This winter was a tough one, and for many real estate insiders, the weather was also the cause of a slowed down real estate market in Memphis and beyond. Shelby County homebuilders filed 67 permits in February, down from 73 permits in February 2013 but up slightly from 64 permits filed in January, according to real estate information company Chandler Reports. Suburban locations in Shelby County continued to lead the way in homebuilding activity.
The Kensington subdivision in Arlington saw the most new home permits filed in February, with six averaging 2,858 square feet and $191,836. The Crisscross Village subdivision in Collierville came in second with five permits averaging 3,554 square feet and $249,900. The Porter Farms subdivision in Collierville recorded five permits, averaging 2,786 square feet and $245,200. Shelby County homebuilders filed 64 permits in January, up from 57 permits filed in January 2013 and 53 permits in December 2013.
The spring season is generally a strong time for the real estate market, so the next few weeks will be important in determining the year’s success overall for Memphis real estate.