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VOL. 127 | NO. 76 | Wednesday, April 18, 2012

March Permits Improve 47 Pct.

By Sarah Baker

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Last month proved to be a positive one for local homebuilding activity, with a 47 percent increase year over year in new home permits.

Shelby County homebuilders in March filed 75 permits averaging 3,224 square feet and $243,143, according to real estate information company Chandler Reports, www.chandlerreports.com.

That compares to 51 permits filed in March 2010, which averaged 3,062 square feet and $221,174.

Regency Homebuilders LLC filed the most permits of any other builder in March by far, with 22 averaging 2,886 square feet and $210,719. Charles Morgan of Vintage Homes LLC filed the second highest amount of permits, with eight averaging 2,652 square feet and $183,714.

Just as in the first quarter, the ZIP code with the most activity was Collierville’s 38107, with 21 permits averaging 3,440 square feet and $305,905. It was trailed by Arlington’s 38002 ZIP code, which had 19 permits averaging 3,560 square feet and $243,780.

Meanwhile, the highest performing subdivision last month was again Rolling Meadow, with seven permits averaging 2,787 square feet and $248,143.

Builders sold just 50 homes in March, averaging $275,237 and totaling $13.8 million in sales volume. That compares to 68 homes sold by builders in March 2011, averaging $238,114 and totaling $16 million; and 106 sold in March 2010, averaging $211,367 and totaling $22 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 324 13,221
MORTGAGES 107 477 17,235
FORECLOSURE NOTICES 0 62 3,362
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 64 273 12,616
BUSINESS LICENSES 22 87 4,576
UTILITY CONNECTIONS 71 487 19,380
MARRIAGE LICENSES 0 94 4,003

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