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Posts Tagged ‘Shelby County’

Memphis & Shelby County August Home Sales Update

September 9th, 2013 Comments off

Home Sales

1,710 home sales were recorded in August, up 15% from 1,483 in August 2012.

Average home sales prices were up 12% to $139,223 from $124,726 last year.

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

Bank sales accounted for 16% of total home sales for the month and were down 31% from last August with 275 recorded. Year-to-date bank sales are down 20% from the same period last year.

24 out of 33 zip codes in the county had an increase in overall sales activity in August and 27 zip codes had an increase in average sales prices.

51% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 300% from last year with 3 recorded compared to 0 recorded in August 2012.

Click here to download our Residential Market Conditions reports.

You may review our complete Pulse Report covering all residential and commercial sales activity, foreclosure analysis and mortgage trends here: http://conta.cc/17FkIoZ

Click here to subscribe to our FREE monthly Pulse Report covering Memphis & Shelby County real estate trends.

 

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.

July Residential Foreclosure Analysis-Memphis & Shelby County

August 15th, 2013 Comments off

Residential foreclosures were down 18% in July with 287 recorded compared to 350 last year.

The average amount of a foreclosed property was $84,802 and the average tax appraisal value was $116,999, both down 2% from July 2012. 

Year-to-date foreclosures are down 15% from the same period last year.

Foreclosure activity was down in July for virtually every municipality. Arlington and Germantown had slight increases while the city of Memphis had an 18% decrease. 

Foreclosure notices were down 15% for the month with 561 recorded compared to 659 last July. 

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 239 homes valued at $11.6 million. Frayser was a close second with 231 properties.

Fannie Mae owned the most foreclosed properties with 372 total valued at $40 million.

Click here to download our Detailed Foreclosure Analysis reports.

July Home Sales Update for Memphis & Shelby County

August 8th, 2013 Comments off

There were 1,694 home sales recorded in July, up 19% from 1,420 in July 2012.

Average home sales prices were up 10% to $156,310 from $142,180 last year.

Year-to-date home sales are up 10% and average sales prices are up 10% to $136,552.

Bank sales accounted for 15% of total home sales for the month and were down 20% from last July with 260 recorded. Year-to-date bank sales are down 18% from the same period last year.

22 out of 33 zip codes in the county had an increase in overall sales activity in July and 26 zip codes had an increase in average sales prices.

43% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 100% from last year with 6 recorded  compared to 3 in July 2012.

Click here to download our Residential Market Conditions reports or click here to read our Pulse Report for a review of commercial sales, foreclosure activity, new housing and builder trends and activity with mortgages and lending.

2nd Quarter New Housing Inventory & Analysis

August 2nd, 2013 Comments off

Review the latest trends in new housing and builder activity for Memphis & Shelby County including Top Builders, Top Subdivisions, Builder Ranking and much more!

New Housing Inventory Analysis & Charts - Shelby CountyNew Housing Inventory Builder Ranking ReportNew Housing Inventory Subdivision SummaryNew Housing Inventory Builder Summary

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.

Master Your Market: Mid-Year Review

July 18th, 2013 Comments off

Shelby County home sales are on the rise and foreclosure activity and bank sales are historically low. Attend our “Master Your Market: Mid-Year Review” on Thursday, July 25th at the Memphis Marriott East from 3:00PM-4:30PM to learn about the latest real estate trends in Memphis and Shelby County.

Guest speakers Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 property tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the status of new housing and builder activity.

Eric Barnes, Publisher for the The Daily News and The Memphis News, will present Chandler Reports market trends and will moderate the event.

The cost is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive an electronic copy of the presentation along with copies of our most popular 2nd Quarter trend reports.

Please click here for additional details or to register.

2nd Qtr 2013 Commercial Market Trends

July 12th, 2013 Comments off

Commercial Market Conditions - Shelby CountyOur 2nd Quarter 2013 Commercial Market Trends Reports are now available for download! Review all commercial sales and foreclosure activity in Memphis and Shelby County by zip code.

