University Park Mote Ranch Area Sales (real estate market, 2014, foreclosure)

[lucky300]

I was just wondering how the real estate market is this spring. Last year when we were looking there was a lack of inventory and houses had multiple bids on them. Are things the same this year? Also, at least on Zillow, it looks like the value of the houses are going down - again not like last year at this time. Is the area experiencing another slow down?

I'm hoping some of the realtors on this forum might have some insight on this.

Thanks.

[bbronston]

For the area bounded by I75, Lockwood Ridge, University, and the Braden River:
Over the past 12 months, the number of residential listings has gradually but steadily grown.
The average list price is higher now than it was 12 months ago but it peaked between November and December and it slightly down again from April 2014.
The number of sales is quite a bit lower compared to last year and, although it goes up and down from month to month, we seem to have dropped quite a bit just recently which also means that Months of Inventory is now higher.

There's no way of knowing if properties are getting more or less multiple offers compared to last year except to just ask for individual opinions from a bunch of agents. IMHO, it happens sometimes but no more than last year, I think.

[photoman_6]

IMO, zillow has traditionally had very innacurate value estimates

[gypsychic]

Originally Posted by photoman_6

IMO, zillow has traditionally had very innacurate value estimates

That is an understatement for sure. NO ONE should look to Zillow for "zestimates." LOL

[Cardiff by the Sea]

Can't quit following the mls and zillow. Not interested in the same area as you. What I have noticed is a number of houses in the areas I am interested in have had price cuts. Makes me suspect that the market has slowed down a bit.

Here is interesting article on housing. I think the title about "housing bust" is just to get people to read the article.

It makes the point that [interest rates that are a point higher than last year] plus [sellers pushing the price envelope] are making housing less affordable and less attractive to buyers.


Robert Samuelson: Another housing bust? - The Washington Post

[macyny]

Zillow tells you what a house 'SOLD' for. I've noticed a fair drop in prices on the sold homes in the University area. Zillow is very good to get an idea what houses sold for in your neighborhood.

[Obrero]

I think I feel a slowdown as well. All my evidence is anecdotal but as an example - a house in LWR was finally reclaimed by the bank after a lengthy foreclosure process. It came on the market at (what I thought and I watch the area carefully) was a reasonable price. I checked it out and the house is very decent inside. Its been reduced twice now and it's still sitting - six months ago it would have been snapped up. Hmmmm.

[calico777]

Originally Posted by macyny

Zillow tells you what a house 'SOLD' for. I've noticed a fair drop in prices on the sold homes in the University area. Zillow is very good to get an idea what houses sold for in your neighborhood.

I agree, 'solds' are fairly accurate, the zestimate is not