Archive

Posts Tagged ‘new housing’

Real Estate Recap: February 28, 2013

February 28th, 2013 Comments off

The University of Memphis has filed a $43.5 million permit for a 285K square foot residence hall to be built on campus. Click here to read the full details from Eric Smith with The Daily News.

According to the National Association of Realtors, pending home sales rose 4.5% in January to the highest level since April 2010. Click here to read the full story.

Eric Barnes, Publisher for The Daily News will be on Fox 13’s Good Morning Memphis show on Monday, March 4th at 8:45AM to discuss the 2013 Shelby County Tax Reappraisal and Chandler Reports’ 2013 Tax Appeal Kit. Click here for more information.

Be sure to register for our complimentary “Pulse Report” to receive the
latest updates on local real estate trends. Our February report will be
published next week. Click here to register.

Shelby County January Home Sales Report

February 8th, 2013 Comments off

Home Sales

If January home sales are any indication of what’s to come in 2013 it’s going to be a banner year for residential real estate!

1,344 home sales were recorded for the month, up 46% from January 2012 and up 14% from December. 

Average home sales prices were up 4% from last year to $114,120 compared to $109,716.

28 out of 33 zip codes in the county had an increase in overall sales activity and 79% of the zip codes had improvements in average sales prices.

Bank sales were up 12% from last year with 317 recorded accounting for 24% of total home sales. The average price of a bank sale was up 13% to $72,438 compared to $63,905 in January 2012.

61% of all home sales were valued under $100,000.

Home sales over $1 million were up 300% with 3 filed for the month compared to zero last January. 

Click here to review our January Market Trends reports.

Attend our Master Your Market seminar on Thursday, February 14th to review all of our 2012 Market Trends reports in detail and hear from guest speakers about local real estate topics. Register here.

Commercial Sales

Commercial sales were up slightly in 2012 with 743 sales recorded for the year compared to 725 in 2011, a change of 2.5%.

Average sales prices for commercial properties were up 32% to $1.5 million and total revenue was up 36% with $1.1 billion in total sales compared to $798 million last year.

Sales of Churches and Schools saw the most improvement, up 29% from last year followed closely by Industrial sales with 28% improvement from 2011.

Vacant Land Over 1 Acre (150), Warehouses (95) and Apartments (80) had the most sales recorded for the year. Click here to review the top 5 commercial transactions for 2012.

Commercial bank sales were up 12% from last year with 55 recorded compared to 49 in 2011. Foreclosures on commercial properties were down 14% for the year with 100 recorded averaging $1.1 million.

Click here to review our Year-End Commercial Market Conditions reports.

Residential Foreclosure Analysis

Residential foreclosures were down 9% with 402 recorded compared to 443 last January.

The average amount of a foreclosed home was $84,464 and the average tax appraisal value was $114,717.

Foreclosure activity was down in every city except Bartlett, Lakeland and Germantown. Memphis claimed the most foreclosures with 286 total, down 9% from January 2012.

Foreclosure notices were down 15% for the month with 627 recorded compared to 741 last year.  

Frayser (38127) had the most foreclosure inventory at the end of the month with 235 homes valued at $12.7 million.

Fannie Mae owned the most homes in foreclosure inventory with 391 valued at $50.6 million.

Click here to review our January Market Trends reports.

New Housing & Builder Activity

New home sales were up 20% in January with 71 sales recorded compared to 59 last year.

The average sales price of a new home was up 6% for the month to $247,094. 

Bartlett (18), Collierville (12) and Arlington (12) recorded the most new home sales.

884 new home permits were filed in 2012, up 26% from 2011. Arlington had the most new home permits filed with 206 total averaging $227,109.

Regency Homebuilders ended the year as the top builder with 208 new home starts and 167 new home sales averaging $222,506.

Click here to review our January Market Trends reports.

Mortgage Trends & Lending Analysis

624 residential loans were filed at the time of sale, up 34% from last January.

The average mortgage amount was $148,310 with an average sales price of $169,955 making the average loan to value ratio 87%.

365 loans filed were conventional fixed rate, 169 were FHA fixed rate, 21 were VA fixed rate and 24 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 62 loans followed by Magna Bank with 37 loans and Regions Bank with 32 loans. 

Click here to review our January Market Trends reports.

November 2012 Real Estate Update

December 18th, 2012 Comments off

Home Sales

Shelby County had another great month for residential real estate as home sales and sales prices continue to increase.

Sales were up 16% from last November with 1,187 home sales recorded compared to 1,024 last year.

While 56% of home sales were valued under $100,000, average home sales prices were up 5% for the month to $123,756.

Home sales over $500,000 were up 60% from last November with 27 recorded.

Year-to-date virtually every zip code in the county has an increase in sales activity. 18 out of 33 zip codes (55%) have year-over-year improvements in average sales prices.

Overall home sales activity is up 18% year-to-date with 13,772 sales recorded through November and average sales prices are up 2% from the same period last year. 

