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Posts Tagged ‘permits’

Memphis & Shelby County New Housing Activity Through 3Q 2013

October 31st, 2013 Comments off

Through the first 3 quarters of 2013, we have seen a 7.3% increase in new home sales and a 2% decrease in new home starts from the same period in 2012.

The Top Subdivisions Based on New Home Sales Through 9/30/2013

  • Kensington in Arlington: 34 sales averaging $219,620
  • Schilling Farms in Collierville: 32 sales averaging $308,565
  • Fountain Brook in Cordova North: 31 sales averaging $190,842
  • Gerland Creek in Southeast Shelby County: 26 sales averaging $145,856
  • Wolf River Ranch in Collierville: 20 sales averaging $448,711

The Top Subdivisions Based on New Home Starts Through 9/30/2013

  • Wolf River Ranch in Collierville: 43 permits averaging $371,244
  • Gerland Creek in Southeast Shelby County: 31 permits averaging $170,615
  • Kensington in Arlington: 30 permits averaging $199,736
  • Woodgrove in Collierville: 23 permits averaging $252,939
  • Fountain Brook in Cordova North: 22 permits averaging $192,552

Regency Home Builders is the Top Builder in Shelby County with 163 new home sales and 176 new home starts recorded in the first 9 months of the year.

Download our 3rd Quarter New Housing Analysis & Charts to review the most active new housing zip codes in the county with new housing trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

New Subdivision Plats Issued in Memphis & Shelby County

September 25th, 2013 Comments off

We have recently received several new address assignment plats from MLG&W for new single family and multi-family developments indicating that the new housing market is coming back to life.  We haven’t seen this much activity since the crash of the housing market in 2007
when new construction came to a screeching halt.

Address assignment plats issued by MLG&W are one of the first indications of new developments starting to take shape. Once developers are able to get address assignments through MLG&W for new lots or units, they can move forward on filing final recorded subdivision plats with the Shelby County Registers Office and start pulling building permits for new construction.

Following are some of the new subdivision plats that have been issued:

  • Criss Cross Village Phase 2 (Collierville) – 10 Lots
  • Windsor Place Phase 3 (Arlington) – 29 Lots
  • Enclave Phase 5 (Germantown) – 41 Lots
  • Twinings of Collierville (Collierville) – 9 Lots
  • Rolling Meadows Phase 3 (Collierville) – 16 Lots
  • The Villages at Porter Farms Phase 8 (Collierville) – 11 Lots

We have received additional plats for 4 apartment complexes including South Junction Apartments and Harbor Island in downtown Memphis.

Please contact wendy@chandlerreports.com for additional information about these plats or to register to receive new building permits as they are filed for the development of these subdivisions.

2nd Quarter New Housing Analysis for Memphis & Shelby County

August 22nd, 2013 Comments off

With Shelby County’s new housing market recovery steadily underway at the mid-year mark, we continue to see new home prices rise with this year’s 2nd quarter new home sale prices averaging $257,931 making this the highest 2nd quarter sale price we’ve seen since 2008 when the average new home sale price was $280,372.

This year’s average new home sale price is a 6% jump over 2012’s second quarter average price of $243,677. During this year’s second quarter we also saw new home sales jump by 17% with 260 new home sales compared to 223 sales during 2012’s second quarter.

This is the most new home sales we’ve seen since 2nd quarter 2010. New home starts remained steady with 269 starts during 2013’s second quarter unchanged from 269 starts during 2012’s second quarter. Regency Homes continues to be Shelby County’s top builder with 65 new home starts and 58 new home sales during this year’s second quarter.

With sales outpacing new home starts for the quarter, we saw a slight 2% drop in unsold inventory with 870 houses in inventory as of 6/30/2013, compared to 887 houses as of 6/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply of new housing. At the end of last year’s second quarter, there were 4 quarters, or 13.1 months, supply of new housing.

As the new housing market continues to push forward there is some growing concern among local builders over the current lot supply within Shelby County which has continued to dwindle over the last 7 years slowly pushing up lot prices and in turn continuing to push up new home prices affecting the affordability of new homes in the county. At the end of this year’s second quarter lot prices averaged $43,079 up 13% from year-end 2012’s average lot price of $38,285. This is something builders will continue to keep a close eye on going forward. With increasing lot prices and the dwindling supply, we will likely see new home prices continue to rise through out the remainder of the year.

Click here to download our complete 2nd Quarter New Housing Inventory Analysis & Charts report outlining new housing activity by zip code and subdivision.

Improving Real Estate Market Offers Hope

July 29th, 2013 Comments off

Article by Amos Maki of The Daily News

The 2013 countywide reappraisal resulted in a historic drop in property values, but improving real estate metrics are providing a glimmer of hope for the local economy.

That was the message industry professionals heard Thursday, July 25, at real estate information company Chandler Reports’ 2013 Mid-Year Master Your Market seminar at the Memphis Marriott East.

The 2013 Shelby County reappraisal has touched every property owner and forced city and county governments to raise taxes to just produce the same amount of revenue before the overall tax base dropped.

For the first time in recorded history Shelby County property values – including those in the city of Memphis and all of its suburban municipalities – dropped, by 3.9 percent.

Click here to read the full article.

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.

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.