Posts Tagged ‘market trends’

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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February Home Sales Report

March 8th, 2012 Comments off
Home sales up 36%!

997 home sales were recorded in Shelby County in February up 36% from February of last year and up 8% from January!

Total sales revenue was up 13% from February 2011 with $97.4 million total compared to $86.5 million last year.

Average home sales prices faltered to $97,704, down 17% from the prior year and down 11% from January.

Bank sales accounted for 31% of total home sales with 312 recorded compared to 228 last year. 

Non-bank sales also saw a significant increase, up 35% from February 2011 with 685 total recorded.

While bank sales prices continue to drive down average home sales prices with an average of $61,811 for the month down an alarming 21% from February last year non-bank sales prices also declined significantly to $114,053, down 16% from last year.

Areas with significant decreases in home sales prices (over 25%) include: North Memphis (38107), Westwood (38109), Rhodes College (38112), East Central/Poplar Perkins (38117), Southeast Shelby County (38125) and Germantown East (38139). 

Frayser (38127) had the most home sales with 68 total and Collierville (38017) had the most sales revenue with $10.6 million across 40 sales. 

New home sales were down 19% with 38 recorded for the month and an average sales price of $219,925. 

Foreclosure activity was up 14% with 396 for the month compared to 347 last February. The average amount of foreclosures was up slightly by 1% to $82,965 and the average tax appraisal value of foreclosures was down 1% to $116,330.

Foreclosure notices were down 36% from last February with 635 filed compared to 991 in February 2011. Virtually every zip code in the county saw a decrease in foreclosure notice activity.  

Click here to view our complimentary Residential Market Trend reports.  

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Home Sales Prices Remain Flat

March 2nd, 2012 Comments off

An article from Sarah Baker of The Daily News

January home sales posted an 8 percent increase compared to the same month a year ago as average pricing remained flat, due in large part to the market’s abundance of foreclosures.

Shelby County saw 923 home sales last month, compared to 855 in January 2011 and 880 in December, according to real estate information company Chandler Reports,

The majority of the increase in overall sales was due to bank (or foreclosure) sales, which made up 31 percent of total home sales. There were 278 sales recorded in that category during January, compared to 236 a year ago.

Carol Lott, president of the Memphis Area Association of Realtors, expects 2012 to continue to boast higher year-over-year sales totals – whether those sales are at arm’s length or not.

“I believe we will continue to see higher sales totals,” Lott said. “Some of those sales totals will continue to include foreclosures, because in good markets and bad there will always be foreclosures, but you are starting to see several normal sales, too.”

Bank sales continued to create downward pressure on the county’s overall average home sales prices. Bank sales averaged $64,355, compared to a total average home sales price of $109,515. Bank sales prices represented a 6 percent decrease from January 2011 and an 11 percent plunge from December.

But before the county sees any kind of up-trend in pricing, unit sales will pick up, said Joe Spake of InCity Realty.

“We won’t see a boom but a very gradual increase in prices over the next few years, and that will continue to be impacted by the (real estate-owned) market,” Spake said. “I think it will be years before we can honestly say the real estate market is ‘stable.’”

The average price for nonbank (or traditional) sales was $128,855, up 4 percent from January but down 8 percent from December. There were 640 nonbank sales last month, a 3 percent increase from January 2011.

Join us on Thursday, March 15th for the RISE Foundation’s monthly meeting where we will review our detailed foreclosure analysis market trend reports.



3:00 pm—4:45PM

1548 Poplar – Training Room 


Special Guest: Wendy Greenlaw, Chandler Reports


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 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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