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Posts Tagged ‘residential’

Shelby County’s Top 5 Home Sales of 2012

January 15th, 2013 Comments off

There were 5 home sales recorded in Shelby County in 2012 that were over $2 million. Home sales over $1 million were up 50% from last year with 33 recorded compared to 22 in 2011.

Following are Shelby County’s Top 5 Residential Transactions of 2012:

Chandler Reports 

1335 HERON OAKS CV  – HERON OAKS SUBDIVISION. SOLD FOR $2,000,000($182.40/SQFT) ON 8/31/2012.
6539 COTTINGHAM  – EASTWOOD MANOR SUBDIVISION. SOLD FOR $2,030,000($245.23/SQFT) ON 6/20/2012.

 

231 CLOISTER GREEN  – RIVER OAKS-8 SUBDIVISION. SOLD FOR $2,375,000($239.29/SQFT) ON 6/8/2012.

2344 JOHNSON RD  – DOGWOOD GROVE/M SUBDIVISION. SOLD FOR $2,200,000($219.65/SQFT) ON 4/26/2012.
298 CLOISTER GREEN  – RIVER OAKS-8 SUBDIVISION. SOLD FOR $2,100,000($194.35/SQFT) ON 2/27/2012.

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.

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!

Announcing our New “Pulse Report”!

September 7th, 2012 Comments off

Pulse Report Header-Large

We are excited to announce the premiere of our new “Pulse Report”, hitting Inboxes Monday, September 10th!

This complimentary report provides a snapshot of local real estate activity keeping you informed of trends across Memphis and Shelby County.

Derived from our Market Trends reports, this monthly report provides you an update on residential and commercial sales activity, foreclosure trends, new housing analysis and mortgage and lending trends.

You can subscribe to this free report on our homepage, www.chandlerreports.com.

“Master Your Market” Seminar Overview

August 3rd, 2012 Comments off

“Chandler Seminar To Cover Housing”

An article by Sarah Baker of The Daily News

Real estate information company Chandler Reports is hosting its “Master Your Market: Second Quarter Update” event for local agents, appraisers, builders, investors and bankers Thursday, Aug. 9.

The event is slated for Thursday from 3 p.m. to 4:30 p.m. at The Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, behind City Hall next to the tennis courts.

Topics of discussion will include Shelby County residential and commercial sales, foreclosure analysis, new housing activity and mortgages.

The keynote presentation will be from Shelby County Trustee David Lenoir, who will discuss the economic impact of vacant, foreclosed and tax-delinquent properties and what kind of solutions can be provided to the problem.

“There have been a few studies out there in terms of the economic drag, if you will, on how these properties impact neighborhoods and the prices in those neighborhoods,” Lenoir said. “So (discussing) whether it’s just maintaining Shelby County, keeping it financially strong and reducing some of the debt, but then also talking about some of the down payment assistance programs, what the Land Bank is doing and how a tax sale works.”

In the trustee’s office, Lenoir deals with real estate and tax collections of real estate property and personal business property. His presentation will serve as a precursor to several “real estate road shows” the trustee’s office is rolling out in the coming weeks, which will talk about how the tax sale process works and the current inventory of Shelby County property that the Land Bank owns.

Lenoir said defining the state of the county’s foreclosure inventory is a difficult task.

“I don’t think we have a ways to go, but I’m not willing to step out and say that we’ve hit the bottom, ” he said. “It’s a challenge, just due to the reporting process, to really know where we are in foreclosures. (It depends on) how aggressive are the banks, and they seem to change monthly in terms of what they’re doing with foreclosures.”

Following Lenoir’s presentation will be remarks by Eric Furhman, president and managing broker of Crye-Leike Commercial. He will be speaking about the local commercial market and what his office is experiencing with sales and leasing activity.

The cost to attend the seminar is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive copies of the most popular market trend reports and will be emailed the full presentation.

