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Walnut Creek real estate news

November 21st, 2009 · In The News, Real Estate, Real Estate Markets

WCThe Walnut Creek real estate market, located in the greater San Francisco Bay region, has seen a few encouraging signs in the past few months, pointing to indications that the market may finally be on its way back to recovering from the price slashes suffered from the bursting of the U.S. housing market bubble and the economic crisis.

According to statistics in the Contra Costa Times, in the week ending Oct. 25, 2009, there were 15 home sales in Walnut Creek. The prices of the real estate in Walnut Creek that sold range from $159,500 to $886,000. The median sale price was $400,000, while the average sale price was $430,400. Much of the increased activity in homes for sale in Walnut Creek can likely be attributed to those wanting to take advantage of the opportunity to buy a home while they are still eligible for the government’s tax credit for certain first-time home buyers who meet eligibility requirements.

Home sales were up in the Bay Area during September, as were sale prices, as nearly 8,000 homes and condos were sold, an increase of 4.8% from August and up by 8.4% from September 2008, according to the Contra Costa Times. The median price was $365,000 for the whole of the Bay region, a 1.4% gain from August but 8.8% lower than 2008’s September prices.  In Contra Costa County, in which Walnut Creek is located, 1,607 homes were sold in September, up from 1,587 in August but almost 10% lower than sales in September 2008. The median price for a home sale in the county was $262,000, a drop of 12.7%.

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Sarasota real estate update

November 20th, 2009 · In The News, Real Estate, Real Estate Markets

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The Florida real estate market has been hit quite hard by the collapse in the bubble that was the U.S. housing market. Since the fall of Lehman Brothers in September 2008, which essentially marked the beginning of the onslaught of bad economic news and recession, most markets in Florida have suffered greatly and seen their values heavily diminished. Sarasota real estate is no exception, as it has fallen from its 2007 levels.

547417330Located on the southern Gulf side of the peninsula, Sarasota has seen mixed signals in recent months. According to the Herald Tribune, which quotes market statistics compiled by John Lafabregue at RE/MAX Alliance Realty in Sarasota, new listings in October are down from 2008 levels by 29%, though listings are up slightly by 5% from last month’s figures. Total listings of homes for sale in Sarasota in October are down by 32% from 2008. The inventory is expected to stay down from 2008 levels, however, as homebuyers took advantage of the government’s program to stimulate the housing market by offering tax credits of up to $8,000 to select first-time homebuyers.

Sales are continuing to climb, as sales in October were up by 37% from October of 2008, and up a further 27% from this September, as buyers rushed to close before the Nov. 1 expiration of the tax credit. Through 2009 thus far, sales are up 37% as well as real estate in Sarasota continues to rebound.

The condo market shows similar signs. New and total listings were down, by 8% and 18%, respectively, from 2008 levels in October. Sales were up 88% in October of this year versus October of last year, a very positive sign, though that level is actually eclipsed by this year’s September sales figures by 33%. Through the year, condo sales are up 17% from last year’s levels.

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Cincinnati market update

November 19th, 2009 · In The News, Real Estate, Real Estate Markets

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Strongly situated in the Midwest region, which has not suffered the kinds of huge plunges in real estate values that many markets on the coasts have witnessed, the Cincinnati real estate market is quite strong when compared with the rest of the country. In fact, the city was recently ranked fourth nationwide for the highest home price increase in a four-month period ending Aug. 25, according to data from Clear Capital Inc., a Truckee, Calif.-based real estate valuation analysis firm, says the Business Courier of Cincinnati.

1d0c75a5-24df-45e3-a572-de17df1fa001Over that four-month period, the national data showed a 7.3% gain in housing prices. Meanwhile, homes for sale in   showed an increase of 21.4%. The Midwest had a strong showing in the survey, with other Midwestern cities Cleveland, Columbus, Louisville, Milwaukee, Chicago and Minneapolis also in the top 10. “The Ohio markets didn’t have the runup,” Sean McSweeney, director of product management for Clear Capital’s data unit, told the Business Courier “They didn’t have a lot of speculative buying, so they didn’t have the big decline.”

