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Posts Tagged ‘builder’

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

New Subdivision Plats Issued in Memphis & Shelby County

September 25th, 2013 Comments off

We have recently received several new address assignment plats from MLG&W for new single family and multi-family developments indicating that the new housing market is coming back to life.  We haven’t seen this much activity since the crash of the housing market in 2007
when new construction came to a screeching halt.

Address assignment plats issued by MLG&W are one of the first indications of new developments starting to take shape. Once developers are able to get address assignments through MLG&W for new lots or units, they can move forward on filing final recorded subdivision plats with the Shelby County Registers Office and start pulling building permits for new construction.

Following are some of the new subdivision plats that have been issued:

  • Criss Cross Village Phase 2 (Collierville) – 10 Lots
  • Windsor Place Phase 3 (Arlington) – 29 Lots
  • Enclave Phase 5 (Germantown) – 41 Lots
  • Twinings of Collierville (Collierville) – 9 Lots
  • Rolling Meadows Phase 3 (Collierville) – 16 Lots
  • The Villages at Porter Farms Phase 8 (Collierville) – 11 Lots

We have received additional plats for 4 apartment complexes including South Junction Apartments and Harbor Island in downtown Memphis.

Please contact wendy@chandlerreports.com for additional information about these plats or to register to receive new building permits as they are filed for the development of these subdivisions.

“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.

2nd Quarter New Housing Analysis for Memphis & Shelby County

August 22nd, 2013 Comments off

With Shelby County’s new housing market recovery steadily underway at the mid-year mark, we continue to see new home prices rise with this year’s 2nd quarter new home sale prices averaging $257,931 making this the highest 2nd quarter sale price we’ve seen since 2008 when the average new home sale price was $280,372.

This year’s average new home sale price is a 6% jump over 2012’s second quarter average price of $243,677. During this year’s second quarter we also saw new home sales jump by 17% with 260 new home sales compared to 223 sales during 2012’s second quarter.

This is the most new home sales we’ve seen since 2nd quarter 2010. New home starts remained steady with 269 starts during 2013’s second quarter unchanged from 269 starts during 2012’s second quarter. Regency Homes continues to be Shelby County’s top builder with 65 new home starts and 58 new home sales during this year’s second quarter.

With sales outpacing new home starts for the quarter, we saw a slight 2% drop in unsold inventory with 870 houses in inventory as of 6/30/2013, compared to 887 houses as of 6/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply of new housing. At the end of last year’s second quarter, there were 4 quarters, or 13.1 months, supply of new housing.

As the new housing market continues to push forward there is some growing concern among local builders over the current lot supply within Shelby County which has continued to dwindle over the last 7 years slowly pushing up lot prices and in turn continuing to push up new home prices affecting the affordability of new homes in the county. At the end of this year’s second quarter lot prices averaged $43,079 up 13% from year-end 2012’s average lot price of $38,285. This is something builders will continue to keep a close eye on going forward. With increasing lot prices and the dwindling supply, we will likely see new home prices continue to rise through out the remainder of the year.

Click here to download our complete 2nd Quarter New Housing Inventory Analysis & Charts report outlining new housing activity by zip code and subdivision.

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: Mid-Year Review

July 18th, 2013 Comments off

Shelby County home sales are on the rise and foreclosure activity and bank sales are historically low. Attend our “Master Your Market: Mid-Year Review” on Thursday, July 25th at the Memphis Marriott East from 3:00PM-4:30PM to learn about the latest real estate trends in Memphis and Shelby County.

Guest speakers Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 property tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the status of new housing and builder activity.

Eric Barnes, Publisher for the The Daily News and The Memphis News, will present Chandler Reports market trends and will moderate the event.

The cost is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive an electronic copy of the presentation along with copies of our most popular 2nd Quarter trend reports.

Please click here for additional details or to register.

June 2013 Real Estate Update

July 9th, 2013 Comments off

Home Sales

June closed out the second quarter with 1,444 home sales, up 9% from 1,327 in June 2012.

Average home sales prices were up 11% to $158,056 from $142,341 last year.

Year-to-date home sales are up 9% and average sales prices are up 10%. 2nd Quarter sales were up 11% from 2Q 2012.   

Bank sales accounted for 15% of total home sales  for the month and were down 39% from last June with 214 recorded. Year-to-date bank sales are down 18% from the same period last year.

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

45% of all home sales for the month were valued under $100,000.

Home sales over $500,000 were up 12% from last year with 47 recorded  compared to 42 in June 2012. 

Attend our “Master Your Market” 2013 Mid-Year Review for a full recap of real estate trends through the first half of the year. Guest speaker Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the latest in new housing and builder activity. Click here to register.

