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I would like as unbiased response as possible as to the condition
of the real estate market in your area.
I read lots of statistics and read lots of posts, but would like to get
a wide spread response "straight from the horses mouth".
Thanks.
Northern NJ - definite downturn, prices dropping SLOWLY, houses on market longer. if you're priced right though, you'll sell, so it's not like there's a small to non-existant pool of buyers. For every house that's been sitting for 6+ months (mostly new construction built within the last 2-3 yrs), I can show you another that sold within 2 months, close to asking. The house down the block from me sold within 30 days at 98% of asking price, which, when it came on the market, was priced too high, IMHO. I guess I was wrong, but bodes well for me! Foreclosures don't appear to be an issue here.
The Seattle areas r.e. market is still strong but has simmered down a little. Prices in King, Snomomish and Pierce counties are still rising but not like 3 or 4 years ago. Inside the city of Seattle prices just keep going up though not as much as 2 years ago. Average price inside Seattle is close to $500,000.
I live in Galveston, Texas and we are fortunate that the prices are holding steady. The area was way-undervalued 6 years ago when we bought; home prices have increased steadily since then. We are looking at selling more than double what we paid for our 4/2 historical home. Galveston is a unique community with 100-year-plus historical homes (ours) and $1million-plus waterfront beach/bay homes. We plan to go on the market this spring and buy in Virginia (where prices are falling) once we sell. One caveat; homes are staying on the market longer here, as a rule. But they ARE selling, and for much more than they did a few years ago. It is very dependent on the individual house/neighborhood. I know of one beautiful historical home, a few months ago, that sold in a week. I also know of another historical home, that needed work and was priced high IMO that took 6 months (and three price drops) to sell. I am confident that if we price our house reasonably, it will sell quickly.
San Antonio, Texas and the market here is GREAT GREAT prices are RISING and new construction is strong. Not to brag to much but how popular is Cali now.
South Dakota~our real estate market is doing fine. In fact, the Sioux Falls area has seen a gain and has outdone records for new home sales. It was a bit sluggish for a few months, but nothing major.
BUT we haven't had any huge booms or flippers or huge increases in prices so we're just holding pretty steady. We have an unemployment rate of 2.3% so I think that's partially helpful for keeping houses filled.
Location: Danbury CT covering all of Fairfield County
2,636 posts, read 7,432,146 times
Reputation: 1378
Northern Fairfield County,CT. Average sale price down about 1% of single family homes, down 3% on condos, but land down 19%. # of units sold for area single family homes down 9%, condos down 23% land down 40%. Total dollar volume in sales for single family down 10%, condos down 25% and land down 50%. My company's units sold are up 20% over last year and dollar volume in sales up 15%.
From the peak, 4th Quarter 2004, to today, the 4th quarter of 2007, prices in my neighborhood have declined about 15%. Some houses seem to stay on the market forever, while others have moved quickly. Within my zip code the number of homes on the market has tripled from about 50 to 150. However, 50 homes on the market meant 20% appreciation per year. 150 homes on the market has meant 5% depreciation per year.
The recent credit crunch caused by the sudden unpopularity of Collateralized Mortgage Obligations should cause prices to keep declining in 2008. However, rents are now rising faster than the inflation rate in San Diego, and soon, the traditional cost ratio between renting and buying should reestablish itself. My guess is 2009 or 2010, when home prices will have dropped 25% from their peak. That would bring prices back to their 2003 levels.
Last edited by kettlepot; 11-15-2007 at 06:53 PM..
Reason: subject-verb agreement
Location: Uniquely Individual Villages of the Megalopolis
646 posts, read 814,128 times
Reputation: 36
Quote:
Originally Posted by IggysListing
I would like as unbiased response as possible as to the condition
of the real estate market in your area.
I read lots of statistics and read lots of posts, but would like to get
a wide spread response "straight from the horses mouth".
Thanks.
For NYC the sharpest foreclosures are in the newly gentrifed Hells Kitchen section of Manhattan, and sections of Queens another borrough like Manh for the City.
Prices are holding steady here. You don't see any foreclosures but there could be a few.Within the state of Oregon it seems the prices are slowly inching up. There are more houses for sale then there used to be back a few years ago. Still prices are not going down most places.
At this point it's just nothing to be concerned about.
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