How much are property values rising in your area? I'm hearing insane increases!!

In our rural area of Maine with 11 people per square mile in a county the size of Rhode Island, Conneticut, prices just chug along. No spike way up to cause nose bleeds from thin air, not drops all the way down to China the other way. Every real estate market is so different. Average house price in Northern Maine, Aroostook County is $71,000 and the south half add a $100,000 making it $171,000!

Ralph,

It sure feels great to see some improvement in our market!  I agree with you that I believe housing values are stablized our coastal cities in California (perhaps not for the inland areas).  And, believe me, the lending guidelines ensure a borrower is very well qualified to make the payment!!! LOL! 

Small increase here in Central Louisiana, of course we never experienced the sharp loss that other regions felt.

It's nuts down here too....about to close on a property for $910,000 that didn't sell a year ago for $790,000. I'm sure this isn't a bubble, lol

Good questions Ralph, Here in Redwood City we are seeing home LP:SP ratios at 101.3% and average selling price increasing to over $1M last weeek. We are usually in the $700-800K range. More details here: http://sfbayhomes.com/market-trends-redwood-city-real-estate-february-22-2013/ 

Ralph...in my little corner of the world we are predicted to have a 9% increase...I if things keep going the way they are going I would say 15% is more likely...only the appraisers are holding things back at this point....and some buyers are paying the difference.

I'm expecting to see large gains this year but month to month fluctuations are hiding it at this point.  It should be evident after 3rd quarter stats are in.

Things are increasing here too but buyers are still cautious about not overspending and not spending more than they can afford - not wanting to get caught up in the next bubble.

We see no rise in property value however we are seeing a sharp decline in inventory... This could be as a result of the banks holding back inventory or it could be a good sign... time will tell..

Beth

In San Diego, prices have spiked dramatically in the last 6-12 months. If you are on the low end of the price range, you have competition from investors who are paying cash. If you are in the middle, you have competition from fellow buyers with 20% down (I have heard of 30-50 offers and properties going $50k over asking) and if you are over $1.5 million (ish) you have some competition. My own home (middle of the price range) has appreciated 19% in 16 months.

We are seeing large increases here in the IE, too.  But when the foreclosures start coming back into the market, it's the old supply and demand once again.

Ralph: Probably at least 10% year over year. We've even had up to 20% increases the last year or so in some desirable areas. It's a nice feeling if you're a homeowner. I've had two clients who have been able to refinance out of their FHA mortgages and lose their mortgage insurance due to increased property values. By the way, thanks for starting the Pay it Forward group on another note. That was very thoughtful of you! Take care.

Inventory is down 24% in the past year. The last time buyers had such limited product to choose from was First Quarter 2005.

Ralph ~

Price increases are a two-edged sword:  One side slices the “negative equity” so many have experienced, the other slices some of the mortgage-rate benefit.  Regardless, the activity affects the entire economy.  Good news for most.

Thank you!

Regards and respect,

jl4  Phil Leng

Ralph - Sacramento logged a 7% increase in home values last year, with 12% predicted for 2013.  Those that were marginally upside down in value, are beginning to see home equity accumulate once again.

Ralph, It is out of control but condo ppsf and average price are skewed high because of several very high end ultra luxury sales.

Ralph - The gains we're seeing here in the OC are often a result of buyers choosing to buy over what we might think would be the value.  In some cases as much as 5% from one sale to the next.  It's reminiscent of another time.

The market here is definitely being driven by the low inventory like you are in Los Angeles. I think our 10-15% growth is fairly healthy until we can get some more sellers in the market. Hopefully that will come soon because I think that some people are holding on to their homes because they are affraid if they sell their home, they won't be able to find another one within a reasonable period to make the sale worthwhile.