Reports include:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups
  • Commercial Sales by Property Type
  • Commercial Sales by Zip Code – Bank v. Non-Bank
  • Commercial Sales by Property Type – Bank v. Non-Bank
  •  

    Click here to download today!

    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!

    April Real Estate Update

    May 13th, 2013 Comments off

    Home Sales

    April was a great month for local real estate! Home sales were up 20% from last year with 1,337 sales recorded compared to 1,113 recorded in April 2012.

    Average home sales prices were up 7% to $128,797 from $120,376 last year.

    Bank sales accounted for 25% of total home sales and were down 1% from last April with 333 recorded.

    Year-to-date home sales and average sales prices are both up 10% from the same time last year.

    25 out of 33 zip codes in the county had an increase in overall sales activity and 25 of 33 zip codes had an increase in average sales prices.

    54% of all home sales in April were valued under $100,000 with 728 total, up 14% from 636 in April 2012.

    Home sales over $500,000 were up 71% with 24 filed for the month compared to 14 last year.

    Click here to review our April Residential Market Conditions reports.

    Commercial Sales

    Commercial sales were up 6% at the end of the first quarter with 196 recorded compared to 185 during the first quarter of 2012.

    Average sales prices were up 28% to $1.3 million compared to $1.0 million last year.

    Automotive, Entertainment, Industrial, Office and Retail properties all had increases in sales activity. Multi-Family, Churches and Schools and Land/Agricultural sales were all down from the prior year.

    The average prices for Industrial and Office properties were up 145% and 143% respectively.

    Vacant Land Over 1 Acre (33), Warehouses (29) and Office Buildings (18) had the most sales by property type.

    The largest commercial transaction recorded in the first quarter was the sale of the Villas at Grays Creek and the sale of the Carrington at Houston Levee in Cordova. The apartment complexes sold for a combined $44.8. Click here to read the details of the transaction.

    Click here to review our Q1 2013 Commercial Market Conditions reports.

    Residential Foreclosure Analysis

    Residential foreclosures were down 4% in April with 371 recorded compared to 387 last year.

    The average amount of a foreclosed home was $86,153 and the average tax appraisal value was $115,660, both down 2-3% from April 2012.

    Foreclosure activity was down in virtually every municipality. Memphis had a slight increase of 3% and claimed the most foreclosures with 292 total.

    Foreclosure notices were down 13% for the month with 601 recorded compared to 692 last April.

    Westwood (38109) had the most foreclosure inventory at the end of the month with 238 homes valued at $14.6 million. Frayser (38127) was a close second with 229 homes in foreclosure inventory totaling $12.3 million.

    Fannie Mae owned the most homes in foreclosure inventory with 410 valued at $51.9 million.

    Click here to review our Detailed Foreclosure Analysis reports.

    New Housing & Builder Activity

    New home sales were up 5% in April with 69 sales recorded compared to 66 last year.

    The average sales price of a new home was up 11% to $280,585.

    Year-to-date new home sales are up 15% and average new home sales prices are up 10%.

    Collierville (18), Arlington (10) and Southeast Shelby County (9) recorded the most new home sales for the month.

    123 new home permits were filed in the first quarter of the year down 39% from Q1 2012. Arlington had the most new home permits filed for Q1 with 50 total averaging $246,667.

    Regency Homebuilders was the top builder for the first quarter with 54 new home starts and 43 new home sales averaging $219,510.

    Click here to review our New Housing Inventory & Analysis reports.

    Mortgage Trends & Lending Analysis

    667 residential loans were filed at the time of sale, up 10% from last April.

    The average mortgage amount was up 10%from last year to $159,275 with an average sales price of $183,354 making the average loan to value ratio 87%.

    Collierville had the most loans at time of sale with 68 total averaging $272,973.

    386 loans filed were conventional fixed rate, 176 were FHA fixed rate, 31 were VA fixed rate and 12 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 60 loans followed by Magna Bank with 47 loans and Wells Fargo with 37 loans.

    Click here to review our Residential & Commercial Lender Analysis reports