Memphis TN May 2020 update

[Sean Tagge]

Hey guys just giving you some quick stats on May 2020 Memphis RE Market Update

• Shelby County Sales fell 21% in May
• 1,628 sales in 2019 YTD
• 1,294 sales in 2020 YTD
• Average sale price = $185,733 in May 2019
• Average sale price = $194,619 in May 2020 this gives us a 5% YoY YTD Appreciation

From our property management side where we manage 2900 doors here in Memphis. 
Our collections rate lagging 1-2% behind pre-COVID averages (avg pre COVID collection rate 97%) not as bad as we thought it would be.
Eviction courthouses have re-opened and at increased capacity we are getting non-paying tenants out of the houses.We only have ½ months of available properties for rent (53) lowest on record. High demand for rentals especially 4 bed houses. Lots of tenants are renewing leases instead of moving thus decreasing supply. 

Below is a chart from Costar - Memphis industrial space inventory is growing the fastest rate per % of inventory.