To register, visit www.chandlerreports.com. For questions, contact Wendy Greenlaw, Chandler Reports business development manager, at 528-5273 or wendy@chandlerreports.com.

June Home Sales Report

July 16th, 2012 Comments off

Home sales were up 6% in June with 1,327 homes sold compared to 1,247 last year.

The month closed with $188 million in revenue up 17% from $161 million in June 2011.

Average home sales prices were up 10% to $142,341.

2nd Quarter figures are showing major improvements from last year with sales up 11% and average sales prices up 9%.

Year-to-date home sales are up 15% from the same period last year and average sales prices are up 2% to $120,262.

Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 4%
  • 38103-Downtown up 20%
  • 38104-Midtown, up 4%
  • 38111-University up 23%
  • 38118-Oakhaven/Pkwy Village up 8%
  • 38119-Quince/Ridgeway up 14%
  • 38120-River Oaks up 25%
  • 38133-Bartlett/Brunswick up 7%

Bank sales accounted for 27% of total home sales in June with 352 recorded, up 12% from last year. Year-to-date bank sales are up 13%.

53% of home sales were valued under $100,000. 

Sales over $1,000,000 were up significantly with 11 recorded for the month compared to 1 last June.   

Collierville (38017) had the most home sales for the month and the most revenue with 102 sales totaling $29.4 million.

New home sales were down 25% from last June with 63 recorded compared to 84 last year. New home sales prices were up 12% to $255,464.

Year-to-date new home sales are down 3% from the same period in 2011 and average new home sales prices are up 9%. 

Foreclosures were down 9% from last June with 303 recorded. The average amount of a foreclosure was unchanged at $81,000 and the average tax appraisal value of a foreclosed home was up 11% to $119,000.

Foreclosure starts were down 23% from last year with 638 notices filed compared to 825 in June 2011.

Click here to review all of our complimentary Residential Market Trend reports for June and 2Q 2012.

 
Join us Thursday, August 9th from 3:00PM-4:30PM at The Germantown Great Hall & Conference Center for our “Master Your Market: 2nd Quarter Update” where we’ll review all of our 2nd Quarter market trend reports including residential and commercial sales, foreclosures, mortgages, new housing activity and more! Register today!

May Lender Analysis Report

June 14th, 2012 Comments off
There were 786 residential loans filed at time of sale, up 31% from last May, totaling $117 million.
 
The average loan amount at time of sale was $148,849, up 3% from $144,088 in May 2011.

 

407 loans were conventional fixed rate with an average mortgage amount of $168,138.
 
225 loans were FHA fixed rate with an average mortgage amount of $141,102.

The average sale amount on a residential loan was $169,983 making the average loan to value ratio 88%, virtually unchanged from last year.

The majority of loans (26%) were between $50,000-$99,999.

There were two residential loans filed at time of sale that were over $1 million.

The Top Lenders by total number of residential loans at time of sale were: Community Mortgage (96 loans), Magna Bank (55 loans) and Guild Mortgage Co. (43 loans). 

The Top Lenders by total number of all residential loans, including refinances, were: Wells Fargo (166 loans), Regions Bank (111 loans) and Magna Bank (104 loans).

Commercial loans at time of sale were also up, by 38%, with 29 filed averaging $991,103 and totaling $28.7 million. 

The Top Lenders by total number of loans for commercial loans at time of sale were: Renasant Bank (4 loans), Landmark Community Bank (3 loans) and Triumph Bank (3 loans).

Click here to view our complimentary Residential Market Conditions trend reports.
 
Contact us to subscribe to our monthly Lender Analysis reports ($25/month). 

 

May Home Sales Report

June 8th, 2012 Comments off
Home sales up 25%!
Average sales prices up 4%!
  

May closed with 1,383 total home sales up 25% from last year!

Total sales revenue for the month was $171 million up 30% from $132 million in May 2011.

Average sales prices were up 4% from last year to $123,975.

