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Posts Tagged ‘homes’

January New Housing Analysis

February 23rd, 2012 Comments off

Shelby County’s new housing market saw an increase in activity for January. There were 57 new homes sales up 19% from January 2011 and up 4% from December 2011.

Builders filed 49 new home permits up 30% from the 38 filed last January.

Average new home sales prices also saw an increase, up 4% from the prior year and up 10% from December to $240,854.

Gerland Creek in Southeast Shelby County (38125) had the most home sales, three total, averaging $123,090.

Arlington (38002) had the most new home sales with 9 total averaging $253,383. Arlington also had the most new home permits filed for the month with 18 total averaging $191,536 in Maple Grove PD, Olive Grove, Riggins Hills, Evergreen Hills, Grove/Lakeland, Oakwood/Lakeland and Hunters Walk No.

The top builder for January was Regency Home Builders with 7 new home sales averaging $225,489 and 15 new home permits filed.

Click here to review our January Market Trend reports including: Residential Market Conditions, Commercial Market Conditions, Detailed Foreclosure Analysis, New Housing Inventory Analysis and Residential & Commercial Lender Analysis reports.

Read the latest article on local home building activity from The Daily News including perspectives from Sean Carlson with Regency Home Builders and Keith Grant of Grant Homes here.

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January 2012 Foreclosure Analysis

February 16th, 2012 Comments off

January foreclosures were up 83% from last year with 446 filed for the month compared to 244 in January 2011.

The average foreclosure amount was $83,005 down 12% from $94,843 last year. The average tax appraisal amount on a foreclosed property was up 6% to 125,816.

The zip codes with the most foreclosures include Raleigh (38128) with 35, Oakhaven/Parkway Village (38118) with 33, Hickory Hill South (38141) with 32 and Southeast Shelby County (38125) with 31.

Arlington (38002) had the largest increase in foreclosure activity, up 600% from last year with 15 recorded for the month and an average foreclosure amount of $158,092.

Foreclosure notices were down 36% with 676 filed compared to 1,048 last January. Virtually every zip code in the county had a reduction in foreclosure notice activity.

Fannie Mae remains as the top foreclosure inventory holder with 561 properties in inventory at the end of the month with a total value of $74 million.

Raleigh (38128) and Westwood (38109) tied for the most homes in foreclosure inventory with 234 each valued at $19 million and $14 million respectively. Frayser (38127) took a close second with 231 homes in inventory valued at $13 million.

Fannie Mae, HUD, Freddie Mac and Bank of New York were the top sellers of residential properties for all of Shelby County in January.  Collectively, they sold over 200 properties for the month.

Click here to review our complimentary Residential Market Conditions reports or contact Wendy Greenlaw at wendy@chandlerreports.com to subscribe to our Detailed Foreclosure Analysis reports.

Shelby County January Home Sales Report

February 9th, 2012 Comments off

Home sales up 8%!

923 home sales were recorded in Shelby County for the first month of the year, up 8% from January 2011 and up 5% from December.

Average home sales prices were $109,515, unchanged from the prior year. 

Bank sales accounted for 30% of total home sales and were the majority of the increase in overall sales with 278 recorded compared to 236 last year. Bank sales prices continue to drive down average home sales prices with an average of $64,645 for the month down 6% from January 2011 and down 11% from December.

The average price for non-bank sales was up 3% from January but down 8% from December to $128,855.

Residential foreclosures were up 83% from January 2010 and up 9% from December. The average foreclosure amount was $83,005 down 12% from the prior year while the average tax appraisal amount on a foreclosure was up 6% to $125,816.   

Foreclosure notices were down 36% from last January. Virtually every zip code in the county saw a decrease in foreclosure notice activity.

There were 57 new home sales recorded, up 19% from last year and up 4% from December. The average sales prices for new homes was $240,854.

Frayser (38127) had the most home sales with 56 total and Collierville (38017) had the most sales revenue with $13.2 million across 44 sales. 

Some good indicators for the market include the recent reduction of the unemployment rate to 8.3%, the lowest we have seen in three years, and mortgage interest rates are at historic lows, 3.85% for a 30-year fixed mortgage.

Click here to view our complimentary Residential Market Trend reports.

Real Estate Pros Figuring Out New Reality

February 2nd, 2012 Comments off

An article by Sarah Baker of The Daily News.

The real estate market isn’t projected to get back to the pre-bubble bursting days of 2007 anytime soon.

