While the recent news for the Shelby County real estate market has shown slow and steady growth, a recent report from the Memphis Area Realtors and Chandler Reports shows that the home sales as well as sale prices in Tennessee’s Shelby County have dropped 39 percent in July 2014 compared to July 2013.
The reports show 162 bank sales in Shelby County, down 39 percent from the 264 bank sales in July 2013. Through July, Shelby County recorded 1,373 bank sales, down 28 percent from 1,896 over the same period last year. Shelby County recorded 1,535 home sales in July, down 9 percent from 1,693 sales recorded in July 2013 and down 3 percent from the 1,586 sales recorded in June.
11 of the zip codes in Shelby County had an increase in overall sales numbers, with 20 zip codes experiencing a rise in sale price. Collierville’s 38017 ZIP code lead the way in sales, with 125 averaging $306,277. That was followed by 38118 (Oakhaven/Parkway Village), with 94 sales averaging $49,064, and 38016 (Cordova North), with 91 sales averaging $140,768.
Interested in moving to Memphis? The slow in sales might translate to the perfect time for you to pick your dream home without the hyperactive competitive nature that some other months boast.
According to a new survey, it seems the people living in Memphis are growing tired of a social media based world. While the data isn’t astronomical, it does show a shift in the way that the people of Memphis engage on social media sites. That trend was consistent when the survey asked the same question about visiting social media sites. Fifty percent say they visit a social media site “more than a few times a day.” But that also is a decrease from the previous year’s survey when 60 percent said they visit social media multiple times a day.
Most social media sites saw overall declines in the survey as well. The big winner was Facebook, which saw a 4 percent point increase in participation in the new survey, growing from 90 percent participation in 2013 to 94 percent in 2014. Photo-sharing site Instagram, which is owned by Facebook, was the other winner, growing from 48 percent participation in 2013 to 55 percent in 2014.
Ironically, despite the drop in social media usage, the amount of people claiming addiction to their smart phones was up, and almost half of the survey respondents rated their level of addiction at a 7 on a scale of 1 to 10.
For many years now, All My Sons has been a staple throughout the US, helping families and individuals move local and long distance jobs. But our hearts lie with the whole area, not just the people who hire us to move their valuables. Here in Memphis, we know how important it is to give back to our community. When our company was first started by Robert and Vauna Peterson, we began building a company rooted in charity, responsibility, and care.
Here in Memphis, All My Sons is involved with various charitable endeavors, such as partnering with St. Jude’s Children’s Hospital at Thanksgiving to help raise money for the facility and the countless children they help. We also work with St. Jude’s throughout the year with various fundraising activities.
We hope to continue to give back, and also to expand out charity work in Memphis as we head into the holiday season!
When people come to visit Memphis, it is common for them to find a reason to stay and call Memphis their new home. Memphis has a distinct character all its own that is charming and inviting for the people who live there. Living in Memphis has plenty to offer aside from the typical draws of BBQ, Graceland, Beale Street, and a hot music scene.
What is lovely about Memphis is that it is truly a city filled with neighborhoods. Here are our favorites:
Midtown: Located slightly east of downtown, it offers an urban lifestyle for people looking to live within the action
Colonial-Yorkshire: Subdivisions are the norm in this neighborhood located in East Memphis. In fact, this part of the city also has some of the largest homes in Memphis.
Hickory Hill: This middle class area is southeast of downtown and is a tight knit community.
Berclair: This working class area of town has affordable homes for families, and commonly have two and three bedrooms.
Looking to move to Memphis? These areas might be perfect for you!
According to a new study from Movoto, Memphis is among the top ten exciting places in Tennessee. Memphis ranked in at number eight in the study, which used criteria such as:
Nightlife per capita (bars, clubs, comedy, etc.)
Live music venues per capita
Active life options per capita (parks, outdoor activities, etc.)
Arts and Entertainment per capita (movie theaters, festivals, galleries, theaters, etc.)
Fast Food restaurants per capita (the fewer the better)
Percentage of restaurants that are not fast food (the higher the better)
Percentage of young residents ages 18 to 34 (the higher the better)
Population density (the higher the better)
Memphis is also young. Of the 646,900 residents or so, 26.62 percent of them are between the ages of 18 and 34. Memphis is also the second most densely populated place in the state, with over 2,000 people per square mile. To put that in perspective, that is about double the population of Nashville. Thinking of relocating to Tennessee? Consider moving to Memphis, where you will find plenty of people and plenty of activities to keep you busy.
