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HOW IS REAL ESTATE SELLING IN YOUR AREA?????????????????????

Posted in Real Estate Bloggers By PHYLLIS BLOODWORTH, Tuesday, March 25, 2008.

Are things getting better in your market? I live in the chicagoland area and we have a lot of short sales and forclosures. There is much new construction in these areas and a lot of homes on the market and not selling. Many upkept homes that are in great shape have depreciated 2.6% and are sitting on the maket over 9 months. Tried many different ways to sell the home without much success. Buyers are looking at many more homes and still waiting for prices to go down. I think many of the sellers today have brought the prices down enough. You can't always get something for nothing. Let me know what you think!!!!!!!!!!!!!!!!!!!!

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Submitted by PHYLLIS BLOODWORTH on March 25, 2008 - 12:31pm.

Phyllis Bloodworth

 
Submitted by on March 25, 2008 - 12:37pm.

Please go to my website for a quick answer. I post numbers (very regularly) that tell the tale. Inventory is increasing; homes on market are overpriced.

Susie Blackmon
http://www.BuckingtheRealEstateTrend.com

 
Submitted by on March 25, 2008 - 1:39pm.

Some area's of Ann Arbor are moving quite well and other locations in the county are slow, slow, slow... But, my team has written several competing offers this weekend.

Missy Caulk
Ann Arbor, MI
Missy@MissyCaulk.com

www.AnnArborRealEstateTalk.com
www.SearchAnnArborHouses.com

 
Submitted by on March 26, 2008 - 5:01am.

Our area of Katy, Texas is located about 20 miles west of the Houston, TX city center. We are a large suburban area and benefit greatly from our highly recognized school district and our close proximity to the energy corridor, where a majority of the Houston-based Petroleum industry headquarters just happen to call home. To learn more about our area, go to my web site www.ChristiBorden.com .

South Katy Market Area Report
• The Katy area ranked #1 on the Houston Hotness Index because 15.1% of all of its listings went under contract in February 2008. This makes Katy the hottest market in Houston and one where sellers are definitely in the drivers seat!
• Single family home sales are down slightly in Katy by 2 units sold over February 2007 with 327 home sales or a decline of .61%.
• Contracts written in the Katy / Cinco Ranch area year-to-date are up by 9.97% with 271 units reporting a pending sale.
• Listings in the Katy / Cinco Ranch area are down by 33.14% with 908 listings currently on the market as compared to 682 listings this time last year.
• Katys average sales price is $238,991 which is up by 4.05% over last years average sales price $229,685.
• The median sales price for Katy, where half the homes sold below and half sold above the median is $207,010 and that is 3.56% higher than last year.
• The Katy / Cinco Ranch area has 3.8 months of inventory which is a sellers market and last year, but not as much as last year, which had 2.8 months of inventory. It takes an average of 71 days to sell a home in Katy and that is up slightly from last years 68 days.

That said, we are expecting a strong year due to several corporate moves to our area. While the rest of the nation in the past has been surging ahead with unimaginable increases in appreciation, we were always moving forward at a slow but consistent rate of 3 to 6%. Last year we had some areas that increased as much as 10% but that is not the norm for us. We are very fortunate to still have a strong market and to have weathered the current mortage industry chaos that has weakened so many areas in the US.

Your Katy, TX Realtor,

Christi Borden, CIPS, GRI, ABR
Prudential Gary Greene, Realtors
Email: Christi@ChristiBorden.com
Web: www.ChristiBorden.com
Cell: 832-372-7470

 
Submitted by Mott Marvin Kornicki on March 26, 2008 - 8:44am.

Our area, Bal Harbour, Aventura, Sunny Isles Beach, Surfside and basically Greater Miami in general has been getting alot of negative publicity in recent times. Indeed we have a high number of foreclosures and in my opinion these communities have been over-built with luxury highrise condominiums.

We are a world-wide destination and many foreigners are picking up bargains everyday. Our cities are a most popular tourist destination offering fantastic climate lovely beaches and some of the most beautiful intracoastal waterways.

Mott Marvin Kornicki, Broker

 
Submitted by Toby Boyce on March 27, 2008 - 4:11am.

