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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

July Home Sales Results

August 5th, 2010 Comments off

After astounding results in the second quarter of the year, July fell flat with only 1,161 home sales, down 21% from July 2009 and down 26% from the prior month.   

Average sales prices were only down slightly by 1% from the prior year to $130,782 and were down 2% from June. 

On a postive note, Bank Sales were down 33% from July 2009 and down 23% from June with only 359 recorded for the month.
 
New Homes Sales were up 11% with 98 closed in July compared to 88 closed in July 2009.
  
Foreclosures were down for the month with only 437 recorded, an 18% decrease from July 2009.
 
There was a decrease in foreclosure notices as well, down 30% from the prior year.
 
While many will see the dip in July’s home sales as a negative indicator that perhaps the market hasn’t quite turned around, total sales revenues are still up 3% for the first 7 months of this year from 2009. Year-to-date sales sit at just over $1 billion compared to the same time last year when we were at $996 million.
 
Click here to review our July Residential Market Trend Reports!
 
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May 2010 Shelby County Foreclosure Analysis

June 17th, 2010 Comments off

Shelby County had 445 foreclosures in May 2010 up 12% from the prior year.

The average foreclosure amount was $41,506 (down 13% from May 2009) and the average foreclosure appraisal amount was $128,439 (down 1%).

Foreclosure Notices were down 14.3% from May 2009 with 976 filed for the month. Germantown East (38139) had the highest increase in notices from the prior year with 8 total for the month.

The Top Foreclosure inventory holders based on the total number of properties in inventory at the end of the month were: Fannie May (495), Housing and Urban Development (334) and Deutsche Bank (236).

The Top Zip Codes for Foreclosure inventory based on the total number of bank owned properities at the end of May were: Frayser-38127 (441), Westwood-38109 (417) and Raleigh-38128 (377).

The Top Residential Seller for May was Fannie Mae with 104 total sales averaging $66,706 and a total sales amount of $6.9 million.

Click here to review our free Residential Market Trend Reports.

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Read the lastest article on foreclosures from The Daily News here.

3Q09 Residential Foreclosure Analysis

October 15th, 2009 Comments off

Overall, foreclosures in Shelby County have leveled off with 1,507 for the quarter down 1% from the same quarter last year. The average foreclosure amount was down 30% from 3Q08 at $41,520.

Frayser (38127) closed third quarter with the highest number of foreclosures in Shelby County at 136. The positive news is that their total number of foreclosures is down 5% from the same quarter last year. 

HUD (Housing of Urban Development) had the most foreclosure sales with 258 valued at $9+million and an average sales amount of $35,449.

Click here to read the latest article on foreclosures from The Daily News.