Bank sales accounted for 20% of all home sales for the month, with 236 recorded, down 15% from last year. Year-to-date bank sales are up 11% from 2011.

Non-bank sales were up 28% from last November with 952 recorded averaging $137,379, an increase of 2% from last year.

Click here to review our November Market Trends reports.

Commercial Sales

Through the end of October commercial sales activity is unchanged from last year with 595 sales recorded compared to 594 recorded during the same period in 2011. 

The average sales prices for commercial properties remain high, up 40% through the end of October at $1.5 million.

Office sales are up 22% from last year with 89 recorded averaging $1.3 million and Industrial sales are up 35% with an average sales price of $2 million.

Vacant Land Over 1 Acre (114), Warehouses (85) and Apartments (63) have the most sales recorded through the first ten months of the year.

Click here to review our November Market Trends reports.

Foreclosure Analysis

Foreclosures of residential properties were down 14% from last November with 280 recorded compared to 327 last year.

The average amount of a foreclosed home was $86,706 and the average tax appraisal value was $121,233.

The majority of foreclosures were within the city limits with 204 total, a decrease of 21% from November 2011. Foreclosures in unincorporated areas were down 13% from last year with 41 recorded.

Year-to-date residential foreclosures are up 9% from last year and average foreclosure amounts are down 3% to $85,147.

Foreclosure notices were up 25% in November with 564 recorded compared to 749 last year.

Click here to review our November Market Trends reports.

New Housing & Builder Activity

New housing continues to show signs of improvement. Nationally,  housing construction spending was up 3% in October. 

New home sales were up 1% in November with 75 sales recorded compared to 74 in November 2011.

The average sales price of a new home was up 39% to $293,415. 

Year-to-date new home sales are up 3% and average sales prices are up 15%.

Collierville had the most new home sales for the month with 21 total averaging $396,263.

762 new home permits have been filed through the end of October, up 28% from the same period last year. Arlington has the most new home permits filed with 178 total averaging $228,634.

Regency Homebuilders continue to rank as Shelby County’s top builder with 172 new home starts and 133 new home sales through the end of October averaging $220,223.

Click here to review our November Market Trends reports.

Mortgage Trends & Lending

594 residential loans were filed at time of sale, up 5% from last November.

The average mortgage amount was $155,590 with an average sales price of $177,344 making the average loan to value ratio 88%.

306 loans filed were conventional fixed rate, 166 were FHA fixed rate, 29 were VA fixed rate and 22 were short term 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 61 loans followed by Magna Bank with 49 and Patriot Bank with 33 loans. 

Click here to review our November Market Trends reports.

Read the latest article on local housing from Sarah Baker with The Daily News here.

Real Estate Recap-December 4, 2012

December 4th, 2012 Comments off

The Memphis City Council is voting today on a new ordinance that will require owners of rental properties to register each property and pay an annual fee of $200 per property. The Council hopes that this ordinance will help reduce blight across the city by holding property owners responsible for property conditions. Click here to read the latest article from Bill Dries, Sr. Reporter for the Memphis Daily News.

The MED purchased 54.5 acres of vacant land located at 6525 Quince Road for $3.4 million on November 16, 2012. Click here to review the details of the transaction.

According to the Commerce Department, construction spending rose 1.4% in October, housing construction spending jumped 3%.  Shelby County continues to see an increase in new housing activity, new home permits were up 89% in October. Click here to read the full story from Sarah Baker, Real Estate Reporter for The Memphis Daily News.

Be sure to register for our complimentary “Pulse Report” to receive the latest updates on local real estate trends. Our November report will be published this week. Click here to register.

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.

September Pulse Report

October 23rd, 2012 Comments off

Home Sales

1,273 home sales were recorded in Shelby County up 19% from last year, closing out the 3rd quarter with a 17% increase in sales compared to the 3rd quarter of 2011. 

Average home sales prices in September were $127,912 up 2% from $125,114 in September 2011.

Year-to-date sales activity is up 16% and average sales prices are up 2% from the same period last year.

23% of total home sales in September were bank sales, up 12% from last year.

Non-bank sales were up 21% from last year and averaged $147,533, an increase of 3% from $142,626.

Investors continue to increase home sales activity while keeping average prices low with properties changing hands multiple times on one day.

Commercial Sales

Commercial sales activity is up 2% through the end of August with 479 sales recorded. Average sales prices for commercial properties are up 54% to $1.62 million.

So far this year, Industrial sales are seeing the most improvement, up 40% from the same time last year with 87 sales recorded.

Average prices for Retail ($1.6M) and Office ($1.2M) properties are both up over 175%.

Vacant Land Over 1 Acre (91), Warehouses (75) and Apartments (49) have the most sales recorded through the first eight months of the year.

Foreclosure Analysis

Residential foreclosures were down 16% with 294 recorded compared to 351 last September. 

