Chandler Reports Blog – The Latest in Local Real Estate

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

Wendy Uncategorized appraiser, commercial, foreclosure, foreclosure notice, investor, lending, local real estate, market reports, market trends, Memphis, mortgages, new housing, real estate, real estate agent, realtor, residential, Shelby County

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!

Wendy Uncategorized appraiser, consumer, homeowner, local trends, market data, market trends, Memphis, neighborhood, real estate, realtor, report, residential, Shelby County

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:

 

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.

Wendy Uncategorized 2012, agent, agent agents appraiser appraisers banks builders commercial commercial appraiser commercial property developers foreclosure foreclosure notice foreclosure notices foreclosures homes home sales housing, appraiser, home, home sales, housing, lender, market, market trends, Memphis, real estate, realtor, residential, Shelby County, top home sales, top sales, transaction

At Chandler Reports we always have a lot to be grateful for and this year we are especially thankful. 

We have wonderful friends and clients, many that have been with us since our inception in 1968, and many more that have joined us over the years.

We are fortunate to have an organization with individuals dedicated to providing the best data available. The Chandler Reports family is grateful for one another and all that we have to contribute to our clients and community. Taking pride in our work and delivering the best customer service is something we are extremely thankful for. If it weren’t for all of you, we wouldn’t be here doing what we love.

The housing market is stabilizing and we are excited that our client’s businesses have picked up! With the unstable economy, many real estate professionals had to hang up their hats and we are seeing more and more coming back to the industry and to those we say “Welcome back and how can we help you?” To those that weathered the storm over the last few years, we say thank you for your continued business and we are excited to watch you grow your business as the market improves.

As we look ahead to 2013, we will continue to be thankful for all of those that work with us on a daily basis. Next year we celebrate 45 years of providing quality real estate data and we hope that you celebrate with us.

From the entire Chandler Reports family, we wish you a very Happy Thanksgiving! We hope that you continue to be blessed!

Wendy Uncategorized clients, friends, market trends, Memphis, real estate, real estate market, realtors, Shelby County, thanks, thanksgiving

“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.

Wendy Uncategorized banks, commercial, foreclosures, housing, lenders, market trends, Memphis, mortgages, real estate, realtor, residential, sales, Shelby County

Wendy Uncategorized agent, appraiser, appraisers, banks, builders, commercial, commercial appraiser, commercial property, developers, foreclosure notices, foreclosures, home sales, homes, housing, investment, lenders, lending, loan, loan officer, loans, local real estate, market, market trends, Memphis, mortgage, mortgage broker, mortgages, new homes, real estate agents, real estate data, realtor, realtors, residential, second quarter, tipton, tipton county, top lenders

Wendy Uncategorized agent, appraiser, appraisers, banks, builders, commercial, commercial appraiser, commercial property, developers, foreclosure notices, foreclosures, home sales, homes, housing, investment, lenders, lending, loan, loan officer, loans, local real estate, market, market trends, Memphis, mortgage, mortgage broker, mortgages, new homes, real estate agents, real estate data, realtor, realtors, residential, second quarter, tipton, tipton county, top lenders

Wendy Uncategorized agent, appraiser, appraisers, banks, builders, commercial, commercial appraiser, commercial property, developers, fayette, fayette County, first quarter, foreclosure notices, foreclosures, habitat for humanity, home sales, homes, housing, investment, lenders, loan, loan officer, loans, local real estate, market, market trends, Memphis, mortgage, mortgage broker, mortgages, new homes, real estate agents, real estate data, realtor, realtors, residential, second quarter, tipton, tipton county, top lenders

Wendy Uncategorized agent, appraiser, appraisers, banks, builders, commercial, commercial appraiser, commercial property, developers, fayette, fayette County, first quarter, foreclosure notices, foreclosures, habitat for humanity, home sales, homes, housing, investment, lenders, loan, loan officer, loans, local real estate, market, market trends, Memphis, mortgage, mortgage broker, mortgages, new homes, real estate agents, real estate data, realtor, realtors, residential, second quarter, tipton, tipton county, top lenders

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.

Wendy Uncategorized agent, appraiser, appraisers, banks, builders, commercial, commercial appraiser, commercial property, developers, fayette, fayette County, first quarter, foreclosure notices, foreclosures, habitat for humanity, home sales, homes, housing, investment, lenders, loan, loan officer, loans, local real estate, market, market trends, Memphis, mortgage, mortgage broker, mortgages, new homes, real estate agents, real estate data, realtor, realtors, residential, second quarter, tipton, tipton county, top lenders