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November Home Sales Update

December 8th, 2011 Comments off
Home Sales Up 18%!
5th Consecutive Month with Year Over Year Improvement!  
  

Home sales in Shelby County totaled 1,025 in November, up 18% from November 2010!

This was the fifth consecutive month with year over year improvement. Every month since July has shown an increase in sales activity from the same month in 2010.

While total sales saw a large upswing, average home sales prices declined 10% from the prior year averaging $117,243 compared to $130,352 in November 2010.

Home sales valued over $500,000 were down 38% from the same month last year with 16 recorded compared to 26. There was only one sale valued over $1 million, down 75% from the 4 recorded in November 2010.

Bank sales were up 29% with 278 recorded which is to be expected from the foreclosure moratorium that hit in the Fall of last year. Overall Shelby County bank sales are down 18% year to date.

While foreclosures were up 35% from last year with 327 total for the month, the number of foreclosure sales remain at consistent levels for the past several months. Foreclosure notices issued in November were unchanged from November 2010.

The foreclosure moratorium which halted foreclosures in 4Q10 is expected to throw off foreclosure activity comparisons through the last quarter of this year.

New home sales were up 20% from November 2010 and up 18% from October with 72 recorded averaging $208,864. Year to date new home sales totals are down 25% from last year while average new home sales prices are just slightly down by 2%.

The largest home sale was a 9,000 sqft home that sold for $1.28 million in Central Gardens that closed on November 2nd.

Raleigh (38128) had the most home sales by zip code with 75 total and Collierville (38017) had the most sales revenue with $16 million. 

Click here to view our complimentary November 2011 Residential Market Trend reports.  

October Foreclosure Analysis

November 17th, 2011 Comments off

Shelby County foreclosure activity was up 15% compared to October 2010 with 319 recorded for the month.

The foreclosure moratorium from last fall lowered foreclosure rates to historic lows. Foreclosures are still down significantly from the 400-500 we used to average each month.

Raleigh (38128) had the most foreclosures with 24 total averaging $48,263. Cordova’s 38016 closely followed with 21 foreclosures recorded averaging $166,070.

The average foreclosure amount was $88,864 up only 1% from last year. The average foreclosure amount has remained fairly steady since the beginning of the year hovering in the mid to upper $80K’s.

Foreclosure notices were down 17% from last October with 570 recorded. Westwood (38109) had the most notices filed with 41 total followed by Southeast Shelby County (38125) with 37 recorded.

Fannie Mae continues to lead as the top foreclosure inventory holder with 465 properties valued at $58 million. Their inventory went up in October with 81 new foreclosures recorded and only 70 sold in the month.

HUD had the most bank sales for the month with 82 total, averaging $37,620 totaling $3M in sales.

Westwood (38109) had the most foreclosures in inventory at the end of the month with 231 total valued at $13M.

Southeast Shelby County (38125) has the most in foreclosure inventory value with $28M followed closely by Collierville (38017) with $27M.

Receive access to all of Chandler Reports monthly Foreclosure Analysis Reports for $50/month. Contact wendy@chandlerreports.com to subscribe or to learn more.

You can receive daily foreclosure notices for all of Shelby County through The Daily News Data Direct for $50/month. The notices are emailed to you each day in data format and include the owner name, property address, advertised auction date and more! Click here to order today!

October Home Sales Report

November 10th, 2011 Comments off

Home Sales Up 2%!  4th Consecutive Month with Year over Year Improvement!  

Home sales in Shelby County totaled 1,073 in October, up 2% from October 2010. 

This was the fourth consecutive month with year over year improvement. Every month since July has shown an increase in sales activity from the same month in 2010. 

Average home sales prices held steady at $121,191, unchanged from the prior year. 

Bank sales continue to decline with 261 recorded, down 16% from October 2010. Bank sales made up 25% of all sales in the county.

While foreclosures were up 15% from last year with 319  for the month, the number of foreclosure sales is fairly consistent to the past several months.

The foreclosure moratorium which halted foreclosures in 4Q10 is expected to throw off foreclosure activity comparisons through the last quarter of this year when comparing current totals to last year’s numbers.

New home sales were up 20% from October 2010 with 61 recorded averaging $221,227. Year to date home sales totals are off almost 30% from last year while average home sales prices are holding steady to 2010 figures at $219,000.

There were three home sales valued at over $1 million compared to 1 in October of last year. The largest home sale was a 10,000 sqft home that sold for $4.1 million in Germantown’s Forest Hill Woods that closed on October 14.

