe to our monthly Lender Analysis reports ($25/month).