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May 2011 Lender Analysis Report

June 9th, 2011 Comments off
There were 1,408 loans filed in Shelby County for the month of May totalling $216.7 million.
  
The average residential loan amount on a new home purchase was $144,451. Of the 602 residential loans filed at time of sale, 28% were between $50,000-$99,999 and 23% were between $100,000-$149,000.
  
297 of the loans for new home purchases were conventional fixed rate loans, 209 were FHA fixed rate.
  
Community Mortgage Bank, Magna Bank and Regions Bank rounded out the Top Lenders list for residential mortgages at time of sale.
  
Regions Bank, Wells Fargo and Community Mortgage Bank made the top three for Top Lenders for all residential loans including loans at time of sale, refinances and second mortgages.
  
The largest residential loan was filed for a property on Massey Estates Cove for $1.5 million by Triumph Bank. The 7-year loan was filed on May 20 and matures on June 10, 2018.
  
The largest commercial loan was $6.1 million filed by Lancaster Pollard Mortgage Co. issued to Applingwood Long Term Care Facility located at 1535 Appling in Cordova.  
  
Click here to review our complimentary Residential Market Trend reports. 
  
Please contact wendy@chandlerreports.com if you would like to purchase our monthly, online Lender Analysis Reports, the cost is $25/month for existing online subscribers and $35/month for non-subscribers.
The reports include:  
  • Top 25 Residential Lenders-All Loans
  • Top 25 Commercial Lenders-New Purchases
  • Top 30 Residential Lenders-New Purchases
  • Residential Foreclosures By  Mortgage Type
  • Residential Loan to Value at Time of Sale by Zip
  • Residential Loans by Mortgage Type  

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May 2011 Home Sales Update

June 2nd, 2011 Comments off

There were 1,117 home sales in May for Shelby County, down 13% from May 2010. Total home sales revenue for the month was $132 million compared to $166 million last year. Home sales prices were also down from the prior year to $118, 375.

Home sales figures for the first half of this year will be skewed compared to last year’s largely in part to the new home-buyers tax credit that expired last June.

On a positive note, compared to April 2011, home sales were up 2% and average home sales prices were up 10%! Year-to-date, home sales are down 13% and average sales prices are down by only 2%.

Cordova-North (38016) had the most home sales, with 74 total and an average sale price of $137,404. 31% of the total sales in 38016 were bank sales.

Bank sales continue to decline, down 16% from May 2010 and down 8% from April 2011 with 329 closed for the month and an average sales price of $62,192.

Foreclosures were down 22% from last year with 354 recorded and an average foreclosure amount of $87,942. Foreclosure activity was highest in Frayser (38127), Raleigh (38128), Southeast Shelby County (38125) and Cordova-North (38016). There were 665 foreclosure notices issued in May, down 32% from the prior year.

New home sales made up 5% of all home sales for the county with 54 total, down 23% from the prior year and down 4% from April. Average new home sales prices were also down to $209,421.

59% of all home sales were sold for under $100,000. The largest home sale was for a property located on Valleybrook Drive in East Memphis. The 7,200 sqft home closed on May 19th for $1.75 million.

Click here to read an article from The Daily News covering our 1st Quarter “Master Your Market” Update.

You may review our complimentary Market Trend reports here.

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April Lender Analysis

May 26th, 2011 Comments off

There were 1,540 total loans filed in Shelby County for April including loans at time of sale, refinances and second mortgages with a total of $241 million in total loan revenue.

The Top Lenders based on number loans and total loan revenue were:

  • Regions Bank: 125 loans valued at $19.3 million
  • Wells Fargo: 109 loans valued at $16.8 million
  • SunTrust Bank: 77 loans valued at $10.1 million

For residential loans placed at time of sale, Community Mortgage led with 65 loans and an average loan amount of $151,127 followed by Magna Bank with 51 loans averaging $189,730 per loan.

The majority of residential loans were Conventional Fixed Rate with 244 filed for the month averaging $166,492 closely followed by FHA Fixed loans with 215 filed averaging $135,034.

Cordova North (38016) had the most loans filed for the month with 56 total, an average mortgage amount of $131,801 and an average loan to value ratio of 97%.

First Tennessee led for the most commercial loans at time of sale with 3 for the month averaging $184,333.

The largest loan for the month was a $3.4 million loan to Greer Land Co-Restaurants out of KY by The Metropolitan Bank. The loan was filed on April 29th with the $1.35 million sale of property located at 7864 Winchester Road. The anticpated use is for a 8,600 square foot Cheddars restaurant in the Centennial Commons Retail Center.

Click here to review our complimentary Market Trend reports.

If you would like to subscribe to our monthly Lender Analysis Reports, please contact wendy@chandlerreports.com.

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Shelby County April New Housing Report

May 19th, 2011 Comments off

There were 56 total new home sales recorded in April down 45% from the prior year. The average sales price was down 4% from April 2010 to $215,570.

Cordova-North (38016) had the most new home sales with 15 total averaging $145,181 followed by Arlington (38002) with 13 sales and Germantown East (38139) with 10 new home sales. New home sales prices in Collierville (38017) averaged $487,063 with 4 new home sales closed for the month.