Frayser (38127) had the most home sales by zip code with 81 total while Arlington (38002) had the most sales revenue with $13.4 million followed closely by Collierville (38017) with $13.1 million. 

Click here to view our complimentary October 2011 Residential Market Trend reports.

September New Housing Report

October 27th, 2011 Comments off

Only 67 new home sales were recorded for September, down 23% from last year. On a positive note, average new home sales prices were up 3% to $222,110.

Winstead Farms, Gardens of Grays Creek, Central Gardens Square and Fountain Brook all had the most new home sales with 4 per subdivision.

Arlington (38002) had the most home sales with 16 total averaging 3,900 sqft and $268,507 followed closely by Cordova-North (38016) with a total of 14 sales averaging $137,818.

Regency Home Builders had the most new home sales, 9 total averaging $175,053. They also filed the most new home permits for the month with 13 total averaging $233,451.

Gerland Creek in Southeast Shelby County (38125) and Trinity Park in 38118 had the most new home permits filed with 6 each. The homes in Trinity Park are Habitat for Humanity homes, http://www.memphishabitat.com/TrinityPark.shtml

Arlington had the most new home permits filed for the month with 57 total averaging 3,466 sqft and $263,494.

For a complete review of new housing, please join us Thursday, November 3rd from 3:00PM-4:30PM at the Germantown Conference Center where we’ll review 3rd Quarter residential and commercial sales, foreclosures, new housing, mortgages and more! Guest speakers will discuss the school consolidation and how the new changes may affect the housing market. Click here to register.

Shelby County September Home Sales Report

October 14th, 2011 Comments off
Home Sales Up 2%! 

 

Home sales in Shelby County totaled 1,073, representing a 2 percent boost from 1,053 in September 2010. 

Last month’s totals were also a 13 percent decrease from 1,229 in August. 

Home sales averaged $125,469, a 1 percent dip from $126,446 in September 2010. 

Total sales volume in September reached $134.6 million, a 2 percent jump from $133 million in September 2010, but a 13 percent decrease from $166 million in August.

Like Q3, last month’s bank sales declined. September’s 258 bank sales marked a 25 percent drop-off from September 2010’s 346 sales and were 21 percent lower from August’s 327.

Foreclosure sales in the county averaged $69,998 – up 4 percent from the prior month – and totaled $18 million. 

Meanwhile, nonbank sales in September totaled 815 – a 15 percent increase from 707 year over year – but a 10 percent dip from August’s 902 sales. Traditional sales averaged $143,029 last month and reached $116.6 million in total sales volume. 

Existing home sales totaled 1,006 in September, a 4 percent decrease from September 2010 and a 13 percent increase from August. Home sales in the category averaged $119,032 and totaled $119.7 million.

On the other hand, new home sales totaled 67 in September, down 23 percent from 87 during the same month a year ago. New home sales averaged $222,110 and totaled $14.9 million. 

The highest producing ZIP in September was a tie between Arlington’s 38002 and Cordova North’s 38016, with 66 sales each. Cordova North was also the highest producing for bank sales, with 23 averaging $108,300 and totaling $2.5 million.

Year to date, Shelby County has seen 550 new home sales, down 32 percent from 813 during the previous year-to-date period.

Click here to view our September 2011 and Q3 Residential Market Trend reports.

Home sales report provided by Sarah Baker of The Daily News.  

Shelby County August Foreclosure Analysis

September 22nd, 2011 Comments off

August foreclosures were down 34% from the prior year with 289 recorded for the month. The average foreclosure amount was up 7% to $94,611 compared to $88,138 in August 2010.

Hickory Hill (38115) had the most foreclosures with 24 total, up 33% from last year while areas like Frayser and Raleigh saw a major decrease in foreclosure activity, down by at least 50% from the prior year.

Foreclosure notices were down 6% with 785 filed for the month. Cordova’s (38016 and 38018) had the most notices issued with 55 and 49 respectively.

Fannie Mae leads as highest foreclosure inventory holder with 461 properties in inventory at the end of August valued at over $58 million.

Westwood (38019) leads the county for the most foreclosures in inventory with 240 properties valued at $14 million.

According to an article from Bloomberg Businessweek, foreclosure activity is expected to increase with a 33% surge in default notices being issued to delinquent homeowners in August, a sign that banks are speeding up the foreclosure process after a year of delays. Click here to read the full article.

Review Shelby County Residential Market Trends here: http://www.chandlerreports.com/propinfo/shelby/RealEstateTrends.asp

Register for our Training Seminar at MAAR on Tuesday, November 1 from 3:30PM-4:30PM where we will demonstrate all of our new features and tools! Click here to register today!

