Archive

Posts Tagged ‘mortgages’

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.

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

October Pulse Report

November 15th, 2012 Comments off

Home Sales

The housing market continues to improve with 1,406 home sales recorded in Shelby County, up 36% from last year. 

Average home sales prices were up 1% for the month to $123,399.

Year-to-date home sales activity is up 18% with 12,584 sales recorded through October and average sales prices are up 2% from the same period last year. 

22% of home sales for the month were bank sales, up 21% from last year. The average price of a bank sale was $68,371, up 14% from October 2011. Year-to-date bank sales are up 26% from 2011.

Non-bank sales were up 41% from last October with 1,092 recorded averaging $139,221, a decrease in sales price of 2% from last year.

While there is an abundance of short sales activity and investor purchases, average home sales prices are hanging on, a positive indicator that the housing market continues to move in the right direction. Some local real estate offices report that 20-50% of their monthly sales are short sales.

Click here to review our October Market Trends reports.

Commercial Sales

Commercial sales are down 3% through the end of September with 530 recorded.

September’s commercial sales were off by 36% effecting 3rd quarter and year-to-date totals.

Average sales prices for commercial properties remain high, up 52% through the end of September at $1.6 million.

Sales of churches and schools are seeing the most improvement, up 40% from the same time last year with 24 sales recorded. Industrial sales are up 23% with 91 sales.

Average prices for Retail ($1.5M), Office ($1.1M) and Entertainment ($1M) properties are all up over 75%.

Vacant Land Over 1 Acre (103), Warehouses (78) and Apartments (57) have the most sales recorded through the first nine months of the year.

Click here to review our October Market Trends reports.

Foreclosure Analysis

Residential foreclosures were up 11% with 351 recorded compared to 316 last October. 

The average amount of a foreclosed home was $86,495 and the average tax appraisal value was $119,290.

The majority of foreclosures were within the city limits with 250 total, an increase of 13% from October 2011. 

While their overall foreclosure totals were comparatively low, Arlington and Germantown had an increase in activity while Bartlett and Millington foreclosures were down from last October.  

Year-to-date residential foreclosures are up 11% and average foreclosure amounts are down 4%.

Foreclosure notices were up 40% in October with 796 recorded. Year-to-date foreclosure notices are down 14%.

Click here to review our October Market Trends reports.

New Housing & Builder Activity

New housing continues to gain momentum. 

New home sales were up 25% with 81 sales recorded compared to 65 in October 2011.

The average sales price of a new home was up 15% to $255,442. 

Year-to-date new home sales are up 3% and average sales prices are up 12%.

Arlington had the most new home sales for the month with 23 total averaging $239,870.

679 new home permits have been filed through the end of September, up 22% from the same period last year. Arlington has the most new home permits filed with 155 total averaging $226,645.

At the end of the 3rd Quarter there were 911 homes in unsold inventory, up slightly from 3Q 2011. 

Regency Homebuilders continue as Shelby County’s top builder with 151 new home starts and 116 new home sales through the end of September.

Click here to review our October Market Trends reports.

Mortgage Trends & Lending

732 residential loans were filed at time of sale, up 36% from last October.

The average mortgage amount was $154,080 with an average sales price of $172,065 making the average loan to value ratio 90%.

The majority of mortgages taken at time of sale, 398, were conventional fixed rate loans averaging $169,521. 210 loans were FHA fixed rate loans averaging $139,557.

The top lenders based on the total number of residential loans filed at time of sale were Community Mortgage with 85 loans followed by Magna Bank with 59 and Regions Bank with 41 loans. 

Click here to review our October Market Trends reports.

“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.

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.