Gerland Creek in Southeast Shelby County (38125) had the most new home sales with 5 total and an average sales price of $133,897. It was also among the top subdivisions for new home permits in addition to St. Andrews Place in Cordova-North (38016). They both had 5 new home permits filed in April.

Regency Homes had the most new home sales for the month with 10 total averaging $181,206 followed by Vintage Homes with 7 sales averaging $134,841. Both companies also topped the lists of the most new home permits filed in April with 14 and 11 respectively.

Cordova-North (38016) saw the most new home permits with 15 total averaging 2,143 sqft and $149,423.

Click here to review our complimentary residential Market Trend reports.

Click here for a detailed overview of the new housing market, including local Builder perspectives, from The Daily News.

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April 2011 Home Sales Report

May 6th, 2011 Comments off
Home Sales up 3% from March!
  
April home sales were down 12% from April 2010, but were up 3% from March with 1,097 sales recorded and an average sale price of to $107,812.
  
Year-to-date, home sales are down 14% from the same time last year with 3,752 closed in the first four months of the year. The 2010 tax credit helped boost home sales in 2010 and we don’t expect that same level of volume for the first half of 2011.
  
On a positive note, year-to-date average sales prices are holding steady at $113,971, virtually unchanged from the same time last year. 
  
61% of April home sales in Shelby County were sold for under $100,000.
  
The largest sale recorded for the month was in River Oaks (38120) for $1.15 million. The sale occurred on February 18th for a 7,600 sqft home on Dovecot.   
  
Bank Sales were down 7% in April with 359 recorded and an average sales price of $63,349, down 3% from April 2010.  
   
New home sales were down 45% with only 56 recorded for the month and a 4% decrease in average sales prices down to $215,570.
   
Foreclosures have continued to decrease and were down 16% in April with 409 recorded compared to 485 last year.
  
While areas like Frayser and Raleigh, most commonly known for foreclosure activity have continued to see declines, areas in east Shelby County continue to see a rise in foreclosure activity. Arlington (38002), Cordova North (38016) and Bartlett/Brunswick (38133) all saw increases in total foreclosures for the month.
  
Click here to view all of our April Residential Market Trend reports.   

 

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First Quarter New Housing Analysis

April 29th, 2011 Comments off

 

New home sales accounted for 6% of all home sales in Shelby County with 168 recorded for the first quarter of the year. Average new home prices were up 8% from 1Q10 to $228,443.

Unsold inventory levels have continued to decrease with 1,036 remaining at the end of the first quarter. New home starts were down 30% for the quarter with 145 new home starts, compared to 205 in 1Q10.

38125 (Southeast Shelby County) and 38016 (Cordova-North) tied for the most home sales with 32 each. Oaklawn Estates in 38016 and Gerland Creek in 38125 each had 9 new home sales, the most of all subdivisions in the county.

Regency Homes was the top builder throughout 2010 and remained the top builder in the first quarter of the year with 34 new home starts and 27 new home sales averaging $178,347. They also pulled the most new home permits for the quarter, 34 total with an average permit value of $194,623.

Click here to review all of our First Quarter 2011 Market Trend reports for Shelby, Fayette, Tipton, Williamson, Davidson and Wilson Counties.

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

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New Features and Tools Available!

April 22nd, 2011 Comments off
Chandler Reports is excited to announce many new changes to our Shelby County residential service!
  
These new tools provide you easier access to our most commonly used reports in addition to new features and reports that provide you the ability to customize comparables the way that you want to view them!
  
On the upper left-hand side of our Detailed Property Profile report we have provided menus with simplified access to our automatic and compressed comparable reports, GIS map, tax map, MapQuest map, Assessor Information, Foreclosure Effect Report, Market Trend Reports and a snapshot of public records available for the property from The Daily News Online. If you are a Daily News Online subscriber, you can click the “Learn More” link to view the public records. If you are not a subscriber and would like information on The Daily News Online, please contact us.
  
At the bottom of the Detailed Property Profile report, under the Assessor and Property Tax information you will see links that direct you to the City and/or County tax collection sites. This allows you to automatically research tax payments for properties.
  
The following “Report Tools” are now available on the left-hand side of our Compressed and Detailed Comparable reports.
   
  • Remove Bank Sales: With a click of this button, bank sales are removed from the comparable report and the minimum, maximum and average prices at the bottom of the report are updated.  
  • Show Bank Sales Only: This allows you to view only the comparable banks sales with updated min/max/avg prices. 
  • Search by Radius: Enter your desired radius in the “Radius Miles” box and then click the “Search by Radius” button to see all comparable sales within the radius you’ve entered.
Under the “Additional Reports” heading you now have the ability to see all foreclosure activity surrounding the subject property. When you click the “View Area Foreclosures” button a new window opens displaying all recorded foreclosures located near your subject property over the past year. In the remarks section you can review the amount of the foreclosure labeled as F:######.  
  