It’s part of the new reality that agents across the board are coping with, and it was the heart of the discussion Thursday, Jan. 26, when real estate information company Chandler Reports hosted its “Master Your Market: 4th Quarter 2011 Update.”

“For those of you who are counting, it’s been four years, five months and 26 days since real estate agents’ world was turned upside down,” said Ed Beasley of Sowell & Co. Realtors who spoke at the event.

Beasley’s sales from 2004 to 2006 were all about the same. Then in 2008, sales were down 30 percent. In 2009, sales were down 40 percent. By 2010, Beasley was reaching into his savings.

But in the last six months Sowell & Co.’s figures have seen about a 7 percent uptick.

“It’s taken four or five years to get to where we are now,” Beasley said. “It’ll take us eight years to get back up. At least we’re moving in the right direction.”

The forum, held at the Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, discussed residential and commercial sales, plus new housing and loan activity.

Click here to read the full article.

Review our Year End 2011 Residential Market Conditions Reports here.

2011 Residential Foreclosure Analysis

January 19th, 2012 Comments off

2011 had the lowest number of foreclosures that we have seen since 2005, before the subprime mortgage crisis hit in 2006 with 3,994 recorded, down 14% from 2010.

Of the almost 4,000 foreclosed properties, 56% have already been resold by the bank. The properties were owned an average of 8.1 years prior to foreclosure.

Only 8 zip codes in the county saw an increase of foreclosure activity in 2011: 38002, 38017, 38103, 38115, 38119, 38120, 38135 and 38138.

Foreclosure notices were also down for the year by 9% from last year with 9,642 recorded.

Westwood (38109) claimed the highest foreclosure inventory with 231 properties at the end of 2011, just slightly higher than Frayser (38127) and Raleigh (38128). 

Cordova North (38016) had $31.3 million of foreclosure inventory value at the end of the year, the highest in the county.

Fannie Mae continues to hold the most properties in foreclosure inventory with 522 properties valued at $70 million. The next highest is Bank of New York with 197 properties. Fannie Mae’s total inventory was up 9% from the start of the year.

Housing & Urban Development ended the year with 177 properties in inventory, down almost 60% from the 437 they started with in January 2011.

Click here to read the latest article on Shelby County foreclosure activity from The Daily News.

Join us Thursday, January 26th at 3:00PM at the Germantown Great Hall & Conference Center as we review all of the residential and commercial market trends from 2011! Click here to register today!

Master Your Market: 2011 Year in Review

January 12th, 2012 Comments off

Please join us Thursday, January 26th from 3:00PM-4:30PM at The Germantown Great Hall & Conference Center for our “Master Your Market”: 2011 Year-in-Review!

From an in-depth analysis of our popular market trend reports, we’ll review residential and commercial sales, foreclosures, new housing, lending activity and more! We will show you how 2011 compared to prior years and where the year sits on a historical timelines for overall home sales, residential bank and non-bank sales, commercial sales, foreclosures and foreclosure notices.

Lisa Reid, Executive Vice President with Magna Bank will provide an overview of the current state of residential lending along with her persepectives for 2012. We will then open discussion with our guest panel of real estate professionals to hear what they have to say about 2011 and their forecast for this year!

The charge for this event is $10 for Chandler Subscribers and $15 for Non-Subscribers.

Attendees will receive copies of our most popular market trend reports and will be emailed our full presentation!

Click here to register today!

Shelby County Year End 2011 Home Sales Report

January 6th, 2012 Comments off

Year end home sales in Shelby County totaled 12,598 down 6% from 13,346 in 2010. 

Bank sales saw a large decline, down 18% from last year while non-bank sales remained unchanged with 9,151 recorded this year compared to 9,133 last year. 

27% of all home sales in the County were bank sales versus 32% in 2010. 

December home sales were down 6% from December 2010 with 881 sales recorded. This was the first month since July that didn’t have year over year performance. July-November all had better months in 2011 than their respective months in 2010. 

Average home sales prices for the year were only down slightly to $121,448 compared to $124,271 at the close of last year.  

Total foreclosures were down 14% from 2010 with 3,994 total for the year. December saw a large increase in foreclosures, up 65% from December 2010 with 408 recorded while December foreclosure notices were down 25% from last year.

Overall, year end foreclosure notices were down 9% from 2010.

New home sales were down 24% for the year with 756 recorded averaging $217,062.  

