Chandler Reports Blog - The Latest in Local Real Estate

Sales were down for the second consecutive month. August closed with 1,125 reported home sales, down 13% from the prior year.

Average home sales prices fell as well to $129,754, down 1% from July and down 5% from August 2009.

New home sales were down 24% from the same month last year with 74 recorded for the month and an average sales price of $222,873.

Bank Sales accounted for 38% of the total home sales for the month and averaged $60,386.

466 foreclosures were reported, down 11% from August 2009 but average foreclosure amounts were up 17% to $85,547.

Adding to the decline of average home prices and property values are foreclosure amounts that are increasing in value and bank sales that are 30% below the average foreclosure amount.

Fannie Mae, who is consistently the top seller in Shelby County sold 108 properties in August with an average sale amount of only $42,243. In the same month of 2009, their average sale amount was $50,599 and in August 2008 it was $71,633. Investors both in and outside of Memphis are taking advantage of these extremely low prices.

Year to date, total home sales are now down 2% from the same period in 2009 however average home sales prices are up 2% and total sales revenues are relatively equal. New home sales are up 8% compared to the first 8 months of last year and bank sales are down 14% during this same period compared to 2009.

High unemployment rates, low consumer confidence and low appraisals are no match for the historically low interest rates.

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Click here to read the latest from The Daily News.

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Wendy Uncategorized agent, appraiser, appraisers, banks, builders, commercial, commercial appraiser, commercial property, developers, foreclosure notices, foreclosures, home sales, homes, housing, investment, lenders, local real estate, market, Memphis, mortgage, mortgages, new homes, real estate agents, real estate data, realtor, realtors, residential, second quarter, Shelby County

Foreclosures were up 3% from 2Q09. Foreclosure notices were down almost 15% for the quarter.

(38120) River Oaks in East Memphis had the highest increase in foreclosures, up 275% from 2Q09 with 15 total, an average foreclosure amount of $465,365 and an average appraisal amount of $637,233.

The average foreclosure appraisal amount has risen every year since 2003, currently up to $125,119 in 2Q10.

(38125) Southeast Shelby County received the most foreclosure notices with 233 total, but overall their notices were down 26.3% from 2Q 2009.

Frayser is the leading inventory holder with 431 properties at the end of the quarter valued at $27.9 mil.

(38018) Cordova South leads the county in foreclosure inventory value with $55 million followed by (38125) Southeast Shelby County with $51.1 million.

Fannie Mae is the leading inventory holder with 502 total properties in inventory at the end of the quarter valued at $56.4 million.

Review our Market Trend Reports here!

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

Wendy Uncategorized appraiser, banker, foreclosure, foreclosure notices, foreclosures, lender, market, real estate, real estate agent, realtor, realtors

The total number of home sales for June was 1,570, up 22% from June 2009! 

Wendy Uncategorized appaisers, appraiser, foreclosures, home sales, Memphis, new homes, real estate, real estate agent, realtor, realtors, residential, Shelby County

There were 468 residential foreclosure in April across Shelby County, up 38% from April 2009.

The average foreclosure amount and average appraisal amount were both up as well to $36,712 and $128,656 respectively.

1,116 foreclosure notices were issued, down 1.9% from April 2009.

The Top Foreclosure Inventory Holders were Fannie Mae with 504 properties in inventory at the end of April, HUD with 345 properties and Deutsche Bank with 244 properties. These inventory holders were also the Top Residential Sellers for the month with a combined total of 199 properties sold valued at almost $10 million.

The leading zip codes for foreclosure inventory were Frayser (38127), Westwood (38109) and Raleigh (38128).

Wendy Uncategorized appraiser, appraisers, april, april 2010, foreclosure, foreclosure notices, foreclosures, lenders, Memphis, realtor, realtors, Shelby County

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.

Wendy Uncategorized appraisers, builder, builders, developer, developers, housing, housing inventory, housing market, Memphis, new construction, new homes, new housing, new housing inventory, new housing market, real estate, realtor, realtors, Shelby County

There were 1,154 total home sales for November, up 17% from November 2008.

Of those sales, 771 were Non Bank Sales up 47% from 2008 where almost half of the sales for the month were Bank Sales.

November sales totalled more than $144 million and the average sales price was $125,086, up 3% from October.

There were only 88 new home sales for the month, down 27% from the prior month.

ZIP Codes with the most home sales were: 38016 (Cordova North), 38117 (East Central/Poplar Perkins), and 38128 (Raleigh)

Click here to review our full set of Residential Market Trend reports.

Wendy Uncategorized appraiser, home sales, home values, market trends, Memphis, property values, real estate, realtors, residential sales, Shelby County

Foreclosures were up slightly in July 2009 with 552 total compared to 543 in June.

The area with the highest incidences was Raleigh-38128 up 29% from June with a total of 52 foreclosures in July and an average tax appraisal value of $80,517.

The total number of foreclosure notices issued in Shelby County was fairly consistent with June seeing only a 1% increase, Frayser being issued the most notices (102).

The ZIP Codes with the highest inventory of foreclosed properties include: Frayser (38127), Westwood (38109), Raleigh (38128) and West Person/Elvis Presley (38106) with a combined total of 1,561 properties valued at over $89 million.

Fannie Mae had the most foreclosure inventory at the close of July with 383 properties valued at almost $40 million.

Click here to review all of the Market Trend Reports from Chandler Reports. Contact wendy@chandlerreports.com to receive monthly Foreclosure Analysis Data.

Read the latest article on foreclosures from The Daily News.

Wendy Uncategorized appraisers, foreclosures, july 2009, local real estate, Memphis, real estate, realtors, Shelby County