Foreclosures are still driving the market prices, but on the positive side, for the most part, they are being priced accordingly and are being sold relatively quickly, so there’s plenty of life in Wilmington NC Real Estate.

We have had several clients in the past week miss out on a home that is a foreclosure because they were not quick enough with an offer.  We are discouraging low ball offers on foreclosures since they are being priced to sell.  We are also recommending sellers to leave their homes off the market for a while unless they absolutely have to sell.

We are expecting things to slow down once the Holidays are among us. After Valentine’s Day, we still see a slight increase in activity.  It is usually around May or June when most of our out of town buyers will be coming into town to see what is available.  We are sure that 2011 will be a better year overall compared to 2010.

To get even more market data and stats you may also want to check out Data Quick.

The median price of Del Mar homes for sale also declined over the last year, according to a November 15, 2010 report from the San Diego Union Tribune. The article by Roger Showley noted that ‚ San Diego County single-family-home prices are facing an 8.5 percent fall over the next year now that buyers no longer have access to state and federal tax credits, Fiserv economists predicted Monday. Fiserv, which provides the data for the widely watched Standard & Poor’s/Case-Shiller Home Price Index, said San Diego prices rose 11.6 percent from the second quarter of 2009 to the second quarter this year. But a double-dip is now in the works for various reasons. That decline would place San Diego as the 40th worst housing market out of 384 studied. No. 1 biggest depreciation market is the Punta Gorda area of Florida, forecasted to drop 28.1 percent from its second quarter price of $135,000. The highest appreciating market is the Kennewick-Pasco-Richland area of Washington state, up 1.8 percent from $177,000 over the same period.

While Denver homes are selling better than in recent years, condo sales are lagging behind.  Historically, the condo market recovers later than the single family market, and that will remain true in this recovery as well.

Average Days to Sell and Average Prices
The average days it takes to sell a home in Denver remains low in comparison to the previous 3 years.  Although home sales in the upper price ranges are slow, the prices under $300,000 are selling briskly.  At least for now, the Denver real estate market is as healthy as it has been since 2007.

The average price of single family homes in the Metro Denver area continues to rise.  The January low point was consistent with previous years, and early anecdotal information indicates that March prices will continue to show improving averages.

Case-Shiller
While average prices in the Denver market continue to improve, the market has a ways to go to reach the high of  June 2006. The Case-Shiller report released in late February of 2010, showing comparative sales through 2009, indicates that Denver was only one of 6 cities surveyed by their index that showed a gain in property values during 2009. The index for Denver stands at 127.2, down from the high of 140 in June of 2006. Of course, for home owners that bought in January of 2000, when the index stood at its base of 100, a rise in value of 27.2 is very good indeed.

The Austin real estate market continues to be relatively affordable compared to other comparable cities throughout the United States. The city faces a mixed bag of real estate news, combining increased foreclosure rates with improved home sales and prices. This positive news was reported in a November 9, 2009 article from KVUE news, which found that the eight thousand dollar tax credit offered by the federal government to some homeowners has energized home sales in many suburban neighborhoods. A November 5, 2009 article in the Austin Business Journal also found that college students have a much easier time paying for off-campus housing at Austin compared to other cities. The piece found that “Austin is one of the most affordable college towns in the country when it comes to buying a home, according to this year’s Coldwell Banker College Home Price Comparison Index.”

Additional positive news for Austin homes for sale was offered by an October 26, 2009 article also in the Austin Business Journal, which found that “Austin area home prices have begun to stabilize, according to the Fiserv Case-Shiller Home Price Index, a home price trends analysis released by Fiserv, a financial services company. From the first quarter 2009 to the second quarter 2009, home values in Austin fell about 1.3 percent the report said. Home prices in the area have rise 0.1 percent in the past 12 months, the report said, but are projected to slowly decline over the next year with a forecasted negative 1.8 percent price change. Several markets in Texas, such as College Station, Brownsville, and San Angelo, saw increases of over 3 percent in home price values during the past year, according to the report.”

Unfortunately, some negative news was also reported for real estate in Austin by an October 16, 2009 article in the Austin American-Statesman, which stated that “More than 1,300 properties have been posted for foreclosure for the Nov. 3 auction, a 52 percent jump from the same month last year, according to the Addison-based firm that tracks the numbers. With only one more auction to be scheduled this year, the annual total is expected to hit about 14,000 – the highest level since Foreclosure Listing Service Inc. began tracking the numbers locally in 2001, said George Roddy Sr., president and CEO of the company.”

The Berkeley real estate market seems to be generally recovering from the ramifications of the general economic downturn, although there are a number of weak spots in the region’s economy. According to a October 15, 2009 article in the Mercury News, there are still some problems for the Bay Area in general. The piece, which was written by Eve Mitchell and subsequently published in the Mercury News, found that “More homeowners in the Bay Area received a notice of foreclosure – the first step in the foreclosure process – in September compared with a year ago while at the same time the number of foreclosed homes that became bank-owned properties declined. Last month, 3,916 homeowners received notices of default, a  116.4 percent increase from a year ago, but 2,484 foreclosed homes became bank-owned properties, a 41.6 percent decrease from a year ago.”