Click here to download our Residential Market Conditions reports.

Commercial Sales

Commercial sales were down 14% in May with 61 recorded compared to 71 in May 2012.

Average sales prices were down 70% to $560K compared to $1.8 million last year. 

Through the first 5 months of the year overall commercial sales are up 5% and average prices are down 21% from the same period last year.

The largest commercial transaction recorded in May was the sale of 5155 Citation Drive in Oakhaven for $11.3 million. The 398,992 square-foot warehouse was purchased by Exeter Property Group on May 21st. Click here to read the full details of the transaction.

Office and Special Purpose properties saw an increase in overall sales activity in May while all other property types had decreases or were unchanged from May 2012.

Vacant Land Over 1 Acre (10), Apartments (9) and Warehouses (8) had the most sales by property type in May. 

Click here to download our latest Commercial Market Conditions reports.

Residential Foreclosure Analysis

Residential foreclosures were down 16% in June with 253 recorded compared to 301 last June.

The average amount of a foreclosed property was $78,418 and the average tax appraisal value was $109,009, both down slightly from June 2012. 

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

Foreclosure activity was down in June for virtually every municipality. Arlington and Millington had slight increases while the city of Memphis had a 13% decrease. 

Foreclosure notices were down 7% for the month with 601 recorded compared to 646 last June. 

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 237 homes valued at $11.4 million. Frayser, Raleigh and Oakhaven all have over 200 properties in their foreclosure inventory. 

Fannie Mae owned the most foreclosed properties with 372 total valued at $40.7 million.

Click here to download our Detailed Foreclosure Analysis reports.

New Housing & Builder Activity

New home sales were up 9% in June with 79 sales recorded compared to 70 in June 2012.

The average sales price of a new home was up 11% to $255,581.

Year-to-date new home sales are up 17% and average new home sales prices are up 6%. 

Arlington (18), Collierville (17) and Southeast Shelby County (7) had the most new home sales recorded for the month.  

105 new home permits were filed in May, up 4% from May 2012. Collierville had the most new home permits filed in May with 20 total averaging $297,184. 

Regency Homebuilders was the top builder in May based on new home sales and new home permits with 21 sales recorded averaging $240,256 and 28 permits filed averaging $219,309.

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

Mortgage Trends & Lending Analysis

802 residential loans were filed in June at the time of sale, up 8% from June 2012.

The average mortgage amount was up 7% from last year to $183,958 with an average sales price of $211,731 making the average loan to value ratio 87%.

Collierville had the most loans recorded at the time of sale with 106 total averaging $255,650.

480 loans filed were conventional fixed rate, 185 were FHA fixed rate, 40 were VA fixed rate and 10 were short term loans, loans due within one year.

The top lenders in June based on the total number of residential loans filed at time of sale were Magna Bank with 90 loans, Community Mortgage Bank with 69 loans and BancorpSouth Bank with 47 loans.

Click here to download our Residential Lender Analysis reports.

February Home Sales Update

March 11th, 2013 Comments off

Shelby County home sales slipped a bit in February but average sales prices were up considerably.

A major decline in bank sales activity decreased overall sales totals but bumped up average sales prices. Non-bank sales prices were also up contributing to the increase in sales price. 

920 home sales were recorded for the month, down 7% from 994 recorded in February 2012. 

Average home sales prices were up 18% from last year and were up 1% from January 2013 to $115,764.

Year-to-date home sales are up 18% and average sales prices are up 11% from the same time last year.

20 out of 33 zip codes in the county had an increase in average sales prices.

Bank sales were down 32% from last February with 211 recorded accounting for 23% of total home sales. 

The average price for non-bank sales were up 13% to $129,772 compared to $114,495 last February.

60% of all home sales were valued under $100,000.

Home sales over $300,000 were up 16% with 58 filed for the month compared to 49 last February. 

Click here to review our February Market Trends reports.

Real Estate Recap: February 28, 2013

February 28th, 2013 Comments off

The University of Memphis has filed a $43.5 million permit for a 285K square foot residence hall to be built on campus. Click here to read the full details from Eric Smith with The Daily News.

According to the National Association of Realtors, pending home sales rose 4.5% in January to the highest level since April 2010. Click here to read the full story.

Eric Barnes, Publisher for The Daily News will be on Fox 13’s Good Morning Memphis show on Monday, March 4th at 8:45AM to discuss the 2013 Shelby County Tax Reappraisal and Chandler Reports’ 2013 Tax Appeal Kit. Click here for more information.

Be sure to register for our complimentary “Pulse Report” to receive the
latest updates on local real estate trends. Our February report will be
published next week. Click here to register.