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North Virginia Real Estate Report

January 22nd, 2010 · Real Estate Markets

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A generally high-priced market, the supply and demand of real estate in North Virginia has undergone significant changes since the U.S. began suffering economic woes and found itself in a full-blown recession. The market seems to have fared better in 2009 than 2008 though, and as the year comes to a close, onlookers are optimistic that 2010 will be better.

According to the Northern Virginia Association of Realtors, in November, there were 1,567 homes and condos sold in the area, an increase of more than 42% from last year. Most of the increased volume has been brought upon by buyers looking to take advantage of the government stimulus measure offering up to $8,000 in tax rebates to qualified first-time home buyers. The program was so successful that Congress recently extended it past its Nov. 1 deadline and opened it up to a broader range of buyers.

The average days homes for sale in North Virginia are spending on the market has fallen as well, to just 50, a decline of 45%, from 91 in 2008. Pending home sales, too, are up, to 1,534 in November this year from 1,458 of last year. Year to date, 2009 is on schedule to outpace 2008 in terms of sales volume. There have already been 17,686 homes sold in Northern Virginia in 2009, more than 2008′s total of 16,070.

Most real estate markets, though also experiencing increases in activity, are seeing declines in home prices. However, North Virginia real estate is actually seeing a stabilization and even slight increases in home values. In November, the average sales price was $428,581, up 1.3% from last year’s average. Meanwhile, the median sales price was $374,000, up 11.6% from last year’s median. http://nvar.com/LinkClick.aspx?fileticket=lSCx34qhmsI%3d&tabid=574&mid=1454

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Cape Cod Real Estate Market News

January 13th, 2010 · Real Estate Markets

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Cape Cod real estate continues to struggle as a result of the economic turmoil brought about by the recession that began in the fall of 2008. The region in Massachusetts continues to suffer from dramatically declining home prices and home sales. However, recent weeks have shown an increase in mortgage filings, suggesting that the increase in refinancing activity may mean some improvement in the months to come. Many high-end communities offering luxury homes are especially suffering from dropping property values. However, some properties, often oceanfront homes, have maintained a steady value and sometimes even sell for more than the original selling price. Commercial real estate has also remained fairly strong in terms of median sales prices.

The Cape Cod Times has reported that Barnstable, one of the most notable communities in the Cape Cod region has suffered sharp declines in median prices totaling over $1 billion. Both residential and commercial properties in Barnstable have suffered drastic declines in value, averaging a 7.9 percent decline from the previous year. Many experts note that these large drops in property values will most likely result in a tax exemption increase for many Barnstable residents. The median property value for a home in Barnstable is not $311,150, a 6.4 percent decline from $342,600 in the previous year. However, real estate experts have also noted that the rate of foreclosures in Barnstable have also stabilized. Other neighborhoods throughout the Cape Cod region have also suffered large property value drops, sometimes as much as 12 percent.

For the region as a whole, the Cape Cod Times has reported that Cape Cod real estate prices are beginning to level off, showing smaller amounts of declines in the recent months. In August, the median sales price in Cape Cod was $295,150, a 1.6 percent decline from August 2008. The gap between this year’s and the previous year’s real estate prices is steadily decreasing. The number of home sales in Cape Cod has also decreased 7.8 percent from 490 in August of 2008 to 452 in August of 2009. However, recent months have also shown an influx in mortgage filings, marked by a 24.2 percent increase between August of this year and August of the previous year. Experts believe that the favorable low interest rates have been the main incentive for the recent increasing in refinancing activity. Many real estate experts believe that the recent increase in mortgage filings may be a sign that recovery is near.

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Miami Beach Real Estate Market News

December 28th, 2009 · Real Estate Markets

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Miami was one of the hardest hit cities in America by the recession of 2008, but recently, many real estate experts have reported optimistic signs of the bottoming out of the residential real estate in Miami Beach. However, real estate experts are still extremely worried about the struggling commercial real estate in Miami due to high vacancy rates and the threat of another wave of foreclosures coming. The luxury home market also continues to struggle as prospective homebuyers are only gobbling up the “bargain” priced properties, especially with the local government offering incentives for those who purchased distressed properties. Although median prices are still well below previous years’ levels, it seems that the Miami Beach real estate market is beginning to make a comeback as it gains more momentum with increasing numbers of sales.

According to the Miami Herald, many realtors are beginning to see signs of life returning to the Miami real estate market. As real estate markets throughout South Florida post strong gains, most realtors note that most of these gains are only in the lower priced housing range, about $300,000 or less. Houses selling for less than $100,000 are even starting bidding wars and often selling for more than their list prices. However, median home prices continue to remain below last year’s averages. In October, the median price for Miami real estate was $178,500, down 28 percent from the previous year. Sales of single-family homes increased by 26 percent from a year ago, and condo sales in Miami increased by 47 percent from a year ago. However, homes and condos in the luxury market continue to struggle to find sales.