Existing home sales prices were down 1% from 2010 to $115,344 compared to $116,278.    

Cordova North (38016) had the most home sales for the year with 741 total and Collierville (38017) had the most sales revenue with $202 million.  

Click here to view our complimentary December 2011 and Year-End Residential Market Trend reports. 

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Happy Holidays!

December 26th, 2011 Comments off

Happy Holidays from Chandler Reports! We hope that everyone is enjoying a holiday season filled with smiles, happiness, health and love!

It’s not too late to order your copy of our 2011 Annual Real Estate Market Trend Report!

This comprehensive report will contain each of our 2011 year-end market trend reports covering residential and commercial sales, detailed foreclosure analysis, new housing analysis and lender activity! 

In addition to providing our market trend reports we will also include several market trend graphs comparing current trends to prior years providing an in-depth view of local market activity!

You receive over 30 invaluable reports and graphs for only $100! If you order by 12/30/11 you receive a 15% discount!

The report will be released in January. Click here to see a partial listing of the reports that will be included in the annual report.

Click here to pre-order your report today!

November Home Sales Update

December 8th, 2011 Comments off
Home Sales Up 18%!
5th Consecutive Month with Year Over Year Improvement!  
  

Home sales in Shelby County totaled 1,025 in November, up 18% from November 2010!

This was the fifth consecutive month with year over year improvement. Every month since July has shown an increase in sales activity from the same month in 2010.

While total sales saw a large upswing, average home sales prices declined 10% from the prior year averaging $117,243 compared to $130,352 in November 2010.

Home sales valued over $500,000 were down 38% from the same month last year with 16 recorded compared to 26. There was only one sale valued over $1 million, down 75% from the 4 recorded in November 2010.

Bank sales were up 29% with 278 recorded which is to be expected from the foreclosure moratorium that hit in the Fall of last year. Overall Shelby County bank sales are down 18% year to date.

While foreclosures were up 35% from last year with 327 total for the month, the number of foreclosure sales remain at consistent levels for the past several months. Foreclosure notices issued in November were unchanged from November 2010.

The foreclosure moratorium which halted foreclosures in 4Q10 is expected to throw off foreclosure activity comparisons through the last quarter of this year.

New home sales were up 20% from November 2010 and up 18% from October with 72 recorded averaging $208,864. Year to date new home sales totals are down 25% from last year while average new home sales prices are just slightly down by 2%.

The largest home sale was a 9,000 sqft home that sold for $1.28 million in Central Gardens that closed on November 2nd.

Raleigh (38128) had the most home sales by zip code with 75 total and Collierville (38017) had the most sales revenue with $16 million. 

Click here to view our complimentary November 2011 Residential Market Trend reports.  

October Foreclosure Analysis

November 17th, 2011 Comments off

Shelby County foreclosure activity was up 15% compared to October 2010 with 319 recorded for the month.

The foreclosure moratorium from last fall lowered foreclosure rates to historic lows. Foreclosures are still down significantly from the 400-500 we used to average each month.

Raleigh (38128) had the most foreclosures with 24 total averaging $48,263. Cordova’s 38016 closely followed with 21 foreclosures recorded averaging $166,070.

The average foreclosure amount was $88,864 up only 1% from last year. The average foreclosure amount has remained fairly steady since the beginning of the year hovering in the mid to upper $80K’s.

Foreclosure notices were down 17% from last October with 570 recorded. Westwood (38109) had the most notices filed with 41 total followed by Southeast Shelby County (38125) with 37 recorded.

Fannie Mae continues to lead as the top foreclosure inventory holder with 465 properties valued at $58 million. Their inventory went up in October with 81 new foreclosures recorded and only 70 sold in the month.

HUD had the most bank sales for the month with 82 total, averaging $37,620 totaling $3M in sales.

Westwood (38109) had the most foreclosures in inventory at the end of the month with 231 total valued at $13M.

Southeast Shelby County (38125) has the most in foreclosure inventory value with $28M followed closely by Collierville (38017) with $27M.

Receive access to all of Chandler Reports monthly Foreclosure Analysis Reports for $50/month. Contact wendy@chandlerreports.com to subscribe or to learn more.

You can receive daily foreclosure notices for all of Shelby County through The Daily News Data Direct for $50/month. The notices are emailed to you each day in data format and include the owner name, property address, advertised auction date and more! Click here to order today!