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Posts Tagged ‘appraiser’

Chandler Reports Opens Online Store

May 20th, 2013 Comments off

We receive a lot of requests for reports on new housing, foreclosures, lending and residential and commercial sales activity which is why we have launched a new online store that provides you immediate access to pertinent real estate data for Memphis and Shelby County.

Chandler Reports Online Store is your resource for historical and current market trends and the most comprehensive housing reports available including:

Reports are also available for West and Middle TN! Please check back often as we are continually updating our store and offering new and exclusive reports that no other data source can provide.

Download the data that you need, when you need it! You are just a click away from the most trusted real estate data available!

April Real Estate Update

May 13th, 2013 Comments off

Home Sales

April was a great month for local real estate! Home sales were up 20% from last year with 1,337 sales recorded compared to 1,113 recorded in April 2012.

Average home sales prices were up 7% to $128,797 from $120,376 last year.

Bank sales accounted for 25% of total home sales and were down 1% from last April with 333 recorded.

Year-to-date home sales and average sales prices are both up 10% from the same time last year.

25 out of 33 zip codes in the county had an increase in overall sales activity and 25 of 33 zip codes had an increase in average sales prices.

54% of all home sales in April were valued under $100,000 with 728 total, up 14% from 636 in April 2012.

Home sales over $500,000 were up 71% with 24 filed for the month compared to 14 last year.

Click here to review our April Residential Market Conditions reports.

Commercial Sales

Commercial sales were up 6% at the end of the first quarter with 196 recorded compared to 185 during the first quarter of 2012.

Average sales prices were up 28% to $1.3 million compared to $1.0 million last year.

Automotive, Entertainment, Industrial, Office and Retail properties all had increases in sales activity. Multi-Family, Churches and Schools and Land/Agricultural sales were all down from the prior year.

The average prices for Industrial and Office properties were up 145% and 143% respectively.

Vacant Land Over 1 Acre (33), Warehouses (29) and Office Buildings (18) had the most sales by property type.

The largest commercial transaction recorded in the first quarter was the sale of the Villas at Grays Creek and the sale of the Carrington at Houston Levee in Cordova. The apartment complexes sold for a combined $44.8. Click here to read the details of the transaction.

Click here to review our Q1 2013 Commercial Market Conditions reports.

Residential Foreclosure Analysis

Residential foreclosures were down 4% in April with 371 recorded compared to 387 last year.

The average amount of a foreclosed home was $86,153 and the average tax appraisal value was $115,660, both down 2-3% from April 2012.

Foreclosure activity was down in virtually every municipality. Memphis had a slight increase of 3% and claimed the most foreclosures with 292 total.

Foreclosure notices were down 13% for the month with 601 recorded compared to 692 last April.

Westwood (38109) had the most foreclosure inventory at the end of the month with 238 homes valued at $14.6 million. Frayser (38127) was a close second with 229 homes in foreclosure inventory totaling $12.3 million.

Fannie Mae owned the most homes in foreclosure inventory with 410 valued at $51.9 million.

Click here to review our Detailed Foreclosure Analysis reports.

New Housing & Builder Activity

New home sales were up 5% in April with 69 sales recorded compared to 66 last year.

The average sales price of a new home was up 11% to $280,585.

Year-to-date new home sales are up 15% and average new home sales prices are up 10%.

Collierville (18), Arlington (10) and Southeast Shelby County (9) recorded the most new home sales for the month.

123 new home permits were filed in the first quarter of the year down 39% from Q1 2012. Arlington had the most new home permits filed for Q1 with 50 total averaging $246,667.

Regency Homebuilders was the top builder for the first quarter with 54 new home starts and 43 new home sales averaging $219,510.

Click here to review our New Housing Inventory & Analysis reports.

Mortgage Trends & Lending Analysis

667 residential loans were filed at the time of sale, up 10% from last April.

The average mortgage amount was up 10%from last year to $159,275 with an average sales price of $183,354 making the average loan to value ratio 87%.

Collierville had the most loans at time of sale with 68 total averaging $272,973.

386 loans filed were conventional fixed rate, 176 were FHA fixed rate, 31 were VA fixed rate and 12 were short term loans, 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 60 loans followed by Magna Bank with 47 loans and Wells Fargo with 37 loans.

Click here to review our Residential & Commercial Lender Analysis reports

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.”

 

Shelby County’s Top 5 Commercial Sales of 2012

January 30th, 2013 Comments off

Commercial sales were up 2.5% from 2011 with 743 sales recorded. Total sales revenue was up 36% from last year with $1 billion in sales compared to $799 million in 2011.