The South Florida Business Journal reported that despite recent improvements in the residential real estate in Miami, commercial real estate continues to struggle. As of June 2009, commercial real estate sales dropped 77 percent compared to that of the previous year. What’s worse is that many experts believe that another wave of foreclosures in the commercial real estate market is near, even though lenders have postponed that from happening due to inclinations to restructure loans rather than foreclose. Although the residential real estate in Miami is improving, many experts believe that the region is still a ways away from a full recovery of the Miami real estate market.

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Colorado Real Estate Market News

December 18th, 2009 · Real Estate Markets, Uncategorized

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The Colorado real estate market continues to suffer from one of the highest rates of foreclosure in the United States, although it does seem to be making at least a gradual effort towards recovery. According to a November 19, 2009 article from the Associated Press in Denver, “Colorado had a record-high number of new foreclosures in the third quarter, when new filings hit 12,468. The quarter ending Sept. 30 was the fourth consecutive quarter in which new foreclosure filings increased. For the year so far, new foreclosure filings in Colorado are up about 18 percent compared to the same period in 2008. The news isn’t all bad, though. Housing officials say Thursday that there are fewer completed foreclosures this year. The total number of completed foreclosures fell 8 percent during the first three quarters of the year when compared to the same period last year.”

In a small bright spot for Colorado homes for sale, the state dropped out of the top ten in foreclosures nationwide. According to a November 12, 2009 article in the Northern Colorado Business Report, “Colorado came in at No. 11 among the states with the highest foreclosure activity in the month of October, dropping out of the top 10 for the first time since March, when it placed No. 12, according to a report by Irvine-based RealtyTrac. The October report shows Colorado’s foreclosure activity dropping by 18.75 percent from September and 6.08 percent from October of 2008.” On the other hand, mortgage rates have fallen, presenting an opportunity for prospective buyers, according to a November 26, 2009 article in the Denver Business Journal. It noted that “Colorado home mortgage rates continue to sink this week, reaching 4.54 percent on a 30-year fixed loan Wednesday, according to Zillow Mortgage Marketplace.”

Home sales of real estate in Colorado continued to remain slow, according to a November 23, 2009 article in the Denver Business Journal. The piece, by Mark Harden, found that “Home resales in Colorado and other western states rose 1.6 percent in October from the previous month and are up 12 percent from a year earlier, the National Association of Realtors reported Monday. The West’s rate of increase in sales of existing homes lagged the nation as a whole, which saw a 10.1 percent sales jump in October from the previous month and a 23.5 percent increase from October 2008, NAR said.”

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Fort Worth real estate market news

December 16th, 2009 · Real Estate Markets

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The Fort Worth real estate market is very closely linked to that of the larger city of Dallas, meaning that in general it is facing mixed messages. According to a November 12, 2009 article in the Dallas Business Journal by Bill Hethcock, “Annual home foreclosure postings have reached new annual highs in the Dallas-Fort Worth area, topping 60,000 for the first time. From January through the upcoming foreclosure auctions in December, 61,676 homes have been posted for foreclosure – a 23-percent increase over last year’s 50,324 residential postings, which was the previous annual record, according to information compiled by Addison-based Foreclosure Listing Service Inc. Fourth-quarter residential foreclosure notices in the D-FW area jumped 31 percent to 16,747, compared to 12,752 for the same quarter last year. For the upcoming D-FW foreclosure auctions on Dec. 1, some 5,253 homes have been posted for foreclosure.”

25_2_sotherby_resize_1Fort Worth home sales increased substantially in the month of October, according to a November 10, 2009 article in the Dallas Morning News. The article, written by Steve Brown, found that “Pre-owned home sales in North Texas were up 11 percent in October from a year ago – the first year-over-year gain since September 2008 and the best sign yet the local housing market has turned the corner. Real estate agents sold more than 6,300 single-family homes through the Multiple Listing Service last month, according to numbers released Monday by the Real Estate Center at the Texas A&M University and the North Texas Real Estate Information Systems. October’s increase was only the second year-over-year rise in home sales in three years.”

Another perspective on real estate in Fort Worth was reported by another article in the Dallas Morning News. According to this piece, written on October 28, 2009, “Dallas-Forth Worth pre-owned house prices were down just 1.2 percent in August from a year ago, according to a closely-watched national index released Tuesday. It was the smallest annual decline in almost two years for the Standard & Poor’s/Case-Shiller’s Home Price Index. And on a month-to-month basis, the index showed an increase for the sixth consecutive month. D-FW home prices in the report reached the highest point since September 2008.”

