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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.

June Lender Analysis Report

July 30th, 2012 Comments off
743 residential loans were filed at time of sale, up 7% from last June, totaling $126 million.
 
The average loan amount at time of sale was $169,163, up 12% from $150,767 in June 2011.

 

377 loans were conventional fixed rate with an average mortgage amount of $185,734.
 
196 loans were FHA fixed rate with an average mortgage amount of $145,318.
 
There were 35 loans where 2 mortgages were taken at time of sale, averaging $257,737.

The average sale amount on a residential loan was $197,316 making the average loan to value ratio 86%,  unchanged from last year.

The majority of loans (23%) were between $50,000-$99,999.

There were six residential loans filed at time of sale that were over $1 million.

The Top Lenders by total number of residential loans at time of sale were: Community Mortgage (71 loans), Magna Bank (51 loans) and BancorpSouth (45 loans). 

The Top Lenders by total number of all residential loans, including refinances, were: Wells Fargo (161 loans), Regions Bank (110 loans) and Magna Bank (105 loans).

Commercial loans at time of sale were also up, by 56%, with 28 filed averaging $5.5 million and totaling $155 million. 

The largest commercial loan at time of sale was filed by CWCapital LLC for $25.7 million.

Click here to view our complimentary Residential Market Conditions trend reports.
 
Contact us to subscribe to our monthly Lender Analysis reports ($25/month). 

June Home Sales Report

July 16th, 2012 Comments off

Home sales were up 6% in June with 1,327 homes sold compared to 1,247 last year.

The month closed with $188 million in revenue up 17% from $161 million in June 2011.

Average home sales prices were up 10% to $142,341.

2nd Quarter figures are showing major improvements from last year with sales up 11% and average sales prices up 9%.

Year-to-date home sales are up 15% from the same period last year and average sales prices are up 2% to $120,262.

Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 4%
  • 38103-Downtown up 20%
  • 38104-Midtown, up 4%
  • 38111-University up 23%
  • 38118-Oakhaven/Pkwy Village up 8%
  • 38119-Quince/Ridgeway up 14%
  • 38120-River Oaks up 25%
  • 38133-Bartlett/Brunswick up 7%

Bank sales accounted for 27% of total home sales in June with 352 recorded, up 12% from last year. Year-to-date bank sales are up 13%.

53% of home sales were valued under $100,000. 

Sales over $1,000,000 were up significantly with 11 recorded for the month compared to 1 last June.   

Collierville (38017) had the most home sales for the month and the most revenue with 102 sales totaling $29.4 million.

New home sales were down 25% from last June with 63 recorded compared to 84 last year. New home sales prices were up 12% to $255,464.

Year-to-date new home sales are down 3% from the same period in 2011 and average new home sales prices are up 9%. 

Foreclosures were down 9% from last June with 303 recorded. The average amount of a foreclosure was unchanged at $81,000 and the average tax appraisal value of a foreclosed home was up 11% to $119,000.

Foreclosure starts were down 23% from last year with 638 notices filed compared to 825 in June 2011.

Click here to review all of our complimentary Residential Market Trend reports for June and 2Q 2012.

 
Join us Thursday, August 9th from 3:00PM-4:30PM at The Germantown Great Hall & Conference Center for our “Master Your Market: 2nd Quarter Update” where we’ll review all of our 2nd Quarter market trend reports including residential and commercial sales, foreclosures, mortgages, new housing activity and more! Register today!

May Lender Analysis Report

June 14th, 2012 Comments off
There were 786 residential loans filed at time of sale, up 31% from last May, totaling $117 million.
 
The average loan amount at time of sale was $148,849, up 3% from $144,088 in May 2011.

 

407 loans were conventional fixed rate with an average mortgage amount of $168,138.
 
225 loans were FHA fixed rate with an average mortgage amount of $141,102.

The average sale amount on a residential loan was $169,983 making the average loan to value ratio 88%, virtually unchanged from last year.

The majority of loans (26%) were between $50,000-$99,999.

There were two residential loans filed at time of sale that were over $1 million.

The Top Lenders by total number of residential loans at time of sale were: Community Mortgage (96 loans), Magna Bank (55 loans) and Guild Mortgage Co. (43 loans). 

The Top Lenders by total number of all residential loans, including refinances, were: Wells Fargo (166 loans), Regions Bank (111 loans) and Magna Bank (104 loans).