Year to date home sales prices are up 17% from last year and average sales prices are holding steady at $115,140.

Over 50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 4%
  • 38028-Eads up 20%
  • 38103-Downtown up 17%
  • 38104-Midtown, up 6%
  • 38111-University up 23%
  • 38118-Oakhaven/Pkwy Village up 13%
  • 38119-Quince/Ridgeway up 18%
  • 38120-River Oaks up 4%
  • 38133-Bartlett/Brunswick up 5%
  • 38134-Bartlett up 3%
  • 38135-Bartlett/Ellendale, up 4% 

Bank sales accounted for 27% of total home sales in May with 368 recorded, up 15% from last year. 

57% of home sales were valued under $100,000. 

Sales over $500,000 were up 23% with 26 recorded compared to 21 in May 2011. There were 4 home sales over $1 million, the same as last May.

Cordova-North (38016) had the most homes sales with 91 recorded totaling $11.4 million. 34% of those sales were bank sales.

Collierville (38017) had the most home sales revenue with $24.5 million across 86 sales. Compared to last May, Collierville had an increase of 39% in total sales and an increase of 9% in their average sales prices ($284,819).

New home sales were up 6% from last May with 51 recorded averaging $237,513.

Year to date new home sales are up 2% from the same period in 2011 and average new home sales prices are up 8%. 

Foreclosures were up 22% from last May with 399 recorded. The average amount of a foreclosure was down 13% to $77,115 and the average tax appraisal value of a foreclosed home was down 15% to $105,387.

Foreclosure starts were up 8% from last year with 716 notices filed compared to 663 in May 2011.

Arlington (38002), Millington (38053) and Downtown (38103) all had large increases in their foreclosure notice activity.

Click here to review all of our complimentary Residential Market Trend reports.
 
Contact us to subscribe to our additional Market Trend reports including: Commercial RE Market Conditions, Detailed Foreclosure Analysis, New Housing Inventory Analysis and our Residential & Commercial Lending Analysis reports.

Shelby County April Home Sales Report

May 10th, 2012 Comments off

Home sales up 2%!

Average sales prices up 14%!  

There were 1,116 home sales recorded in April up 2% from last year. Residential sales are up 14% for the first four months of this year compared to the same period last year. 

Total sales revenue for the month was $137 million up 16% from $118 million in April 2011. 

Average sales prices were up 14% from last year and up 5% from March to $122,572. Year to date average home sales prices are down slightly by 1% while overall sales totals are up 14%. 

50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 2%
  • 38018-Cordova South up 7%
  • 38103-Downtown up 24%
  • 38111-University up 38%
  • 38118-Oakhaven/Pkwy Village up 10%
  • 38119-Quince/Ridgeway up 24%
  • 38120-River Oaks up 11%
  • 38134-Bartlett up 5% 

Bank sales accounted for 29% of total home sales in April with 328 recorded, down 7% from last year.  

57% of home sales were valued under $100,000. 

There were 3 sales over $1 million compared to zero last April. The high-end home sales closed in 38117, 38119 and 38120. 

Arlington (38002) had the most homes sales with 69 totaling $13.6 million. 

Collierville (38017) had the most revenue with $18.3 million across 66 sales. 

New home sales were up 9% from April 2011 and up 2% from March 2012 with 62 recorded averaging $249,905. Year to date new home sales are up 1% from the same period in 2011 and average new home sales prices are up 9%. New housing continues to see positive momentum with an increase in sales activity and the number of permits filed.  

Foreclosures were up 2% from last April with 393 recorded for the month. The average amount of a foreclosure was down 7% to $87,780 and the average tax appraisal value of a foreclosed home was down 6% to $119,342. 

Foreclosure notices were down 24% from last year with 658 filed compared to 863 in April 2011. Only 5 zip codes saw an increase in foreclosure starts.  

Click here to view our complimentary Residential Market Trend reports.