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Posts Tagged ‘foreclosures’

3rd Qtr Commercial Market Trends for Memphis & Shelby County

October 14th, 2013 Comments off

3rd Quarter commercial sales were up 35% compared to the 3rd Quarter of 2012. Average sales prices for commercial properties were down 33% to $716K.

Download our complete collection of 3rd Quarter 2013 Commercial Market Trends reports at: http://bit.ly/1gEPtT4 to review all commercial sales and foreclosure activity in Memphis & Shelby County.

Our Commercial Market Conditions reports provide you insight into local commercial market activity and trends.

Included in your purchase:

  • 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

Available in PDF format by specific month, quarter or year.

Commercial Market Conditions - Shelby County

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.

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.

2nd Qtr 2013 Commercial Market Trends

July 12th, 2013 Comments off

Commercial Market Conditions - Shelby CountyOur 2nd Quarter 2013 Commercial Market Trends Reports are now available for download! Review all commercial sales and foreclosure activity in Memphis and Shelby County by zip code.

Reports include:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups
  • Commercial Sales by Property Type
  • Commercial Sales by Zip Code – Bank v. Non-Bank
  • Commercial Sales by Property Type – Bank v. Non-Bank
  •  

    Click here to download today!

    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.

    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 January Home Sales Report

    February 8th, 2013 Comments off

    Home Sales

    If January home sales are any indication of what’s to come in 2013 it’s going to be a banner year for residential real estate!

    1,344 home sales were recorded for the month, up 46% from January 2012 and up 14% from December. 

    Average home sales prices were up 4% from last year to $114,120 compared to $109,716.

    28 out of 33 zip codes in the county had an increase in overall sales activity and 79% of the zip codes had improvements in average sales prices.

    Bank sales were up 12% from last year with 317 recorded accounting for 24% of total home sales. The average price of a bank sale was up 13% to $72,438 compared to $63,905 in January 2012.

    61% of all home sales were valued under $100,000.

    Home sales over $1 million were up 300% with 3 filed for the month compared to zero last January. 

    Click here to review our January Market Trends reports.

    Attend our Master Your Market seminar on Thursday, February 14th to review all of our 2012 Market Trends reports in detail and hear from guest speakers about local real estate topics. Register here.

    Commercial Sales

    Commercial sales were up slightly in 2012 with 743 sales recorded for the year compared to 725 in 2011, a change of 2.5%.

    Average sales prices for commercial properties were up 32% to $1.5 million and total revenue was up 36% with $1.1 billion in total sales compared to $798 million last year.

    Sales of Churches and Schools saw the most improvement, up 29% from last year followed closely by Industrial sales with 28% improvement from 2011.

    Vacant Land Over 1 Acre (150), Warehouses (95) and Apartments (80) had the most sales recorded for the year. Click here to review the top 5 commercial transactions for 2012.

    Commercial bank sales were up 12% from last year with 55 recorded compared to 49 in 2011. Foreclosures on commercial properties were down 14% for the year with 100 recorded averaging $1.1 million.

    Click here to review our Year-End Commercial Market Conditions reports.

    Residential Foreclosure Analysis

    Residential foreclosures were down 9% with 402 recorded compared to 443 last January.

    The average amount of a foreclosed home was $84,464 and the average tax appraisal value was $114,717.

    Foreclosure activity was down in every city except Bartlett, Lakeland and Germantown. Memphis claimed the most foreclosures with 286 total, down 9% from January 2012.

    Foreclosure notices were down 15% for the month with 627 recorded compared to 741 last year.  

    Frayser (38127) had the most foreclosure inventory at the end of the month with 235 homes valued at $12.7 million.

    Fannie Mae owned the most homes in foreclosure inventory with 391 valued at $50.6 million.

    Click here to review our January Market Trends reports.

    New Housing & Builder Activity

    New home sales were up 20% in January with 71 sales recorded compared to 59 last year.

    The average sales price of a new home was up 6% for the month to $247,094. 

    Bartlett (18), Collierville (12) and Arlington (12) recorded the most new home sales.

    884 new home permits were filed in 2012, up 26% from 2011. Arlington had the most new home permits filed with 206 total averaging $227,109.

    Regency Homebuilders ended the year as the top builder with 208 new home starts and 167 new home sales averaging $222,506.

    Click here to review our January Market Trends reports.

    Mortgage Trends & Lending Analysis

    624 residential loans were filed at the time of sale, up 34% from last January.

    The average mortgage amount was $148,310 with an average sales price of $169,955 making the average loan to value ratio 87%.

    365 loans filed were conventional fixed rate, 169 were FHA fixed rate, 21 were VA fixed rate and 24 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 62 loans followed by Magna Bank with 37 loans and Regions Bank with 32 loans. 

    Click here to review our January Market Trends reports.

    November 2012 Real Estate Update

    December 18th, 2012 Comments off

    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.