Commercial loans at time of sale were also up, by 38%, with 29 filed averaging $991,103 and totaling $28.7 million. 

The Top Lenders by total number of loans for commercial loans at time of sale were: Renasant Bank (4 loans), Landmark Community Bank (3 loans) and Triumph Bank (3 loans).

Click here to view our complimentary Residential Market Conditions trend reports.
 
Contact us to subscribe to our monthly Lender Analysis reports ($25/month). 

 

May Home Sales Report

June 8th, 2012 Comments off
Home sales up 25%!
Average sales prices up 4%!
  

May closed with 1,383 total home sales up 25% from last year!

Total sales revenue for the month was $171 million up 30% from $132 million in May 2011.

Average sales prices were up 4% from last year to $123,975.

Year to date home sales prices are up 17% from last year and average sales prices are holding steady at $115,140.

Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 4%
  • 38028-Eads up 20%
  • 38103-Downtown up 17%
  • 38104-Midtown, up 6%
  • 38111-University up 23%
  • 38118-Oakhaven/Pkwy Village up 13%
  • 38119-Quince/Ridgeway up 18%
  • 38120-River Oaks up 4%
  • 38133-Bartlett/Brunswick up 5%
  • 38134-Bartlett up 3%
  • 38135-Bartlett/Ellendale, up 4% 

Bank sales accounted for 27% of total home sales in May with 368 recorded, up 15% from last year. 

57% of home sales were valued under $100,000. 

Sales over $500,000 were up 23% with 26 recorded compared to 21 in May 2011. There were 4 home sales over $1 million, the same as last May.

Cordova-North (38016) had the most homes sales with 91 recorded totaling $11.4 million. 34% of those sales were bank sales.

Collierville (38017) had the most home sales revenue with $24.5 million across 86 sales. Compared to last May, Collierville had an increase of 39% in total sales and an increase of 9% in their average sales prices ($284,819).

New home sales were up 6% from last May with 51 recorded averaging $237,513.

Year to date new home sales are up 2% from the same period in 2011 and average new home sales prices are up 8%. 

Foreclosures were up 22% from last May with 399 recorded. The average amount of a foreclosure was down 13% to $77,115 and the average tax appraisal value of a foreclosed home was down 15% to $105,387.

Foreclosure starts were up 8% from last year with 716 notices filed compared to 663 in May 2011.

Arlington (38002), Millington (38053) and Downtown (38103) all had large increases in their foreclosure notice activity.

Click here to review all of our complimentary Residential Market Trend reports.
 
Contact us to subscribe to our additional Market Trend reports including: Commercial RE Market Conditions, Detailed Foreclosure Analysis, New Housing Inventory Analysis and our Residential & Commercial Lending Analysis reports.

Shelby County April Home Sales Report

May 10th, 2012 Comments off

Home sales up 2%!

Average sales prices up 14%!  

There were 1,116 home sales recorded in April up 2% from last year. Residential sales are up 14% for the first four months of this year compared to the same period last year. 

Total sales revenue for the month was $137 million up 16% from $118 million in April 2011. 

Average sales prices were up 14% from last year and up 5% from March to $122,572. Year to date average home sales prices are down slightly by 1% while overall sales totals are up 14%. 

50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 2%
  • 38018-Cordova South up 7%
  • 38103-Downtown up 24%
  • 38111-University up 38%
  • 38118-Oakhaven/Pkwy Village up 10%
  • 38119-Quince/Ridgeway up 24%
  • 38120-River Oaks up 11%
  • 38134-Bartlett up 5% 

Bank sales accounted for 29% of total home sales in April with 328 recorded, down 7% from last year.  

57% of home sales were valued under $100,000. 

There were 3 sales over $1 million compared to zero last April. The high-end home sales closed in 38117, 38119 and 38120. 

Arlington (38002) had the most homes sales with 69 totaling $13.6 million. 

Collierville (38017) had the most revenue with $18.3 million across 66 sales. 

New home sales were up 9% from April 2011 and up 2% from March 2012 with 62 recorded averaging $249,905. Year to date new home sales are up 1% from the same period in 2011 and average new home sales prices are up 9%. New housing continues to see positive momentum with an increase in sales activity and the number of permits filed.  