Foreclosed residential properties still made up 24% of real estate in Cincinnati for sale in September, but that figure has fallen from 26%  in August, and the inventory is expected to continue to thin out as buyers rushed to take advantage of the government tax program offering incentives of up to $8,000 for select homebuyers. Current inventory stands at seven-and-a-half months’ worth.

Overall, home prices in the Cincinnati area are down 21% from their peak prices, which came in 2005. The median sales price for a home in the area in the third quarter of this year was recently reported at just under $132,000, according to the Cincinnati Enquirer, up 24% from the price in the first quarter but still down 3.2% from 2008 figures.

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Maryland real estate update

November 19th, 2009 · In The News, Real Estate, Real Estate Markets

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Though Maryland is the state with the highest median household income of any state in the U.S., its high levels of income could not exempt it from exposure to the ill effects of the subprime mortgage crisis and the subsequent crash of the U.S. housing market and ongoing recession. Real estate in Maryland ranges from multimillion dollar homes in the cities like Annapolis and Baltimore, to large farm homes in the hills of Appalachia and historic houses on the shores of the Potomac River.

Maryland real estate has improved in 2009 over the many drops and setbacks suffered in 2008. According to the Maryland Association of Realtors, to date, there have been 4,662 homes sold this year, an increase of 2008 figures at this time of 9.6%. Much of the increase can be attributed to the increased buyers spurred on by the government’s stimulus program, offering tax incentives of up to $8,000 for qualified first-time homebuyers.

Though sales volume is up, prices are down, which has also encouraged more buyers into the market as homes they previously felt were out of their price range have now fallen to attainable levels. The average price to date for homes for sale in Maryland this year is $294,686, down 9.5% from 2008’s figure of $325,565. Median prices also are down this year to date, standing at $261,718, down 3.7% from last year’s median price of $271,767.

Inventory has improved in Maryland as well though, as the increase in sales volume has begun to clear out some of the excess of homes on the market here. As of September 2009, there were just under 44,000 homes for sale in Maryland, down from just over 51,000 in 2008. Of course, Maryland’s markets vary by region and buyers interested in the markets there should more closely examine the cities in which they are interested. For example, though average prices are down by nearly 50% in Kent, prices in Allegany are actually up this year by almost 24%.

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Tucson real estate update

November 18th, 2009 · In The News, Real Estate, Real Estate Markets

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Arizona has been one of the states hit the hardest by the falling home prices amid the U.S. financial downturn. Tucson is no exception, as the market has experienced serious price declines and a glut of foreclosures on to the market. However, indicators are turning more positive recently than they have been in recent months, pointing to signs that real estate in Tucson may be on its way to recovery.

VentanaCanyonVentanaCanyonVentanaCanyonTucsonAccording to the Tucson Association of Realtors October 2009 report, in September, there were 945 sales, down 2% from September of last year and down 3.6% from August. Pending sales, however, showed a huge jump year-over-year, with 1,333 sales, an increase of 59.5% from 2008 figures and up by 4.6% from August, as more and more buyers try to get in to take advantage of the government tax incentive program offering up to $8,000 in rebates to qualified first-time homebuyers.

Though sales are up, sale prices are still not where sellers would like them to be, as homes for sale in Tucson in September went for an average price of $196,755, down by over 9% from last year’s price at the same time. There were just over 6,000 active listings in September, down by 23.5% from last year, showing that some of the overstock of inventory is being bought up and moved off the market.

Foreclosures have been flooding the local market and higher unemployment has hurt local homeowners in Tucson. According to the Arizona Star, the Tucson real estate market has a current foreclosure rate of one of every 340 homes. That rate is higher in some outlying communities, such as Marana, where on of every 74 homes has been foreclosed upon, Vail, one of every 54, and Sahuairta, where it was one in every 56 homes.