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August New Housing Analysis

September 15th, 2011 Comments off

Shelby County had 75 new home sales in August up 21% from July but down 6% from the prior year. New home sales accounted for 6% of all sales for the month.

The average sales price for a new home was $206,155, down from July 2011 and August of last year.

Arlington (38002) had the most new home sales with 16 total averaging $255,581 per home and the most new home permits with 18 total averaging $188,969. Gerland Creek in Arlington had the most new home sales with 6 total averaging $137,668.

Cordova’s 38016 and 38018 and Southeast Shelby County 38125 rounded out the list of most new home sales by zip code with 10-11 new home sales each.

Regency Homes had the highest volume of new home sales with 15 total averaging $195,751 and 2,787 sq ft. Regency also filed the most permits for the month, 21 total averaging $214,655 and 3,067 sq ft.

The top subdivisions for new home permits were Wolf River Ranch in Collierville, Grays Creek in Cordova and Evergreen Hills in Arlington. Each subdivision had 5 new home sales with Wolf River Ranch’s averaging the most at $339,800.

Read the latest article from The Daily News about August building permit activity by clicking here.

Click here to review our complimentary Shelby County Residential Market Trend Reports.

July Home Sales Update

August 4th, 2011 Comments off

July closed with 1,266 home sales, the most home sales  since June 2010 and 9% higher than July 2010! 

Average home sales prices for the month were $125,175 just slightly down from June.  

Bank sales were up 1% from July 2010 with 329 total. This is the first month this year that we’ve seen an increase in year-over-year bank sales activity.

New home sales continue to struggle. Only 62 new home sales were recorded for the month, down 22% from June and down 40% from July 2010. The average sales price for new homes was $215,807, virtually unchanged from June. 

Foreclosures were down 26% from last year and down 9% from June with 332 recorded and an average foreclosure amount of $82,204. 

Foreclosure activity was highest in Raleigh (38128), Oakhaven/Parkway Village (38118) and Hickory Hill South (38141). Frayser’s foreclosures were down 60% from the prior year with only 19 recorded for the month. 

718 foreclosure notices were issued in July, down 17% from the July 2010. 

56% of all home sales were sold for under $100,000.   

Click here to view our July 2011 Residential Market Trend reports. 

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Accurate Market Trend Information is Critical for Real Estate Professionals

July 21st, 2011 Comments off

Publishing quality data and market trend information has been our primary focus and goal for over 40 years. We understand the importance of providing accurate market data that real estate professionals and homeowners rely on to make sound financial and business decisions.

Recently several local news stories, blogs, and articles have been published showing positive, upward trends for the Memphis/Shelby County real estate market, one that we believe to be inaccurate. 

Please join us Wednesday, July 27th at our “Master Your Market” event where we will review 2Q11 sales, foreclosures, new housing inventory and more! Click here to register today! 

You may review our complimentary 2Q11 residential market trend reports here: http://bit.ly/96PgNI 

Click here for the latest story from The Daily News Online.

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2nd Quarter Real Estate Market Update

July 14th, 2011 Comments off

Home sales for Shelby County for the second quarter of the year were down 16% compared to 2Q 2010. While June sales exceeded expectations, they couldn’t make up for April and May sales which fell flat. With the homebuyer tax credit expiring last June, we expect  sales will begin to level out through the remainder of the year.

Foreclosures, foreclosure notices and bank sales all continue to decline. Foreclosures were down almost 16% from the prior year, foreclosure notices were down 21%, and bank sales were down 16% for the quarter with 1,013 recorded compared to 1,200 in 2Q10.

New home sales were down almost 40% with only 193 closed compared to 310 last year. New home permits were down 35% from the second quarter of last year. Regency Homes filed the most permits for the quarter, 36 total averaging 2,889 sqft and $199,007.

Commercial sales were up almost 30% from 2Q10 and commercial sales revenue was up a whopping 77% with $170 million closed in the quarter compared to $75 million closed last year. Year-to-date commercial sales are up 22% from the same time last year. Commercial foreclosures were down 8% with 33 recorded compared to 36 in 2Q10.

Community Mortgage closed the most residential loans at time of purchase with 340 loans averaging $127,000 per loan.

Join us Wednesday, July 27th for our “Master Your Market: 2Q11 Update” where we’ll review all residential and commercial market trends for Shelby County including sales, foreclosures, new housing, lender activity and more! This event will be presented at the Appraisal Institute’s second quarter luncheon. Click here for details or to register.

Click here to read the latest article on the housing market from The Daily News.