Real Estate Blog - The National Real Estate Market Report

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The National Real Estate Market Report - July 2007

The United States

When I joined Active Rain, it was for many reasons, one of which was to connect with others across the globe to get a feel of what the Real Estate Market is doing in other areas. I also wanted to make connections with other members and build relationships to network business and referrals.

I have learned that geographically, our areas are very different in respect to the Market Conditions and in many cases, much the same. I'd like to capture and share this data and information with other subscribers and viewers that might be interested. Primarily for possible investors, buyers, sellers, or even relocation employees of both small and large Corporations. Over 70% of all buyers Nationally, start their quest with the Internet.

The National Association of Realtors and other State Associations do provide "Market Condition" reports either quarterly or annually. Data-quick in many areas, also does the same type of lengthy reports. I have not yet seen a Blog that offers this information from the views of Active Rain members.

These companies and associations are great, but they're not listing and reporting the information and knowledge that can only come from you, and in a "real-time" manner. I know it's out there in pieces, but it might be convenient and resourceful to have it all in one location, from the sources and people that live, eat and breathe the Real Estate Industry like us.

Please share what you feel is in the best interests of potential clients and real estate consumers in your area. For example; Inventory, Rates, Average Sales Prices, DOM, Foreclosures and Short Sales Information, Status Changes + or -, Price changes, or any other "Real Estate Market Conditions" you feel confident and comfortable in reporting.

I'd like to help promote each of the geographic Markets we all serve. Your comment here can make a real difference for the reader, the Market, and for your area. Please include your City or County and State in the comment section (in Bold), so viewers can have "scroll-easy" access to your area. Please keep it short and concise for members and viewers.

What is the Real Estate Market doing in your City, County, or State? Inquiring minds like us, want to know!!

Disclaimer: This will be a "monthly" post that will cover the portions of the US in which members choose to participate.
This information is deemed reliable and might be more accurate than anything you'll see in the newspaper or on TV.

All Content Copyright Protected © 2007 - The Escrow Guy

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Posted by Brad Andersohn ~ Community Manager on 07/09/2007 03:18 AM

Comments (19)

active rain, national, real estate market, market conditions

Post is included in group: Home Builders of America

19 Comments on The National Real Estate Market Report - July 2007

JUL

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!!

New Haven County, Connecticut - The market fluctuates from town to town. I just added the second quarter market reports last night and in North Haven prices and number of homes sold remains steady but prices have fallen about 15% in the neighboring town of North Branford.

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!

JUL

2007

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, CA

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

JUL

2007

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.

jeff belonger

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 !

We are seeing a developing buyer's market in Southeast-central PA, particularly in the Lancaster County area where I am located. Prices have remained high but the days on market for home listings is going up, and the sales are 10% off on average as of June 07. Sellers are more open to concessions and negotiations than ever, and buyers continue to have access to low mortgage rates.

JUL

2007

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

JUL

2007

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!

JUL

2007

TOLEDO, OHIO (Update)

Our current stats as released via email today: (Per Toledo Board of Realtors)

APR

2008

Great presentation on this subject. I use absorption rate statisticcs with both buyers and sellers. Se my post at: http://activerain.com/blogs/jpeters

Joseph, thanks for commenting on this "dated" post, I forgot I had even written this. I'll have to check out your absorption rate post. BTW - if you login before you comment on AR posts, you'll get points just for participating and commenting. Just an FYI... thanks for taking the time to comment regardless of points! :-)

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