An additional, often overlooked aspect of real estate in Berkeley is commercial real estate, that seems to be facing a number of challenges. According to a November 9, 2009 article published in the Contra Costa Times and the Oakland Tribune, “Two Bay Area-based banks have failed in the last 11 days – which tops the total for the prior nine years – a warning of potential woes to come for the reeling banking sector locally…’There will be several more failures, but primarily on the community bank level,’ said William Fitzpatrick, an equity analyst with Wisconsin-based Optique Capital, an investment firm. ‘Community banks are where you have a concentration of commercial real estate loans.’ ‘There is some anecdotal evidence that commercial real estate is becoming more of a problem,’ Dorway said.”

On the other hand, Oakland home sales  and home prices seem to be rallying, according to an article in the Contra Costa Times and the Mercury News. The piece, written by Eve Mitchell on October 15, 2009, stated that “The Bay Area’s September home sales and the median sales price both edged up from August to September as home buyers scrambled to take advantage of a popular federal income tax credit for first-time home buyers set to expire at the end of November.”

The Sarasota real estate market is in an odd situation compared to many other medium sized cities in the American South, since many key market indicators are reversed from their usual trends. Specifically, in Sarasota, home prices are declining, while foreclosures are still increasing. This is especially unusual because most cities in the region have been recovering rather well recently. According to an article written in the online edition of ABC Action News and published on October 10, 2009, “Home prices in Tampa Bay and across the nation have yet to bottom out according to a new forecast of real estate prices…The Sarasota-Bradenton market’s prediction is even worse. Fiserv says house prices in Manatee and Sarasota counties will fall 25.6% in the next eight months.  The forecast notes that areas with high concentrations of foreclosure sales will experience the steepest drops.”

Sarasota homes for sale have been adversely affected by a jump in foreclosures in Sarasota County. According to an October 15, 2009 article in the Sarasota Herald Tribune, “Foreclosure filings in Sarasota County spiked by 50 percent in September, even as an end-of-summer lull continued in Manatee and Charlotte counties. The data released Wednesday by California-based RealtyTrac Inc. confused Southwest Florida’s foreclosure experts and mortgage brokers…Filings during September dropped about 13 percent  in Manatee County and stayed flat to the south. Yet Sarasota County saw the huge month-over-month spike and was only down 12 percent from a year ago. Nationally, 343,638 properties entered the foreclosure process during September, a 4 percent decrease from the previous month but still 29 percent higher than September 2008.”

Interestingly, an opposite direction, one which would be more positive for real estate in Sarasota, was noted by the Tampa Bay Business Journal. An article by Michael Hinman published on October 15, 2009, noted that “People are keeping their homes in Sarasota County, and for the second month in a row, foreclosure rates year-over-year are down there. Foreclosure rates in Sarasota are down just under 12 percent September, according to new numbers released by RealtyTrac, compared to the year before. That follows a nearly 18 percent drop in August.”

The Springfield real estate market is in negative territory compared to pre-market conditions, but it is not far removed from the general state of the Illinois economy. There are a series of problems involving foreclosures, although there have been a series of community reactions throughout the capital of Illinois. One of these efforts was noted by a September 29, 2009 article in the State Journal-Register. This piece, written by Tim Landis, reported “the announcement of a $1.2 million grant to build 11 new homes and demolish 25 abandoned properties on the east side. Participants in the program include a half-dozen local agencies, among them the city of Springfield…Simpson said that she believes the renewal projects ‘is a first step toward changing perceptions of the east side.’”

The Illinois economy has also been affecting Springfield homes for sale, according to an October 16, 2009 article in the State Journal Register. The piece, which was originally written by Karen Hawkins of the Associated Press, found that “The jobless rate in Illinois increased to 10.5 percent in September after a slight dip to 10 percent in August, according to figures  released Friday. The three-month unemployment average rose 0.1 percent to 10.3 percent, its highest level since December 1983, according to the Illinois Department of Employment security. The state’s unemployment rate at this time last year was 6.7 percent.” The slightly positive news reported on September 29, 2009 by the Associated Press, which gave a helpful background for the further development of real estate in Springfield.

The state of Illinois faced a higher rate of foreclosures in the month of September, according to an October 15, 2009 article in the Chicago Tribune. The piece, written by Mary Ellen Podmolik, found that “The number of homeowners receiving default notices – the first step in the foreclosure process – continued to rise in Illinois last month, a bad omen for the state’s housing industry and economy. Lenders filed initial court documents last month against 7,174 Illinois homeowners whose mortgages were delinquent, according to data scheduled to be released Thursday by RealtyTrac. That compares with 6,892 filings in August and 6,770 filings in June.”