Delaware County, Ohio - located just north of Columbus - has been on the "fastest growing lists" for nearly a decade.

So we have two markets emerging right now.

Established homes have experienced a slight drop in value (1-3%) and are still selling. They are unique homes that offer more for the buyer to differentiate their selection on than price.

The new-build developments are being hit with the double-whammy. They have the "usual" seasoning process of a new development with the foreclosures and drop in value -- then add on our current market set-up. These houses are viewed as a commodity by the general public and price per square foot is really the calling card. These are down in some areas up to 10%.

 
Submitted by Michelle Plevel on March 30, 2008 - 12:28pm.

Michelle D. Plevel
Fine Homes Broker/Consultant
Chase International
877.922.5900 Toll Free
mplevel@chaseinternational.com
www.FineHomesInReno.com
www.RenoRealEstateLogic.com

 
Submitted by Michelle Plevel on March 30, 2008 - 12:38pm.

Until recently, our market in the Reno-Lake Tahoe area has been running like a 4 x 4 with a couple of flat tires. But good news on the western front, business is picking up. I spoke with a fellow broker in the area and they noted that there are 40 pendings just in the last couple of weeks in our MLS. We are happy to see the lower level is moving agressively from $300-$400K which traditionally fuels the upper tier market here. If we can keep the developers from building new inventory, we should be out of the woods here.

Michelle D. Plevel
Fine Homes Broker/Consultant
Chase International
877.922.5900 Toll Free
mplevel@chaseinternational.com
www.FineHomesInReno.com
www.RenoRealEstateLogic.com

 
Submitted by on March 30, 2008 - 5:47pm.

Inventory is up and sales are down in most of the market. I have seen listings below 200k doing ok though. There's still a demand for those houses and apparently enough lenders still willing to lend on the lower and lower middle end of the market.

Our real estate research center at Texas A&M had these stats. These are comparisons from Feb 2007.

Austin
* 1,705 homes sold (10.5 percent decrease)
* Median price of $180,300 (1.6 percent increase)
* 4.7-month inventory

Joe

Great Hills Texas Real Estate Search | Flintrock at Hurst Creek Lakeway Homes for Sale

 
Submitted by on March 30, 2008 - 8:31pm.

Phyllis,
Things are improving but slowly. We are seeing homes in Orlando selling when they are priced around 10% below fair market value or in other words, at around 2004 price points. The people who are motivated and are not upside down on their mortgages have the greatest potential for selling. It is still a bit of a struggle to convince Sellers that the "glory" days of real estate are gone for now and that they must consider EVERY offer and must lower their expectations. It's pretty difficult but not impossible!
Cheers,
Linda Hutchinson
Stirling Sotheby's International Realty

 
Submitted by on March 31, 2008 - 8:32am.

Michelle mentioned her hope that builders would not add new inventory in her area.

We have dealt with this in the past in our Katy market. For a while, we felt the new state bird was the building crane as new homes were going up left and right without regard to the affect on the current market. This has been very hard on our area of North Katy (north of Interstate 10). The days on market, months of inventory and foreclosure rate in those areas are double those just south of the interstate - mostly due to the careless development of small neighborhoods with little character, tract homes, few amenities and little curb appeal.

South of the interstate, we are fortunate to have large master planned communities that have been well thought out such as: Cinco Ranch, Grand Lakes, Seven Meadows, Falcon Point, Greentrails, Kelliwood, Grayson Lakes, Woodcreek Reserve... just to name a few. So when considering Katy (the # 1 market in Houston) it is best to have guidance from a Realtor that knows the area very well as you could make a very costly mistake if you do not consider the neighborhood as important as the property itself.

Your Katy, TX Realtor,

Christi Borden, CIPS, GRI, ABR
Prudential Gary Greene, Realtors
Email: Christi@ChristiBorden.com
Web: www.ChristiBorden.com
Cell: 832-372-7470

 
Submitted by Phil Sexton on April 23, 2008 - 8:13am.