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Nashville real estate market

November 18th, 2009 · In The News, Real Estate, Real Estate Markets

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The Nashville real estate market, like many markets in the South, has experienced a severe repositioning since the onslaught of the U.S. financial collapse and resulting recession. Over the past couple of years, the market has experienced declines in home prices, lower sales volume, higher inventory and more foreclosures as homeowners grapple with the effects of the recession.

nashvillehomeIn recent months, real estate in Nashville has begun to stabilize a bit, with smaller fluctuations in prices and sales volume. While prices nationally are predicted to continue falling over the next year, prices of homes for sale in Nashville are expected to fall at a smaller clip. Nashville’s home prices have risen 2.9% from the first to the second quarter of this year, according to the Nashville Business Journal. However, prices are still off 3.5% over the year, and the Journal quotes Fiserv as saying Nashville’s prices will fall another 4.3% over the next year.

David Stiff, a chief economist with Fiserv, said “many temporary factors that were partly responsible for string spring and summer real estate markets, including the first-time homebuyer tax credit and Federal Reserve actions to drive down mortgage interest rates, will no longer be bolstering demand. Consequently, home prices will resume falling again before they stabilize in 2010.”

Homes are also still spending more time on the market before selling. According to The Tennessean, Nashville’s largest newspaper, the average number of days for a home on the market in Williamson County in September was 100, an increase of 12 days from figures from 2008. Sales volume was also down 10% in the county in September versus 2008 sales, showing this market still has a way to go before it emerges from the ill effects of the economy around it.

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Durham real estate news

November 17th, 2009 · In The News, Real Estate, Real Estate Markets

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Nationwide, real estate seems to be on a rebound as of late, with home sales in September up by the highest margin in nearly 30 years, according to the Charlotte Observer. Volume rose 9.4% in September, putting national sales now up 24% from where they were in January of this year.  The Durham real estate market, like so many others, is experiencing similar effects.

5844920The number of homes for sale in Durham that sold in September was up by 6% from sales figures in September 2008 but down by 6% from August’s figures, according to the North Carolina Association of Realtors, which includes real estate data for the Triangle region of Raleigh, Durham and Chapel Hill in one category. Though sales were up over the year in the month for the triangle, home prices are still sagging, with average home prices still down by 14% from prices in 2008, and total money spent on residential real estate transactions in the area down by 9% in September year-over-year.

Examining figures more closely, real estate in Durham seems to reflect the trends of the wider triangle region. According to the Durham Region Association of Realtors, in September the city posted 825 homes sold, down slightly from the 875 sold in August but up from 2008’s volume of just 752. Unlike many markets, however, Durham real estate is actual seeing increases in home prices, gradual as they may be. The average sales price was up 1.4% in September to just over $282,000 from August’s average of $278,400, which was also an improvement by 5.5% from September 2008 figures of just under $267,500.

The association reports that September’s sales volume in Durham is the city’s strongest ever September on record, a sign that this market is hot and picking back up, with many interested buyers flocking to find good deals. Active listings are down by 36% from last year’s available stock as more and more homes are snatched away, particularly as many buyers race to take advantage of the government’s tax rebate program offering up to $8,000 to certain first-time home buyers who meet set qualifications. That program is set to end Nov. 30, unless Congress extends it.

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San Clemente real estate market

November 16th, 2009 · In The News, Real Estate, Real Estate Markets

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Though lying in Southern California, the site of some of the hardest-hit real estate markets anywhere, the San Clemente real estate market has seen some substantial gains in recent months and seems poised to be on its way back to more stable levels than it has experienced during the downtown. San Clemente lies in Orange County, a location noted for its luxurious real estate properties — and the prices to match.