The Baltimore real estate market is sending mixed messages lately, with home prices and home sales picking up, while foreclosures are remarkably higher than usual. According to an October 14, 2009 article in the Maryland Daily Record, the rate of foreclosures in Maryland in general is the highest in about four years. The piece, composed by Robbie Whelan, stated that “Foreclosure filings in Maryland hit their highest level in nearly four years, since before the onset of the subprime mortgage crisis, according to recently released figures, but a state official said Wednesday that this is the result of lenders venturing back into a brightening housing market. One in every 156 homes in the state is in some stage of the foreclosure process, according to Irvine, Ca.-based RealtyTrac’s latest quarterly report, and Maryland ranks 12th in the nation for the worst rate for foreclosure, up from 16th-worst in the first quarter of 2009.”

There was some positive news for Baltimore homes for sale, according to an October 9, 2009 article in The Baltimore Sun. This article, written by Jamie Smith Hopkins, found that “Home sales last month in the Baltimore metro area were up nearly 10 percent over a year ago as prices continued to fall. The average price of a home sold in the area last month was just under $275,000, a 7 percent decrease from a year earlier, according to numbers released Friday morning by Metropolitan Regional Information Systems…Average prices fell 14 percent in Anne Arundel County, 10 percent in both Baltimore and Howard counties, 5 percent in Carroll County and 4 percent in both Baltimore City and Harford County.”

More good news for Baltimore homes for sale was reported by the Baltimore Business Journal on October 21, 2009. This article, written by Daniel J Sernovitz, found that “Home sales in Greater Baltimore rose nearly 10 percent in September as prices continued to fall across the region. The number of homes sold in the region climbed to 2,117, up 9.6 percent from September 2008, according to Rockville market research firm Metropolitan Regional Information Systems Inc…The length of time homes sat on the market dropped 6.5 percent to 116 days, down from 120 days in August.”

The Kansas City real estate market has been generally edging upwards, although there have been some temporary relapses in recent months. A good overall perspective is provided by a Kansas City Business Journal article released on October 19, 2009. The piece found that “The Kansas City-area  home market showed improvement, albeit slight, in September compared with the previous month. Home sales in the Kansas City area totaled 2,383 in September, up 1.1 percent from 2,356 in August and down 1.8 percent from 2,428 in September 2008, the Kansas City Regional Association of Realtors reported late Friday. The area had 197 new home sales in the area in September, a 0.7 percent increase from 2,170 in August and a 2.1 percent increase from 2,141 a year earlier.”

However, an Associated Press article from Kansas City reproduced in Forbes found the number of home foreclosures in Missouri increased substantially during the third quarter of the year. The article, which was written on October 15, 2009, stated that “The number of home foreclosure filings in Missouri rose 8.3 percent in the third quarter as the recession bested efforts to help struggling borrowers hold on to their homes. A report released Thursday by Irvine, Calif.-based RealtyTrac, a foreclosure listing service, shows 7,892 foreclosure filings in Missouri during the July-September period. That’s 11.2 percent lower than the third quarter of 2008, but RealtyTrac said some of the records stopped being collected in January.” On the other hand, Kansas City homes for sale were rated as some of the best places to recover from a foreclosure.

The Kansas City Star had another positive perspective on the real estate market in Kansas City. According to an article written on October 16, 2009, “Kansas City area home sales rose slightly in September, the Kansas City Regional Association of Realtors reported Friday. Sales of existing houses in September rose to 2,186 from August’s 2,170. That was a 2 percent increase from September 2008. Sales of new houses last month rose to 197 from 186 in August. But the market for new houses is still under pressure. Year over year, sales were down 31 percent from September 2008.”

According to a September 9, 2009 article in the Memphis Business Journal, the home sale declines experienced by Nashville homes for sale in recent months is considerably  lower than that which took place in the earlier portion of the year. The piece stated that “Greater Nashville home sales saw a single-digit decline in August, falling 9.2 percent over the year-ago period – an improvement over the larger declines in the first half of the year. Sales from January through August are down 23.8 percent, according to numbers released Wednesday by the Greater Nashville Association of Realtors. In August, 2,064 homes were sold, compared to 2,273 one year ago. Realtors say it’s a positive sign that more than 2,000 properties were sold for the third consecutive month.”

The President of the Greater Nashville Association of Realtors, Mike Nichols, stated that “The number of closings has stabilized in recent months…The median price has decreased, primarily as a result of short sales and foreclosures, which makes the current real estate market a good one for investors.” According to a September 9, 2009 article in the Nashville Post, “For the third month in the row, Nashville saw over 2,000 home closings in August, according to Greater Nashville Association of Realtors’ figures released today…The report also states there were 2,181 sales pending at the end of the month, higher than the 2,149 pending sales reported at the same time last year. The average days on the market for single-family homes was 88 days.”