The question here in Phoenix: Is it improving or is it seasonal? We have been improving month over month since Jan - but that's normal. The encouraging part is that our local MLS currently has over 7,000 pending sales (1st time in a long time) and we already have 2,500 closings in April. If April posts a bigger number than March it will be the first time since 2004 that we have had increasing sales 4 months in a row. That's a good arguement that it's improving!

An interesting point is that over half of the sales are properties that are vacant (normally 20%ish). Which means we aren't converting as many sellers to buyers - we're just absorbing the banks and other investors inventory. That will make it a slower recovery, but if we can couple that with 'steady' we'll be good!

Phil Sexton - Agent Support
John Hall & Associates - Our Blog

 
Submitted by G Dewald | Union Street Media on April 23, 2008 - 8:41am.

Phil,

If you have access to enough data you could determine whether it was greater than usual seasonal growth through some fancy math and a little spreadsheet work.

Here's a link to an article about web analytics but you could just as easily apply the technique to any metric (pending sales, closings, dollar value, whatever).

Basically observing the pattern of change to see if it is outside the norm.

I would imagine someone would be doing this already but if not and you have a couple years worth of data and a metric, drop me an inmanmail and I can give it a whack (caveat: I'm a web analyst not a housing market analyst/forecaster).

G. Dewald | Union Street Media | USM Blog

 
Submitted by on April 23, 2008 - 9:37am.

We track real estate sales weekly by area & price range. This information is posted on our blog & is readily available for all to see.
http://www.johnsonteamrealestate.com/blog/index.php/category/bellingham-...

We offer an additional analysis that talks to the issue "have prices increased or decreased" the results have been fascinating. You can view the post here

http://www.johnsonteamrealestate.com/blog/index.php/category/relocation/

http://www.johnsonteamrealestate.com/blog/index.php/2008/04/03/bellingha...

Generally - Bellingham residential inventory is down significantly from last year with pending sales down as well. Buyers are cautious about stepping up to the plate to buy because of fear that prices will drop. As a Realtor, I think we really shoot ourselves in the foot with "Price Reduced" signs in that it sends a very clear message to the public, a message that is more reflective of a Seller or over zealous real estate agent pricing the property to high in the 1st place than it is a reflection of the market having dropped.

Your thoughts / comments are always appreciated.

Rich Johnson
360-319-3267
www.JohnsonTeamRealEstate.com

 
Submitted by Phil Sexton on April 23, 2008 - 9:45am.

G. Dewald-
Thanks for the offer to help analyze! I seem to have some personal 'Captcha' issues I need to figure out later - for now I'll just respond here.

The majority of the data I use is publicly available.

As far as the pending data - current figures are readily available, but past numbers are more challenging. We print out weekly reports to observe trends but haven't been documenting the pending numbers - hence the vagueness of the last time we've been at 7K.

BTW - The post you linked to took me back to my stats class at NAU. Thanks! I rarely use Standard Deviation in my trends analysis - but will probably click the magic button in Excel to see if I can get my charts to show anything interesting.

Thanks again!

Phil Sexton - Agent Support
John Hall & Associates - Phoenix, AZ

 
Submitted by Gloria de Gaston Boone on April 23, 2008 - 10:08am.

Gloria

It is very slow; but prices have not dropped as dramatically as other places.
Reston, VA

 
Submitted by on April 23, 2008 - 10:08am.

The Hoboken real estate market has been relatively strong throughout the credit crisis. We are still priced at less than half of comparable Manhattan properties and the commute from Hoboken to Manhattan is as short as 10 minutes so we're a very viable alternative. I do stats for my market on my blog which you can see at http://hobokenrealestatenews.com

The biggest changes have been:
1.) inventory is up - about 6 mo. absorption rate;
2.) prices are no longer rising - they are holding steady at about $500 / sq. ft. for condos (we have very few homes which are mainly brownstone row houses and are now selling in the $2 mil range);
3.) sellers still think their properties are worth more than they are; and
4.) buyers are waiting to buy thinking they are going to get some great bargain and it just ain't so!

Makes life as a realtor a bit of a challenge. . .

Lori Turoff
Robert DeRuggiero Realtors
Hoboken NJ
www.hobokensbesthomes.com

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