Foreclosures were up 2% from last April with 393 recorded for the month. The average amount of a foreclosure was down 7% to $87,780 and the average tax appraisal value of a foreclosed home was down 6% to $119,342. 

Foreclosure notices were down 24% from last year with 658 filed compared to 863 in April 2011. Only 5 zip codes saw an increase in foreclosure starts.  

Click here to view our complimentary Residential Market Trend reports. 

Chandler Event to Highlight 1Q Housing

April 26th, 2012 Comments off

By Sarah Baker, The Daily News

Shelby County home sales increased 20 percent from January to March compared to last year, but that number requires some reading between the lines.

That’s why real estate information company Chandler Reports is hosting its “Master Your Market: First Quarter Update” event for local agents, appraisers, builders, investors and bankers Thursday, May 3.

Topics of discussion include Shelby County residential and commercial sales, mortgages, foreclosures and new housing inventory.

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.

The keynote presentation will be from John Gemmill, director of the Memphis field office of the U.S. Department of Housing and Urban Development. Gemmill, who will update the crowd on HUD housing, mortgage activity, foreclosures and rentals, said HUD’s portfolio of foreclosures are drifting downward, a trend he attributes to underwriting standards going up.

“Most foreclosures happen fairly close to the origin of the loan, and the things that we’ve been doing over the last few years are holding up pretty well, so our REO (real estate-owned) portfolio is way down from what it used to be,” Gemmill said. “We used to have more than the banks privately held, and now we’re kind of more of a minor player, which is I guess good news.”

One piece he plans to expand on is the recent $25 billion U.S. Attorney General settlement and how that impacts the state.

“The settlement is a big deal and we hope it might be turning the tide on some of the foreclosure prevention efforts,” Gemmill said. “The state got $141 million that they’re putting into mostly going into the Tennessee HUD agency, a lot of which is going to go to housing counseling and foreclosure prevention.”

Gemmill will also touch on the multifamily situation in HUD’s portfolio, and also with Memphis Mayor A C Wharton Jr.’s efforts around blight reduction.

“We’re looking particularly at the kind of partnerships that exist between multifamily operators – management companies and owners and social service providers,” Gemmill said. “That’s something that we’re kind of ramping up; one of the key goals of HUD is to try to promote efforts that use our multifamily housing as a platform for improving tenant’s quality of life.”

Following Gemmill’s presentation will be a panel discussion with Joe Spake of inCity Realty and David Umsted, vice president of Merchants and Planters Bank Home Loans.

Spake said a hot topic for his business right now is the impact of syndicated websites like Zillow and Trulia on consumer confidence. Pricing on Trulia, for instance, only reflects one tax rather than including both county and city taxes, which can skew out-of-town homebuyers’ perception of pricing.

“The information that the consumer is getting and something that comes out of a computer in Seattle versus something that comes out of an agent in Memphis,” Spake said.

It all goes back to Spake’s mantra that all real estate is micro-local.

“Consult a professional who knows your community,” Spake said. “The people that are on the ground doing it in the community for me are the people with the credibility.”

Trends Spake is seeing right now are that people aren’t moving unless they have to, such as for a job relocation. In short, if sellers have to bring money to the closing table, they’re staying put.

That, coupled with investors picking up low-end properties in bulk, are keeping inventory levels at historic lows.

“When the inventory was high, lots of houses were selling, so there’s lots of people that bought into the bubble,” Spake said. “Now, even though they might have a great house, it’s not worth what they paid for it.”

The cost to attend the seminar is $10 for Chandler Reports subscribers and $15 for non-subscribers. Cost includes a copy of the presentation and first quarter market trend reports.

Anyone interested in attending can contact Wendy Greenlaw, Chandler Reports business development manager, at 528-5273 or wendy@chandlerreports.com.

March Home Sales Report

April 5th, 2012 Comments off
Home sales up 18%!
  

March home sales were up 18% with 1,264 recorded for the month compared to 1,067 in March 2011.

Year to date home sales are up 20% from last year! We ended the quarter with 3,179 sales compared to 2,657 sales in the first quarter of last year.

Total sales revenue in March was up 14% from March 2011 with $147 million total for the month compared to $129 million.

Average home sales prices in March were down by 4% to $116,399 but were up significantly from February’s average price of $97,704.