Shelby County, which consists of several Tennessee cities including Memphis, experienced a drop in home sales in May compared to the same month last year and also from April. This data was compiled by the real estate information company called Chandler Reports, which also showed that Shelby County recorded 1,242 home sales in May, down 14 percent from 1,446 homes sold in May 2013, and the 1,242 homes sold in May were down 8.4 percent from the 1,356 homes sold in April. Year to date, overall home sales are down 5 percent but average sales prices are up 10 percent compared to the first five months of 2013. 23 ZIP codes in the county showed prices up 10 percent or more.
So what is causing the slack in sales? According to local experts, problems like low bank sales, low consumer confidence, low likelihood of full time employment and tougher lending rules have caused a stall in sales for a large amount of prospective buyers. Buying a home and moving to Memphis is still feasible for many, but a tightening of inventory levels is causing the prices to rise in the Shelby County area.
When it comes to real estate in the Memphis area, industrial vacancies are becoming hard to come by. Current vacancy in the Memphis real estate industrial market fell to 10.8 percent, the lowest point since early 2000. Class B spaces of 20,000 to 110,000 square feet are seeing strong activity due to expansions and new companies coming to Memphis. As far as industrial absorption, the CBRE Memphis reports it is at 897,829 square feet, a large portion of which is attributed to the construction of a 541,980-square-foot, build-to-suit, flagship distribution center for Home Décor and Jimco Lamps at 699 Research Drive. According to these findings, searching for industrial space and commercial warehouse areas in Memphis is becoming an increasingly difficult task for companies in the area looking to switch up office space, or outside companies looking to come to the region.
And for the office absorption? There are 54,989 square feet, making this past quarter the third straight one for positive absorption. Memphis vacancy rate for offices fell to 13.8 percent, marking the first time in 10 years that it has fallen below 14 percent. If you are looking to lease office space in Memphis, it is better to act sooner than later, as available space is quickly depleting from the available inventory on the local market.
As the market still struggles to regain stability after the housing crash in 2008, some markets are still geared towards investors due to the large amount of homes priced affordably for flipping and selling or for retaining as rental properties. The Memphis real estate market is one of these strong markets, according to Realty Biz News, which shares that the area still boasts inventory priced well below the national average, and the market has remained relatively stable thanks to a strong local job market. As of recent years, FedEx, AutoZone, and International Paper, along with other Fortune 1000 companies that utilize the central location of Memphis that benefits from railroads, highways, the Mississippi River, and the international airport.
In addition, Memphis is a large banking center, and it is also home to major science and technology businesses. Many investors from outside the state and from foreign countries are making the move to invest in Memphis while this real estate market is still very attractive. The money is coming from everywhere but is most notably from California and New York. Among the reasons is that Memphis is 19th largest city in the United States and the 3rd largest in the Southeast. With its diverse and strong economy, it continues to attract new people to the city and suburbs. Of course, that means more renters for investors.
Buying a home in Memphis is a smart move, as recent reports have shown that trends over the past few years have helped Memphis see property value appreciation to the level that Memphis is the top market for growth from 2011 to today, and future increases are predicted at 18.8 percent over the next few years.
While it is not a permanent solution for unemployment, it is certainly a temporary one. Memphis in May International Festivals is looking to fill more than 40 seasonal positions this spring. The jobs, which will run from the end of April through May, are for support staff for events that include Beale Street Music Festival, the World Championship Barbecue Cooking Contest and the AutoZone Sunset Symphony, among others. The economy here in Memphis is expected to improve throughout the year.
The unemployment rate in Shelby County remained at 8.4 percent in March, unchanged from February but down 1.3 points from the same month in 2013. State data showed that 35,190 people were unemployed in Shelby County in March.
Part of the stress of relocating to a new place, such as moving to Memphis, is finding a job. While these might not be jobs to stay at forever, they can be helpful in giving you steady work for a few months as you get settled. The events organized by Memphis in May International Festivals had an economic impact of more than $70 million in 2012, according to a release. Good luck in your application!
Memphis International Airport has lost its status as a Delta hub, but it’s gaining a new reputation for lower air fares—which is much more appealing in the eyes of tourists and airport officials who are hoping for a boost in traffic. The airport’s average domestic fares fell to $434 in the fourth quarter of 2013 from $487 in the same quarter of 2012, according to a new U.S. Department of Transportation report. That’s a drop of about $50 per ticket on average. Moving to Memphis? You might want to consider flying over (at a now discounted rate!) to check out the city, find a place to live, and visit some of the local hot spots.
Compared to the other top 100 airports in the U.S., Memphis had the 14th highest fares – down from No. 7 in the fourth quarter of 2012. The lower ticket prices are apparently bumping up traffic originating from and coming to Memphis, the release said. Origin and destination traffic is up nearly 65,000 passengers in fiscal year 2014 over the same period of fiscal year 2013.