VOL. 129 | NO. 145 | Monday, July 28, 2014
Master Your Market Seminar to Examine Housing Trends
By Amos Maki
Real estate industry professionals will have the opportunity this week to learn more about major trends in the local real estate market, including residential and commercial sales, new housing, foreclosures and lending practices.
Real estate information company Chandler Reports, www.chandlerreports.com, will host its 2014 mid-year Master Your Market seminar Wednesday, July 30. The event will be held from 3 p.m. to 4:30 p.m. at the Memphis Marriot East, in the Noble Ballroom.
The presentation will include market trends reports covering residential and commercial sales, foreclosure activity, new housing analysis and trends in lending.
“Attendees will receive a comprehensive overview of local real estate trends and the guest panelists will provide them with additional insight into new housing, lending and residential real estate,” said Wendy Greenlaw, Chandler Reports business development manager.
Kim Grant Brown, president of the West Tennessee Home Builders Association, will present the latest trends in new housing and building activity.
Builders are facing several challenges, including a lack of affordable, quality lots. Some builders were able to scoop up cheap lots from bank sales following the building bust, and those lots are now running out. Stricter lending standards, demographic changes and first-time homebuyer wariness left over from the housing crash are also challenging the industry.
Those factors have sent Shelby County’s homebuilding industry off to a slow start in 2014.
Through the first six months of the year, builders have pulled 436 permits, down 17.6 percent from 529 permits pulled over the same period last year.
Builders sold 194 homes in the second quarter, up 23.6 percent from 157 homes during the first quarter but down 22 percent the 294 homes sold in the second quarter of 2013.
Steve Young of Keller Williams Realty Inc., who will discuss the residential sales market at the seminar, said despite colder temperatures that lingered into April, excessive rains in May and June and concerns over the economy, the market has remained relatively healthy.
Through June, 7,460 homes have been sold in Shelby County, down 2 percent from 7,608 homes sold through the first six months of 2013. The average sales price of a home through June was $143,713, up 9 percent from $132,149 over the same period last year. The sales volume through the first half of the year was $1.072 billion, up from $1.005 billion over the same period last year.
“I think we’re lucky to be where we are,” Young said. “Three years ago we would have been giddy over that.”
Pat Sandlin, president and CEO of Community Mortgage Corp., will discuss the latest lending trends.
Year-to-date, the metrics for Shelby County’s mortgage market all are running above where they were at this point in 2013. The number of mortgages has grown from 3,857 to 3,923 during that period; the average mortgage amount is up from $164,892 to $172,255; and volume has grown from almost $636 million to almost $676 million.
Eric Barnes, publisher of The Daily News and The Memphis News, will serve as the event moderator and will present Chandler Reports market trends and reports. A question-and-answer session will follow each presentation.
Attendees will receive an electronic copy of the Chandler Reports presentation along with copies of the most popular trend reports. The cost is $10 for Chandler Reports subscribers, $15 for non-subscribers.
Anyone interested in attending “Master Your Market” can contact Greenlaw at 528-5273 or firstname.lastname@example.org.
Chandler Reports is a division of The Daily News Publishing Co. Inc.