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Posts Tagged ‘housing’

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: 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.

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!

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.

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.

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.

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.

September Pulse Report

October 23rd, 2012 Comments off

Home Sales

1,273 home sales were recorded in Shelby County up 19% from last year, closing out the 3rd quarter with a 17% increase in sales compared to the 3rd quarter of 2011. 

Average home sales prices in September were $127,912 up 2% from $125,114 in September 2011.

Year-to-date sales activity is up 16% and average sales prices are up 2% from the same period last year.

23% of total home sales in September were bank sales, up 12% from last year.

Non-bank sales were up 21% from last year and averaged $147,533, an increase of 3% from $142,626.

Investors continue to increase home sales activity while keeping average prices low with properties changing hands multiple times on one day.

Commercial Sales

Commercial sales activity is up 2% through the end of August with 479 sales recorded. Average sales prices for commercial properties are up 54% to $1.62 million.

So far this year, Industrial sales are seeing the most improvement, up 40% from the same time last year with 87 sales recorded.

Average prices for Retail ($1.6M) and Office ($1.2M) properties are both up over 175%.

Vacant Land Over 1 Acre (91), Warehouses (75) and Apartments (49) have the most sales recorded through the first eight months of the year.

Foreclosure Analysis

Residential foreclosures were down 16% with 294 recorded compared to 351 last September. 

The average amount of a foreclosed home was $92,932 and the average tax appraisal value was $124,254.

The majority of foreclosures were within the city limits with 204 total, a decrease of 18% from last September. Properties located in the unincorporated areas had 71 foreclosures, down 23% from last year.

Year-to-date residential foreclosures are up 12% and commercial foreclosures are down 19%.

New Housing Activity

New home sales were down 7% in September with 66 sales recorded compared to 71 in September 2011.

The average sale price of a new home was up 16% to $251,437. 

Arlington had the most new home sales for the month with 14 total averaging $223,468.

586 new home permits have been filed through the end of August with Arlington claiming the most with 140.

Subdivisions with the most new home permits filed this year include: Gerland Creek in Southeast Shelby County with 31, Kensington in Arlington with 26 and Wolf River Ranch in Collierville with 25.

There were 37 lot sales recorded in September, with the majority being sold in Schilling Farms in Collierville.

Mortgage Trends & Lending

691 residential loans were filed at time of sale, up 23% from last September.

51% of the mortgages filed were between $100,000-$250,000.

The average mortgage amount was $152,182 with an average sale price of $177,265 making the average loan to value ratio 86%.

The majority of mortgages taken at time of sale were conventional fixed rate loans averaging $171,219. 194 loans were FHA fixed rate loans averaging $140,804.

The top lender based on the total number of residential loans filed at time of sale was Community Mortgage with 81 loans followed by Magna Bank and Guild Mortgage Company with 43 loans each. 

Click here to review our September and 3rd Quarter Market Trends reports.

Join us Thursday, November 8th from 3:00PM-4:30PM as we review all of our third quarter Market Trends reports. Guest speaker Dr. Phyllis Betts, with the University of Memphis Center for Community Building and Neighborhood Action will share her department’s latest study on lending activity in Shelby County with an analysis of loan activity from 2004-2010 showing how foreclosures and investor purchases have impacted neighborhoods. Click here to register!

“Master Your Market” Seminar Overview

August 3rd, 2012 Comments off

“Chandler Seminar To Cover Housing”

An article by Sarah Baker of The Daily News

Real estate information company Chandler Reports is hosting its “Master Your Market: Second Quarter Update” event for local agents, appraisers, builders, investors and bankers Thursday, Aug. 9.

The event is slated for Thursday from 3 p.m. to 4:30 p.m. at The Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, behind City Hall next to the tennis courts.

Topics of discussion will include Shelby County residential and commercial sales, foreclosure analysis, new housing activity and mortgages.

The keynote presentation will be from Shelby County Trustee David Lenoir, who will discuss the economic impact of vacant, foreclosed and tax-delinquent properties and what kind of solutions can be provided to the problem.

“There have been a few studies out there in terms of the economic drag, if you will, on how these properties impact neighborhoods and the prices in those neighborhoods,” Lenoir said. “So (discussing) whether it’s just maintaining Shelby County, keeping it financially strong and reducing some of the debt, but then also talking about some of the down payment assistance programs, what the Land Bank is doing and how a tax sale works.”

In the trustee’s office, Lenoir deals with real estate and tax collections of real estate property and personal business property. His presentation will serve as a precursor to several “real estate road shows” the trustee’s office is rolling out in the coming weeks, which will talk about how the tax sale process works and the current inventory of Shelby County property that the Land Bank owns.

Lenoir said defining the state of the county’s foreclosure inventory is a difficult task.

“I don’t think we have a ways to go, but I’m not willing to step out and say that we’ve hit the bottom, ” he said. “It’s a challenge, just due to the reporting process, to really know where we are in foreclosures. (It depends on) how aggressive are the banks, and they seem to change monthly in terms of what they’re doing with foreclosures.”

Following Lenoir’s presentation will be remarks by Eric Furhman, president and managing broker of Crye-Leike Commercial. He will be speaking about the local commercial market and what his office is experiencing with sales and leasing activity.

The cost to attend the seminar is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive copies of the most popular market trend reports and will be emailed the full presentation.

To register, visit www.chandlerreports.com. For questions, contact Wendy Greenlaw, Chandler Reports business development manager, at 528-5273 or wendy@chandlerreports.com.