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Recently, sales have been picking up in the seaside community, with five gains in sales volume over the past six months putting the year on track to best the previous year. Of the homes for sale in San Clemente, in the community’s first ZIP code in September, 32 homes were sold, an increase of more than 113% from September of 2008, according to DQ News. Prices seem to be climbing their way back up as well, as the median sales price in September was $607,750, up by 26.5% from last year’s median price in September. In San Clemente’s other ZIP code, sales were up as well, though not quite as strongly, increased to 47 homes sold, up by 30.6% from 2008 volume. The median sales price in this ZIP code, however, actually fell slightly, down by 10.6% to $665,000.

aerial_72fullAccording to the local Hartanov Team of realtors, there are currently 568 residential homes for sale in San Clemente. To date, this year there have been 546 homes sold in the community, with an average sales price of just over $711,000. There were 119 new listings of real estate in San Clemente in September, compared with last year’s figure of just 107.  Foreclosures are one area that may still plague the region, however, as Orange County now has a 6.85% rate of mortgage holders who are 90 days or more overdue on their loans, a rise of 77% from the previous year, according to the Orange County Register.

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Anchorage real estate market

November 14th, 2009 · In The News, Real Estate, Real Estate Markets

7546-2Though physically far from the mainland U.S., the Anchorage real estate market is not far enough to be immune from the ill effects of the U.S. housing market’s burst bubble and ensuing recession. Recent months have found an increased inventory and more homeowners finding themselves underwater on their homes, as well as falling prices, though the market has not been plundered as many in the mainland have.

According to local realtor Cecelia Nims, in October, there were 930 homes for sale in Anchorage, which is a lower inventory than was seen over the summer, when those numbers were higher by a couple hundred. Houses are now spending an average of 87 days listed before selling, though the time tends to be longer for higher-priced homes and less for more moderately priced houses. The current average sales price in Anchorage is $297,400, down 3.91% for the year, and down around 11% from highs experienced during the 2004-05 era.

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Fellow Anchorage realtor Pauline Hofseth reports on the average time for homes on the market. Homes in the  $180,000 to $225,000 are currently running at about a three months’ supply, while homes in the $225,000 to $300,000 are running four months’ supply and represent 26% of the community’s market. The $300,000 to $350,000 range homes have about 4.5 months’ inventory and make up 15% of the market. The highest value homes, those in the $400,000 to $750,000 range, however, represent 40% of the current inventory, and are generally taking between seven and 11 months to sell. Real estate in Anchorage even higher than $750,000 can take anywhere from one to three years to sell.
The condo market is active as well, with a three- to four-month supply in the $130,000 to $200,000 range, and a nine-month supply in the  $200,000 and $225,000 range. Condos costing more than $225,000 are spending almost a year on the market or more, on average. The areas in Anchorage worst hit by the market decline, Ms. Hofseth reports, are Lake Otis southeast Anchorage, north Anchorage (Mt. View), Girdwood, and Chugiak/Peters Creek.

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Ashland real estate market in Oregon

November 13th, 2009 · In The News, Real Estate, Real Estate Markets

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In the past couple of years, the Ashland real estate market has suffered many of the common hits markets around the country have suffered since the onset of the U.S. financial crisis: increased inventory and foreclosures, major price drops, and decreased sales volume. Though some problems, such as foreclosures and lower sales prices, are still plaguing the area’s market, sales volume has greatly picked back up and recovery seems to be just beyond the horizon.

A01B790193According to the local Daily Tidings, sales volume in September for Jackson County, in which Ashland is located, was up, marking the eighth straight month when the figures rose. The statistics the newspaper cites are compiled by the Southern Oregon Multiple Listing Service and include data from July through September. During that time, sales of existing homes for sale in Ashland were up by 26.6% from 2008’s figures.

Much of the uptick in sales volume is attributed to first-time home buyers looking to snatch up a good deal, helped along by the government’s stimulus program offering up to $8,000 in tax credits to select, qualified buyers. “As long as the prices are down, the houses are definitely selling,” Kathy Tinsley, an agent with Coldwell Banker Pro West Real Estate, told the paper.

One figure that’s yet to recover in real estate in Ashland is sales prices. In September, the median sales price in the county was $185,000, down from $213,000 in the same month of 2008. The median price for the three-month period ended Sept. 30 was up slightly, however, to $189,700. Prices for real estate in Ashland remain down 12.9% from prices last year, but over the past six months, the median price has risen 7.8% to $345,000, according to the Daily Tidings.

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