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Palm Desert real estate market news

December 15th, 2009 · Real Estate Markets

200704uglyhomeThe Palm Desert real estate market is closely related to the real estate market of the Coachella Valley and the nearby larger city of Palm Springs. According to a November 5, 2009 article in the Desert Sun, “The inventory of existing homes for sale in the Coachella Valley is the lowest since December 2005 as home sales rose 1.2 percent in September over September 2008, the California Desert Association of Realtors reported today. The median price was $159,810 in September, down from $199,810 in September 2008. Prices dropped 20 percent in September over the same period a year ago…The desert experienced a more traditional summer season: an overall slower paced period in most economic sectors. There were 5,630 homes in inventory in September, down from 7,740 homes in September 2008, according to the Desert Area Multiple Listing Service, the real estate industry’s consumer-oriented standard for existing and some new home sales throughout the Coachella Valley and high desert.”

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The prognosis for Palm Desert home sales seems to be looking up leading into the holiday season based on similar news for the commercial sector, according to a November 8, 2009 article also in the Desert Sun. The piece, written by Debra Gruszecki, found that “The Coachella Valley’s 2009 holiday forecast is a bit like a gift sent from that beloved, but eccentric out-of-town aunt: You’re hopeful, but you’re just not sure what’s really beneath all the wrapping. As holiday decorations and the accompanying sales signs start to multiply as desert retailers, merchants are holding their breath that recent good news on Wall Street and other sectors of the national economy will result in a not-so-humbug shopping season here.”

Real estate in Palm Desert will likely be facing higher home prices in the upcoming months, according to a third article in the Desert Sun, this one published on November 14, 2009. This piece noted that “Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover, the National Association of Realtors said Friday…Patrick Veling, founder and president of Brea-based Real Data Strategies, said it’s difficult to say how the Coachella Valley scene will play out when stacked against national projections, because ‘all real estate is local’ and, as such, is driven by the local economy.”

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Las Vegas Market News

December 10th, 2009 · Real Estate Markets

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The Las Vegas real estate market, which was one of the hardest hit during the most intense periods of the nationwide economic recession, seems to be showing some signs of recovery, although Sin City certainly still faces numerous challenges in getting back on the road to economic health. According to a November 10, 2009 article in the Las Vegas Review-Journal, Single-family home sales continued to post big numbers in October and median prices rose for the second straight month, the Greater Las Vegas Association of Realtors reported Monday. There were 3,535 home sales during the month, a 5.3 percent increase from September and a 30.1 percent increase from the same month a year ago. The median price climbed to $139,100, up from $138,000 in September and from $135,500 in August. It’s down 26.8 percent from a year ago. Inventory remained steady at nearly 21,000 units, though most of the listings are contingent or pending sale, the Realtors group said.”

Las Vegas homes for sale are enjoying a relatively stable environment, as evidenced by somewhat constant home prices. According to a second article in the Las Vegas Review-Journal, written by Hubble Smith, “Home prices in Las Vegas have plummeted more than 50 percent from their 2006 peak, but have stabilized over the last five months as the ‘phantom’ inventory of foreclosures held by banks never materialized. The median price of 4,254 recorded resales in October was $125,000, down just $250 from the previous month, Home Builders Research reported Wednesday.” According to a November 18, 2009 article by News Radio KXNT, “The local housing market continues to see a slight uptick after more than a year of sharp decline. According to new figures from the group Home Builders Research, sales of existing homes in the Las Vegas Valley topped 4,000 for the fifth straight month in October, and are up by 47% for the year-to-date, compared with the same period in 2008.”

One potential problem spot for real estate in Las Vegas was reported by an article in Bloomberg published on November 12, 2009 – “Nevada had the highest foreclosure rate for the 34th consecutive month, with one in 80 households receiving a filing.”

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Birmingham Real Estate

December 7th, 2009 · Real Estate Markets

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The Birmingham real estate market seems to be making something of a recovery, although the fundamental indicators of the region are not enough to declare a full-blown reversal in the market’s fortunes. According to a November 23, 2009 article in the Birmingham Business Journal, “Home sales in Alabama last month experienced the first positive year-over-year increase since July 2007, said the Alabama Center for Real Estate. According to the center’s statewide home sales report, 3,589 homes sold in the state in October. That’s nearly 3 percent higher than September and more than 13 percent higher than October of last year. The center’s Executive Director Grayson Glaze said in an e-mail the last time the month of October saw a positive year-over-year percentage was four years ago, when it was nearly 15 percent.”

