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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 89 322 8,071
MORTGAGES 93 381 9,580
FORECLOSURE NOTICES 31 81 1,439
BUILDING PERMITS 236 688 17,295
BANKRUPTCIES 52 207 5,613
BUSINESS LICENSES 35 143 3,091
UTILITY CONNECTIONS 28 128 3,378
MARRIAGE LICENSES 27 120 1,808

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