The average amount of a foreclosed home was $92,932 and the average tax appraisal value was $124,254.

The majority of foreclosures were within the city limits with 204 total, a decrease of 18% from last September. Properties located in the unincorporated areas had 71 foreclosures, down 23% from last year.

Year-to-date residential foreclosures are up 12% and commercial foreclosures are down 19%.

New Housing Activity

New home sales were down 7% in September with 66 sales recorded compared to 71 in September 2011.

The average sale price of a new home was up 16% to $251,437. 

Arlington had the most new home sales for the month with 14 total averaging $223,468.

586 new home permits have been filed through the end of August with Arlington claiming the most with 140.

Subdivisions with the most new home permits filed this year include: Gerland Creek in Southeast Shelby County with 31, Kensington in Arlington with 26 and Wolf River Ranch in Collierville with 25.

There were 37 lot sales recorded in September, with the majority being sold in Schilling Farms in Collierville.

Mortgage Trends & Lending

691 residential loans were filed at time of sale, up 23% from last September.

51% of the mortgages filed were between $100,000-$250,000.

The average mortgage amount was $152,182 with an average sale price of $177,265 making the average loan to value ratio 86%.

The majority of mortgages taken at time of sale were conventional fixed rate loans averaging $171,219. 194 loans were FHA fixed rate loans averaging $140,804.

The top lender based on the total number of residential loans filed at time of sale was Community Mortgage with 81 loans followed by Magna Bank and Guild Mortgage Company with 43 loans each. 

Click here to review our September and 3rd Quarter Market Trends reports.

Join us Thursday, November 8th from 3:00PM-4:30PM as we review all of our third quarter Market Trends reports. Guest speaker Dr. Phyllis Betts, with the University of Memphis Center for Community Building and Neighborhood Action will share her department’s latest study on lending activity in Shelby County with an analysis of loan activity from 2004-2010 showing how foreclosures and investor purchases have impacted neighborhoods. Click here to register!

November New Housing Analysis

December 16th, 2011 Comments off

Shelby County had 72 new home sales in November, up 18% from October and up 20% from November 2010!

New home sales averaged $208,864 down 17% from the same month last year.

77 new home permits were pulled for the month, up 75% from November 2010. The average permit amount was $212,630 and 2,893 square feet.

Regency Homes and Devere Construction pulled the most new home permits with 17 each. Regency Homes also closed the most new home sales with 17 total averaging $208,424.

Collierville (38017) had the most new home permits filed with 19 averaging $280,644 in subdivisions including: Wolf River Ranch, Rolling Meadow, Schilling Farms Spring Creek Ranch and Raintree.

Arlington (38002) had the most new home sales with 13 total averaging $251,396.

Gardens of Greys Creek in Cordova had the most new home sales with 5 total averaging 2,295 sqft and $152,805.

Click here to review all of our November Market Trend Reports.

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

2011 Annual Real Estate Market Trend Report

December 1st, 2011 Comments off

Chandler Reports is excited to announce the release of their first annual market trend report for Shelby County!

This comprehensive report will contain each of our 2011 year-end market trend reports covering residential and commercial sales, detailed foreclosure analysis, new housing analysis and lender activity! 

In addition to providing our market trend reports we will also include several market trend graphs comparing current trends to prior years providing an in-depth view of current market activity!

You receive over 30 invaluable reports and graphs for only $100!

The report will be released in January. Click here to see a full listing of the reports that will be included in the annual report.

Click here to pre-order your report today!

New Housing Inventory Summary

April 30th, 2010 Comments off

Shelby County’s new housing market sees mixed signs for a recovery in the first quarter. New home sales fell by 8% for the quarter with 219 new home sales in the first quarter of 2010 compared to 2009’s first quarter of 239 new home sales. New home sale prices also fell by 21% during the first quarter with an average sales price of $211,737 compared to $267,712 in the first quarter of 2009.

The drop in the average sale price is partially due to banks selling off builder inventory that they’ve acquired through foreclosure proceedings at discounted prices. However, this in turn has had some positive effects on the total unsold inventory level for the county. The unsold inventory level for the county was reduced by 15% during the first quarter with 2,624 houses in inventory as of 3/31/2010, compared to 3,071 houses as of 3/31/2009. The current unsold inventory accounts for 12 quarters, or 27.8 months, supply of new housing.

At the end of last year’s first quarter, there were 12.8 quarters, or 25.2 months, supply of new housing. Another positive sign for the market is as the inventory levels have begun to shrink, builders have stepped back into the market giving the new housing market a boost for the first quarter with 176 new home permits pulled compared to 98 in the first quarter of 2009 amounting to an 80% jump in new home starts.

For a complete summary of the most popular new housing market areas in Shelby County, please contact Wendy Greenlaw at 901-528-5273 or wendy@chandlerreports.com. Subdivision summary reports include total number of platted lots, number of vacant lots, number of houses in inventory, first quarter starts, first quarter closings and average sales prices.