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.
Commercial sales were up 61% in July with 66 sales recorded compared to 42 in July 2012.
Average commercial sales prices were down 70% in July to $732K compared to $2.4 million last July.
Through the first 7 months of the year overall commercial sales are up 5% and average sales prices are down 35% from the same period last year.
Multi-family has had the most sales revenue through July, $177 million of which $172 million was apartment sales.
The largest commercial transaction recorded in July was the sale of the Riverdale Bend Shopping Center located at 7114 Winchester Road in Southeast Memphis for $6.2 million. The retail shopping center was purchased by Riverdale Market LLC on July 2nd. Click here to read the full details of the transaction.
In the first 7 months of 2013 sales of Office properties are up 9% and Multi-Family are up 2% from last year while Vacant Land, Retail and Industrial property sales are down.
Vacant Land (102), Warehouses (60) and Apartments (45) have had the most sales by property type through July.
Click here to download our latest Commercial Market Conditions reports.
Residential Foreclosure Analysis
Residential foreclosures were virtually unchanged in August with 317 recorded compared to 318 last year.
The average amount of a foreclosed property was $81,491 and the average tax appraisal value was $122,466, both down from August 2012.
Year-to-date foreclosures are down 14% from the same period last year.
Foreclosure activity was down in August for most municipalities. Arlington and Millington had slight increases while the city of Memphis had an 8% increase.
Foreclosure notices were down 23% for the month with 495 recorded compared to 640 last August.
Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 234 homes valued at $11.5 million. Frayser was a close second with 228 properties. Southeast Shelby County (38125) had the most foreclosure inventory revenue with $23 million.
Fannie Mae owned the most foreclosed properties with 372 total valued at $40 million.
Click here to download our Detailed Foreclosure Analysis reports.
New Housing & Builder Activity
New home sales were up 33% in August with 81 sales recorded compared to 61 recorded in August 2012.
The average sales price of a new home was up 12% from last year to $293,903.
Year-to-date new home sales are up 15% and average new home sales prices are up 6%.
Arlington (22), Collierville (19) and Cordova South (11) had the most new home sales recorded for the month.
557 new home permits were filed through the end of July, up 1% from last year. Arlington has had the most new home permits filed through the first 7 months of the year with 118 total averaging $243,303.
Through the first 7 months of the year, Regency Homebuilders is the top builder based on new home sales and new home permits with 124 new home sales recorded averaging $226,900 and 137 new home permits filed averaging $221,159.
Click here to download our New Housing Inventory & Analysis reports.
Mortgage Trends & Lending Analysis
859 residential loans were filed at the time of sale in August, up 3% from last year.
The average mortgage amount was up 20% to $181,021 with an average sales price of $202,881 making the average loan to value ratio 89%.
Collierville had the most loans recorded at the time of sale with 95 total averaging $254,023.
542 loans filed were conventional fixed rate, 212 were FHA fixed rate, 35 were VA fixed rate and 17 were short term loans, loans due within one year.
The top lenders in August based on the total number of residential loans filed at time of sale were Magna Bank with 73 loans, Community Mortgage Corp with 59 loans and Patriot Bank with 53 loans.
Click here to download our Residential Lender Analysis reports.