Many areas in the county are seeing an increase in average sales prices from 2011 including:

  • Collierville (38017)
  • Cordova South (38018)
  • Downtown (38103)
  • University (38111)
  • Oakhaven/Parkway Village (38118)
  • River Oaks (38120)
  • Bartlett (38133 and 38134)
  • And several others!

 Bank sales accounted for 28% of total home sales in March with 353 recorded, up 10% from 320 last year. 

Collierville (38017) had the most homes sales in March and the most revenue with $26.6 million across 94 sales accounting for 21% of the total revenue for the county.

New home sales were down 16% with 56 recorded for the month, up 44% from February. The average price for a new home sale was $273,468 up 16% from March 2011. 

Foreclosure activity was up 7% from last year with 398 recorded for the month compared to 373 last March. The average amount of a foreclosure was down slightly by 1% to $85,441 and the average tax appraisal value of a foreclosed home was down 1% to $122,519.

Foreclosure notices were down 33% from last year with 709 filed compared to 1,056. Every zip code but 4 saw a reduction in foreclosure starts.

Click here to view our complimentary Residential Market Trend reports.
  
Join us Thursday, May 3rd for our “Master Your Market” First Quarter Update where we’ll review residential and commercial sales, foreclosures, new housing activity and more! Click here for details and to register.

Foreclosures Effecting Home Sales Prices

March 23rd, 2012 Comments off

46% of February home sales were valued under $50,000. The majority of these 472 home sales were bank and investor sales hitting almost every zip code in the county.

The top sellers of these properties were Fannie Mae, Housing and Urban Development, Bank of New York, Federal Home Loan Mortgage Corp and Federal National Mortgage Association.

Some of the top buyers of the homes valued under $50,000 included: Memphis Invest, Direct J Home Solutions, Mid South Homebuyers Inc. and Stable Investments.

Year-to-date foreclosures are up 42% from last year. If we continue to see this level of activity we could hit well over 5,000 foreclosures for the year compared to the 4,000 we had in 2011. Last year had the lowest number of foreclosures that we had seen since 2005 before the subprime mortgage crisis hit in 2006.

Recent policy changes have sped up the foreclosure process and we expect to see banks again moving forward with foreclosure starts and home seizures. The activity that had stalled during the foreclosure moratorium has cleared and the paperwork issues and lawsuits seem to be behind us.

The Federal Government has launched several new programs to assist homeowners with modifying their mortgages and these programs are expected to provide relief to about 10% of the total number of homes in jeapordy of foreclosure.

Pilot programs are running in major cities for investors to purchase foreclosures in bulk from Fannie Mae at a discounted rate with guarantees in place that the investors will hold the properties as rental units for a set number of years.

At the end of 2011 Shelby County had 3,767 homes in foreclosure inventory valued at over $351 million. As foreclosure activity picks back up and banks start selling these properties at steep discounts, home sales prices could continue to remain stagnant or fall below 2011 values.

The average home sales price in February was $97,704. The last time average sales prices were under $100,000 was back in 1995 when sales averaged $97,992.

Bright Spots in Memphis Home Sales

March 16th, 2012 Comments off

February home sales were up 36% from the same month last year and even though average home sales prices took a dive, down 17%, to $97,704, the lowest average sales price seen in over a year, there are still many bright spots in our local market.

Of Shelby County’s 34 zip codes, 24 saw an increase in overall sales activity from February 2011.

10 zip codes had increases in their average sales prices including: 38103 (Downtown): Up 60% to $247,339, 38133 (Bartlett/Brunswick): Up 16% to $129,091 and 38120 (River Oaks): Up 14% to $339,706.

Home sales valued between $450,000-$550,000 were up 400% from last February with 8 filed for the month. Half of these sales were in Germantown East (38139).

While overall bank sales were up for the month, causing the spike in sales valued under $50,000 and drastically reducing the average sales prices across the county, 8 zip codes had a reduction in their overall bank sales including: Arlington (38002), Cordova North (38016), Cordova South (38018) and Germanton East (38139).

Foreclosures were up 14% in February compared to last year but 9 zip codes saw decreases in foreclosure activity including: Millington (38053), Quince/Ridgeway (38119), River Oaks (38120) and Bartlett (38134).

As we look forward, we expect residential sales acvitity to continue to see year-over-year improvements and will closely monitor the effect that foreclosures and bank sales are having on the local real estate market.

Click here to review our February Residential Market Conditions Reports.

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