Following are the top 5 commercial transactions:

4660 Collierville Rd , 38017 on May 8, 2012 for $54,000,000-Carriage Avenue Shopping Center

 

Property Photo

4500 Quality Dr, 38118 on July 9, 2012 for $37,250,000-Lots 4-10 in Southpark Distribution Center

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6750 Poplar Ave, 38138 on March 23, 2012 for $33,000,000-Office Building

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160 Madison Farms, 38017 on June 20, 2012 for $32,100,000-The Madison at Schilling Farms Apartments

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8840 Bristol Park Dr, 38133 on June 14, 2012 for $29,985,375-The Legends at Wolfchase Apartments

 

Property Photo

NEW Neighborhood Profile Report

January 24th, 2013 Comments off

Chandler Reports is excited to announce the release of our new Neighborhood Profile Report!

This report provides an overview of all sales and foreclosure activity, including bank and non-bank sales, with market trends for the past 4 years.

Accessible online with our Shelby County Residential service under the Property Profile report and our sales comparable tools, this report offers you a snapshot of all real estate activity for your subject neighborhood.

Homeowners can purchase an individual Neighborhood Profile Report for their subdivision at www.mychandlerreports.com.

Click here to review a sample report.

Join us on Wednesday, February 13th from 3:00PM-4:30PM at the Holiday Inn-University of Memphis where we will demonstrate all of our Shelby County Residential features and reporting tools. Click here to register today!

Shelby County’s Top 5 Home Sales of 2012

January 15th, 2013 Comments off

There were 5 home sales recorded in Shelby County in 2012 that were over $2 million. Home sales over $1 million were up 50% from last year with 33 recorded compared to 22 in 2011.

Following are Shelby County’s Top 5 Residential Transactions of 2012:

Chandler Reports 

1335 HERON OAKS CV  – HERON OAKS SUBDIVISION. SOLD FOR $2,000,000($182.40/SQFT) ON 8/31/2012.
6539 COTTINGHAM  – EASTWOOD MANOR SUBDIVISION. SOLD FOR $2,030,000($245.23/SQFT) ON 6/20/2012.

 

231 CLOISTER GREEN  – RIVER OAKS-8 SUBDIVISION. SOLD FOR $2,375,000($239.29/SQFT) ON 6/8/2012.

2344 JOHNSON RD  – DOGWOOD GROVE/M SUBDIVISION. SOLD FOR $2,200,000($219.65/SQFT) ON 4/26/2012.
298 CLOISTER GREEN  – RIVER OAKS-8 SUBDIVISION. SOLD FOR $2,100,000($194.35/SQFT) ON 2/27/2012.

October Pulse Report

November 15th, 2012 Comments off

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.

Announcing our New “Pulse Report”!

September 7th, 2012 Comments off

Pulse Report Header-Large

We are excited to announce the premiere of our new “Pulse Report”, hitting Inboxes Monday, September 10th!

This complimentary report provides a snapshot of local real estate activity keeping you informed of trends across Memphis and Shelby County.

Derived from our Market Trends reports, this monthly report provides you an update on residential and commercial sales activity, foreclosure trends, new housing analysis and mortgage and lending trends.

You can subscribe to this free report on our homepage, www.chandlerreports.com.

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). 

June Home Sales Report

July 16th, 2012 Comments off

Home sales were up 6% in June with 1,327 homes sold compared to 1,247 last year.

The month closed with $188 million in revenue up 17% from $161 million in June 2011.

Average home sales prices were up 10% to $142,341.

2nd Quarter figures are showing major improvements from last year with sales up 11% and average sales prices up 9%.

Year-to-date home sales are up 15% from the same period last year and average sales prices are up 2% to $120,262.

Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 4%
  • 38103-Downtown up 20%
  • 38104-Midtown, up 4%
  • 38111-University up 23%
  • 38118-Oakhaven/Pkwy Village up 8%
  • 38119-Quince/Ridgeway up 14%
  • 38120-River Oaks up 25%
  • 38133-Bartlett/Brunswick up 7%

Bank sales accounted for 27% of total home sales in June with 352 recorded, up 12% from last year. Year-to-date bank sales are up 13%.

53% of home sales were valued under $100,000. 

Sales over $1,000,000 were up significantly with 11 recorded for the month compared to 1 last June.   

Collierville (38017) had the most home sales for the month and the most revenue with 102 sales totaling $29.4 million.

New home sales were down 25% from last June with 63 recorded compared to 84 last year. New home sales prices were up 12% to $255,464.

Year-to-date new home sales are down 3% from the same period in 2011 and average new home sales prices are up 9%. 

Foreclosures were down 9% from last June with 303 recorded. The average amount of a foreclosure was unchanged at $81,000 and the average tax appraisal value of a foreclosed home was up 11% to $119,000.

Foreclosure starts were down 23% from last year with 638 notices filed compared to 825 in June 2011.

Click here to review all of our complimentary Residential Market Trend reports for June and 2Q 2012.

 
Join us Thursday, August 9th from 3:00PM-4:30PM at The Germantown Great Hall & Conference Center for our “Master Your Market: 2nd Quarter Update” where we’ll review all of our 2nd Quarter market trend reports including residential and commercial sales, foreclosures, mortgages, new housing activity and more! Register today!