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19 Comments on The National Real Estate Market Report - July 2007
Solano County, California
It's a Buyers market. Prices down in some cases 10-25% depending on the area. Interest Rates are still under 7% on a 30 year fixed. Lot's of listings, buyers starting to make purchases and the Market starting to pick up slightly. Many foreclosure and short sale properties exchanging hands. Bay Area Average Sales price $660,000, home sales down about 37% compared to last year! Now is the time to buy in Solano County. Prices are good, lot's of inventory to choose from, and rates are great! It won't be this way forever!! Better buy now!!
Pinellas County, Florida - St. Petersburg, Clearwater, Gulf Beaches
We've had a buyer's market for nearly two years, after two years of a much hotter market than we had experienced before. In June the time on market for single family homes reduced, and prices are starting to go up again. For those who were waiting for the bottom, you may have just missed it, but still be able to buy at the near low point, while there's a lot of choice.
Ann Arbor, Michigan
We have been in a buyers market since 2001, each year our inventory increases. In turn that means it is a great time to buy a house in Ann Arbor, MI. The prices have come down, by 15% in most areas around Ann Arbor. If the sellers would just understand that if they sell below the 15% drop they can buy a house that they possibly could not have bought a few years ago. So just trade your equity from one house to another.
I have been super busy the last month so I think people are starting to "get it". Finally getting offers on homes that have been on the market for months. Bottom-lined one last night that has been on the market for 2 years !! (No I didn't have it the whole time ) Only the last 9 months.
What a great idea, Brad !!
Brad,
Most all of our posts on AR so far are about the South Lake Tahoe market. We're updating all neighborhoods now, which we do at least once a month. In the next few days, we'll also update absorption rates and full reports for both sides of our state line. Will give you a heads up when these are done. Charts, graphs and all the data is available 24/7 on our lake tahoe real estate blog in our left sidebar. I think you've already visited us there, but it you check it out and let us know how we can best give you what you need, we'll be happy too.
Good idea, and thanks...
Hi Brad,
I'm in Maui and though I am a ROOKIE agent, I've become the Queen of Stats in our office. It is very true that each town/area has different profiles. Each area is different and things can change quickly. Here is the link to the page where I publish Maui information monthly. http://www.kathybecklin.com/reports/current.pdf
In a few areas we are seeing trends toward getting out of the buyers market. Other areas are deeply embedded with very large and growing inventories.
Merrimack County NH-about 30 towns
From 4/01 to 7/07
1486 Active Residential Listings (and increasing) All price ranges
Average DOM 159 (Scary eh!)
# closed in above time span 403. Not a lot of money to spread around many agencys in 30 towns!
Most offers are coming in an automatic 10K below asking...many auctions ae showing up. Increase in foreclosures and Buyers are really shopping!
Brad,
I am submitting this link to my two main areas that I cover. I hope this is efficient.Pembroke Pines Florida homes for sale and Weston Florida homes for sale- Real Estate Market report as of July 2007
Hemet, California has been flat for a year. Inventory only slightly increased through the Spring of 2007, from previous years.
Then the bottom fell out of the sub prime market and with it went our market. Inventory has doubled or more in some categories and price points. Sales are down by 50% or more.
Yet there is opportunity - I am currently on track to having my best year in Real Estate.
Now Have a Blessed Day,
John Occhi, Hemet CA REALTOR
Mission Grove Real Estate
What were the directions again?
Haddonfield, New Jersey Camden County Being that I am a Loan Officer, I can only go off of what I see as in clients coming to me and for sale signs.
Yes, it's a buyers market with a lot of inventory. But a little less inventory than 2 months ago. Summer? Vacations?
In regards to rates? The bond market hit rock bottom 3 weeks ago and rates were creeping up prior to that. In 3 months prior to this week, we noticed about a 3/4% in rate increase. Just this week alone, the bonds have rallied in which case rates got about 1/8% to 1/4% better in the last few days.
Here Brad,
I would like to add this county information Broward County Florida Real Estate market activity report 1/1/07-7/11/07
Brad, that's a great report :) Neal is everywhere, specially where you post :) just kidding !
Hi Brad! Here's our local report ...
Lexington,KY LBAR MLS Statistical Data for June
For LBAR in June 2007, closed sales are 1009 at $187,713,734 for Lexington and area counties.
Pending sales were 883 in June 2007 compared to 1,100 in June 2006.
Year to date, sales are down 8%. Average days on market are 90.
By June 30th there were 6,987 active residential properties on our MLS.
For a more in-depth study over the past few years click here... LBAR Statistial Data
TOLEDO, OHIO
The City of Toledo is experiencing a total buyer's market. Home sale prices are still >7% below list, and in many cases reflect a gap of 20%+/- between appraisal and sale. I feel that we are unique in that we have several definitive areas of the city and they all carry a specific market pricing structure:
South Toledo - Olde South End - Central City - Olde North End/Vistula - Lagrange/Polish Village - Olde West End - East Toledo These areas suffer most from blight and abandoned housing. There is also a strong component known as absentee landlords. The ambivalence of some out of town property owners, along with their failure to maintain/repair their properties has served to feed an already strained populace. Average DOM for these areas are 210 days +/-. Average sale price can range from $6,000 to $65,000. (Unreal, isn't i?!)
Franklin Park/Trilby - Northtowne - Five Points/Wernert's Corners - West Toledo (not to be confused with the Olde West End!) - Point Place/Shoreland These areas are the more stable neighborhoods in the city. Property values have remained slightly more stable and with the lower interest rates more people are considering them when they start their home search. Average DOM in these areas are 130+/-. Average sale price typically ranges from $90,000 to $300,000.
If you have ever wanted to explore an area where you can purchase a home for a VERY reasonable price and spend less than 30 minutes commuting to and from work, then this is the place!
Toledo Metro Area (includes Maumee, Oregon, Northwood, Woodville, Sylvania, Holland, Ottawa Hills, Grand Rapids, Waterville, Whitehouse and Swanton) - These areas have seen a surge of home buyers in the last few years, but it seems as though some folks are finding their way back into the city. They like the convenience of the city, but not the INconvenience of the suburbs.
If you look at this map you will see the relationship of the neighborhoods and their physical impact on the community as a whole: Map of Toledo
The arrow is pointing to my neighborhood. I am 6 miles north of the downtown area and it takes me less than 10 minutes to be in the courthouse- even at rush hour!
Thank you to ALL who have posted your area market reports here! This is valuable information to those who are looking to buy, relocate or invest in your areas. I have already received numerous emails regarding this post, there may be bigger things in store for this information in the future! Thank you for taking the time to publish your comments, and for doing the research it took to get this information. I hope your efforts will not go un-rewarded!
Once we get this to represent the better portion of the US, I hope to have it published monthly on Localism and on Active Rain. With your help and support, we can make a difference with this Real-Time National Market Report. Thank you sincerely for your help!
TOLEDO, OHIO (Update)
Our current stats as released via email today: (Per Toledo Board of Realtors)
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