You can now “Filter Sales” on our comparable reports to view sales for a specific timeframe including the last 6 months, the last 12 months or the last 18 months. By clicking the button of your choice, you have the ability to only see sales for that timeframe with updated min/max/avgs at the bottom of the report.  
  
Please note: These new features work individually and do not allow you the ability to use multiple options to narrow down the search results. For example, if you opt to remove bank sales from your report you will not have the option to then filter the non-bank sales for the last 6 months.
  
You can now easily view our Market Trend reports for Shelby, Fayette, and Tipton Counties under the “Market Trends” menu.
  
We value your feedback! Please tell us what you think about these new features! Click here to complete our brief survey! 
  
As always, we are here to support you! Please contact us 901-458-6419 or webhelp@chandlerreports.com if you have any questions!
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First Quarter Home Sales Report

April 14th, 2011 Comments off
Home sales were down 14% from the first quarter of 2010, but average sales prices were up 5% to $116,516!
  
The first quarter of the year closed with 2,661 total home sales compared to 3,095 from the prior year.
  
Areas with the best year-over-year performance include: 
  • River Oaks (38120), up 40%
  • Germantown East (38139), up 33%
  • Millington (38053), up 24%  
60% of the homes sold for the quarter were under $100,000. High-end home sales, homes sold for over $600,000, were up 10%.
  
Bank sales were down by 31% for the quarter but average bank sales prices were up 18% to $71,119. 
  
New home sales were down 32% with 158 recorded for the quarter with an average sales price of $225,073, up 5% from the first quarter last year! 
  
1,089 foreclosures occurred, down 23% from last year. The City of Memphis had the most with 786 total and an average foreclosure amount of $67,683.
  
Arlington, Bartlett and Millington all had decreases in foreclosure activity. Germantown, Collierville and Lakeland all had increases of more than 30% on their total number of foreclosures.
  
Community Mortgage filed the most residential loans at time of sale with 165 total and an average mortgage amount of $145,355.
  
Click here to view all of our March and First Quarter 2011 Residential Market Trend reports.
Register for our first quarter “Master Your Market” seminar on Thursday, May 5th from 3:30PM-4:30PM at the Germantown Great Hall’s Media Room.
  
Join us for an overview of residential and commercial market trends including sales, foreclosures, new housing, mortgages and more!
  
Guest speakers Todd Glidewell of C&I Appraisal and Hank Hogue of Crye-Leike will provide their perspectives on local market activity!
  
Click here to register today!

 

 

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February 2011 New Housing Analysis

March 17th, 2011 Comments off

There were 51 new home sales recorded for the month, up 10% from January, and an average sales price of $198,760.

Southeast Shelby County (38125) claimed the most new home sales with 13 total and an average sales price of $149,400. Their Gerland Creek subdivision had the most sales with 5 total.

Regency Homes filed the most new home permits for the month with 17 total and an average permit amount of $196,269. They also ranked highest for new home sales with 7 averaging $177,945.

Trinity Park in 38118 had 10 permits filed averaging $90,823 the most recorded for the month followed by Elpine Gray, Cambridge Manor and Maple Grove all in Arlington. Arlington had the most new home sales with 25 total averaging $194,067.

Click here to read the lastest article from The Daily News on the local real estate market.

Review our Febuary Market Trend Reports here.

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February 2011 Foreclosure Analysis

March 10th, 2011 Comments off

Foreclosures were down 4% in February with 401 filed averaging $76,679. Foreclosure notices were also down, by 1%, with 991 issued compared to 999 in February 2010.

Areas with the highest increases in foreclosure activity from last year include: Arlington (38002), Downtown (38103), River Oaks (38120) and Germantown (38138). 

At the end of the month Frayser (38127) remained as the leading foreclosure inventory holder even though there was  a 27% decrease in their foreclosure activity. With 18 foreclosures moved from inventory, they closed out February with 295 foreclosure properties valued at $17 million.  While Frayser has the highest number of homes in foreclosure inventory, there are 12 zip codes that out rank them in total inventory value including: Oakhaven/Parkway Village (38118), Cordova North (38016) and Arlington (38002).

Fannie Mae was back to being the leader on the list of foreclosure inventory holders with 481 properties at the end of February valued at $60 million.  Housing and Urban Development came in at a close second with 466 properties valued at $41 million. Both of them topped the county’s Top 25 Residential Sellers list with Fannie Mae at 75 sales and HUD with 56.

Contact wendy@chandlerreports.com to receive a “Foreclosure Effect Report” for your property showing all foreclosures over the last 2 years that have occurred within a 1/4 mile of your property and the total potential effect they could have on your property appraisal value. Already a Chandler Reports subscriber? Click here to learn how to pull the report.

Attend our “Foreclosure Analysis Tools Seminar” on Wednesday, April 27th from 3:00pm-4:00pm in MAAR’s Education Room! We’ll review all of our online foreclosure tools including: Foreclosure Effect Report, Bank vs. Non-Bank Sales Reports, Detailed Foreclosure Analysis Reports, Identifying Foreclosures on Sales Comparables Reports and more! Click here to register today!

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