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Memphis & Shelby County November Foreclosure Analysis

December 10th, 2013 Comments off

Residential foreclosures were down 18% in November with 225 recorded compared to 274 recorded last year.  

The average amount of a foreclosed property was $82,829 and the average tax appraisal value was $112,519, both down from November 2012.  

Year-to-date foreclosures are down 14% from the same period last year. The decline in foreclosure activity has impacted bank sales which are down 21% YTD compared to the same period in 2012.

November foreclosure activity was down for every municipality except for Bartlett which had a slight increase. Foreclosures in the city of Memphis were down 23% from last November.  

Foreclosure notices were down 25% for the month with 437 recorded compared to 575 recorded in November 2012.  

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 227 homes valued at $11.2 million.  

Southeast Shelby County (38125) had the most foreclosure inventory revenue with $21 million followed closely by Cordova North (38016) with $20 million. 

Fannie Mae owned the most foreclosed properties with 350 total valued at $42 million.  

Click here to download our Detailed Foreclosure Analysis reports.

Residential Foreclosure Analysis - Shelby County

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.

Chandler Reports Opens Online Store

May 20th, 2013 Comments off

We receive a lot of requests for reports on new housing, foreclosures, lending and residential and commercial sales activity which is why we have launched a new online store that provides you immediate access to pertinent real estate data for Memphis and Shelby County.

Chandler Reports Online Store is your resource for historical and current market trends and the most comprehensive housing reports available including:

Reports are also available for West and Middle TN! Please check back often as we are continually updating our store and offering new and exclusive reports that no other data source can provide.

Download the data that you need, when you need it! You are just a click away from the most trusted real estate data available!

February Home Sales Update

March 11th, 2013 Comments off

Shelby County home sales slipped a bit in February but average sales prices were up considerably.

A major decline in bank sales activity decreased overall sales totals but bumped up average sales prices. Non-bank sales prices were also up contributing to the increase in sales price. 

920 home sales were recorded for the month, down 7% from 994 recorded in February 2012. 

Average home sales prices were up 18% from last year and were up 1% from January 2013 to $115,764.

Year-to-date home sales are up 18% and average sales prices are up 11% from the same time last year.

20 out of 33 zip codes in the county had an increase in average sales prices.

Bank sales were down 32% from last February with 211 recorded accounting for 23% of total home sales. 

The average price for non-bank sales were up 13% to $129,772 compared to $114,495 last February.

60% of all home sales were valued under $100,000.

Home sales over $300,000 were up 16% with 58 filed for the month compared to 49 last February. 

Click here to review our February Market Trends reports.

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.

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!

May Foreclosure Overview

June 11th, 2009 Comments off

Chandler Reports shows 422 residential  property foreclosures reported in Shelby County for May with 1,184 notices issued for the month.

ZIP codes with the highest number of foreclosures include: 38128 (37), 38125 (33), 38127 (35), 38141 (33).

As of June 1, the top 5 Foreclosure Holders in Shelby are: Housing and Community Development, Federal National Mortgage Association, Deutsche Bank, US Bank and Tennessee Investment. Housing and Community Development leads the pack with 387 residential properties.

Click here to read the latest article on Shelby County foreclosures from The Daily News.