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Posts Tagged ‘market trends’

Memphis & Shelby County Commercial Sales up 14% in 1st Quarter

April 24th, 2014 Comments off

There were 223 commercial property sales recorded in the first quarter of 2014 compared to 196 in the first quarter of 2013, a 14% increase in total sales volume. Average sales prices were up 13% to $1.5 million compared to $1.3 million in Q1 2013.

Multi-family properties had the largest increase in sales activity with 33 recorded for the quarter, up 83% from last year. Apartments made up most of these sales with 30 recorded averaging $2.9 million per transaction.

Retail, Office and Land sales all showed improvements over last year while Industrial, Entertainment and the sales of Churches & Schools were down.

Vacant land over 1 acre had 42 sales claiming the most sales for the quarter followed by neighborhood single tenant commercial properties with 34 sales, apartments with 30 sales and warehouses with 27 sales.

Midtown’s 38104 recorded the most commercial sales for the quarter with 19 total averaging $805,000.

The largest commercial transaction recorded for the quarter was the sale of  Miller Creek of Germantown apartments located in Southeast Shelby County. The 330-unit complex sold for $44 million on January 21st. Click here for a full report of the transaction from The Daily News.

Download our complete collection of commercial market trends for the 1st Quarter including:

  • 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

Commercial Market Conditions - Shelby County

 

 

Memphis & Shelby County November Foreclosure Analysis

December 10th, 2013 Comments off

Residential foreclosures were down 18% in November with 225 recorded compared to 274 recorded last year.  

The average amount of a foreclosed property was $82,829 and the average tax appraisal value was $112,519, both down from November 2012.  

Year-to-date foreclosures are down 14% from the same period last year. The decline in foreclosure activity has impacted bank sales which are down 21% YTD compared to the same period in 2012.

November foreclosure activity was down for every municipality except for Bartlett which had a slight increase. Foreclosures in the city of Memphis were down 23% from last November.  

Foreclosure notices were down 25% for the month with 437 recorded compared to 575 recorded in November 2012.  

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 227 homes valued at $11.2 million.  

Southeast Shelby County (38125) had the most foreclosure inventory revenue with $21 million followed closely by Cordova North (38016) with $20 million. 

Fannie Mae owned the most foreclosed properties with 350 total valued at $42 million.  

Click here to download our Detailed Foreclosure Analysis reports.

Residential Foreclosure Analysis - Shelby County

3rd Quarter New Housing Update for Memphis & Shelby County

November 20th, 2013 Comments off

Despite a strong first half of the year, Shelby County’s new housing market appears to have hit a bump in the road in the 3rd quarter of the year with new home sales falling by 17%. During 2013’s third quarter the market saw just 197 new home sales compared to 2012’s third quarter with 238 new home sales. With the drop in sales and with builders continuing to try to balance unsold inventory1 levels, the market also saw a 14% drop in new home starts for the quarter with 199 new home starts in this year’s third quarter compared to 231 in last year’s third quarter. On a positive note, new home sales prices continue to outpace last year’s prices with 2013’s third quarter price of $267,400 being up 5% from 2012’s third quarter price of $253,882. Unsold inventory levels have remained relatively steady through out the year with the 3rd quarter being no exception. There were 883 houses in inventory as of 9/30/2013, compared to 882 houses as of 9/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply2 of new housing. At the end of last year’s third quarter, there were 4.5 quarters, or 11.7 months, supply of new housing. Regency Homes continues to be Shelby County’s top builder with 50 new home starts and 56 new home sales during this year’s third quarter. 

Click here to download our complete 3rd Quarter analysis of new housing data for the most active zip codes in Memphis & Shelby County including new housing charts with trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

 

Memphis & Shelby County New Housing Activity Through 3Q 2013

October 31st, 2013 Comments off

Through the first 3 quarters of 2013, we have seen a 7.3% increase in new home sales and a 2% decrease in new home starts from the same period in 2012.

The Top Subdivisions Based on New Home Sales Through 9/30/2013

  • Kensington in Arlington: 34 sales averaging $219,620
  • Schilling Farms in Collierville: 32 sales averaging $308,565
  • Fountain Brook in Cordova North: 31 sales averaging $190,842
  • Gerland Creek in Southeast Shelby County: 26 sales averaging $145,856
  • Wolf River Ranch in Collierville: 20 sales averaging $448,711

The Top Subdivisions Based on New Home Starts Through 9/30/2013

  • Wolf River Ranch in Collierville: 43 permits averaging $371,244
  • Gerland Creek in Southeast Shelby County: 31 permits averaging $170,615
  • Kensington in Arlington: 30 permits averaging $199,736
  • Woodgrove in Collierville: 23 permits averaging $252,939
  • Fountain Brook in Cordova North: 22 permits averaging $192,552

Regency Home Builders is the Top Builder in Shelby County with 163 new home sales and 176 new home starts recorded in the first 9 months of the year.

Download our 3rd Quarter New Housing Analysis & Charts to review the most active new housing zip codes in the county with new housing trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

Memphis & Shelby County August Home Sales Update

September 9th, 2013 Comments off

Home Sales

1,710 home sales were recorded in August, up 15% from 1,483 in August 2012.

Average home sales prices were up 12% to $139,223 from $124,726 last year.

Year-to-date home sales and average sales prices are both up 11% from the same time last year.

Bank sales accounted for 16% of total home sales for the month and were down 31% from last August with 275 recorded. Year-to-date bank sales are down 20% from the same period last year.

24 out of 33 zip codes in the county had an increase in overall sales activity in August and 27 zip codes had an increase in average sales prices.

51% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 300% from last year with 3 recorded compared to 0 recorded in August 2012.

Click here to download our Residential Market Conditions reports.

You may review our complete Pulse Report covering all residential and commercial sales activity, foreclosure analysis and mortgage trends here: http://conta.cc/17FkIoZ

Click here to subscribe to our FREE monthly Pulse Report covering Memphis & Shelby County real estate trends.

 

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.

July Home Sales Update for Memphis & Shelby County

August 8th, 2013 Comments off

There were 1,694 home sales recorded in July, up 19% from 1,420 in July 2012.

Average home sales prices were up 10% to $156,310 from $142,180 last year.

Year-to-date home sales are up 10% and average sales prices are up 10% to $136,552.

Bank sales accounted for 15% of total home sales for the month and were down 20% from last July with 260 recorded. Year-to-date bank sales are down 18% from the same period last year.

22 out of 33 zip codes in the county had an increase in overall sales activity in July and 26 zip codes had an increase in average sales prices.

43% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 100% from last year with 6 recorded  compared to 3 in July 2012.

Click here to download our Residential Market Conditions reports or click here to read our Pulse Report for a review of commercial sales, foreclosure activity, new housing and builder trends and activity with mortgages and lending.

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.

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

NEW Neighborhood Profile Report

January 24th, 2013 Comments off

Chandler Reports is excited to announce the release of our new Neighborhood Profile Report!

This report provides an overview of all sales and foreclosure activity, including bank and non-bank sales, with market trends for the past 4 years.

Accessible online with our Shelby County Residential service under the Property Profile report and our sales comparable tools, this report offers you a snapshot of all real estate activity for your subject neighborhood.

Homeowners can purchase an individual Neighborhood Profile Report for their subdivision at www.mychandlerreports.com.

Click here to review a sample report.

Join us on Wednesday, February 13th from 3:00PM-4:30PM at the Holiday Inn-University of Memphis where we will demonstrate all of our Shelby County Residential features and reporting tools. Click here to register today!