On the other hand, a number of Birmingham homes for sale are so-called “short sales”, at least according to a November 12, 2009 article by Jerry Underwood in The Birmingham News. The article noted that “Foreclosure activity across Alabama rose slightly in October compared to the month before, according to RealtyTrac, a firm that monitors mortgage defaults. RealtyTrac counted 2,447 default notices, scheduled foreclosure auctions and bank repossessions in Alabama last month, up 1.5 percent from September. The rise from October 2008 was 193 percent, a figure that could be swelled by more thorough reporting, the firm said.” Another article in the Birmingham News published on November 5, 2009 found that “Foreclosure rates for the Birmingham area rose during September, mortgage researcher First American CoreLogic said today.”

A November 29, 2009 article published by WZTV Fox 17 indicated mixed figures for real estate in Birmingham. According to the piece, originally published by the Associated Press, noted that “Recent sales data shows Birmingham’s housing market is coming back but experts say it’s too early to get overly excited about an uptick. Last month, metro area home sales showed their first year-over-year increase in well over a year. The Birmingham Association of Realtors said 933 homes were sold, up 13 percent from October 2008…For October, the Birmingham area’s median price rose 8 percent over the year-ago period to $142,500, while the average price fell 5 percent to $160,266.”

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Newport Beach Real Estate Market

December 3rd, 2009 · Real Estate Markets

newportbeachThe Newport Beach real estate market continues to face conflicting signs, although it is arguably the strongest-recovering market in the entire country. According to a November 27, 2009 article from Michael Gerrity of the Real Estate Channel, “According to the California Association of Realtors (CAR), home sales increased 1 percent in October in California compared with the same period a year ago, while the median price of an existing home declined 3.2 percent. ‘Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market,’ said C.A.R. President Steve Goddard. ‘However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010.”

Newport Beach home sales, as well as those in Orange County and the rest of the Golden State, increased steadily during the month of October, according to a November 25, 2009 report released by the California Association of Realtors. The press release noted that “Closed escrow sales of existing, single-family detached homes in California totaled 562,400 in October at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 1 percent from the revised 557,050 sales pace recorded in October 2008. Sales in October 2009 increased 5.9 percent compared with the previous month.”

Perhaps the brightest news for real estate in Newport Beach came from an article written by Jon Lansner in the Orange County Register. The piece, written on November 25, 2009, found that “Housing markets in four Newport Beach ZIPs enjoyed Orange County’s biggest improvement in their Zippy market-strength rankings in the third quarter…Newport Beach 92663 had the biggest gain, up 74 spots to 4th place in the third-quarter Zippy rankings. The four Newport gainers by no means suggests that there was something magical about seaside property in the past quarter. Dana Point‘s two ZIP codes could be found among the 10 ZIPs with the biggest declines in Zippy rankings.”

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Portland real estate news

November 28th, 2009 · Real Estate Markets

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The Portland real estate market is generally trending towards a recovery, although some weaknesses remain, especially in the realm of home price figures. According to a November 11, 2009 article in the Oregonian, “The Portland area and Oregon are still doing better than the national average in mortgage delinquencies and foreclosures. But the troubles here are growing worse at a faster than the nation in the September report from First American CoreLogic. Portland’s delinquency rate was 5.99 percent in September, Oregon’s 4.97 percent and U.S. 7.27 percent. But since September 2008, the delinquency rate in Portland and Oregon has grown more than twice as fast as the nation’s. The foreclosure rate growth shows a similar but slightly less dramatic spread…Portland-area single-family home prices fell 12.2 percent in the third quarter compared to a year earlier, the 33rd biggest decline in the National Association of Realtors existing home prices report.”

aspen-2According to another article in the Oregonian, this one written by Ryan Frank, Portland home sales rose considerably in the month of October. The November 12, 2009 article found that “Portland home sales rose surprisingly fast in October thanks to relatively low interest rates and the federal tax credit for home buyers. The Regional Multiple Listing Service’s report provides further signs the housing market is stabilizing after hitting record lows last winter. But economists continue to warn of a second but smaller housing slowdown once the federal government pulls back on incentives. Congress recently agreed to continue home-buyer incentives to July 1. The Portland region’s primary home listing reported Thursday that the number of closed sales rose 37 percent from a year ago to 2,009.”

Real estate in Portland is now facing declining home prices, according to a November 12, 2009 article in the Portland Business Journal. The piece noted that “Portland home prices fell 12.6 percent in October compared to the same month last year, according to data released Thursday by the Regional Multiple Listing Service. Despite the drop in prices, inventory hit its lowest point since August 2007. It would take 6.5 months to sell the 13,101 homes on the market in Portland. A six-month inventory is considered healthy.”

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