Medford real estate market
May 13th
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The Medford real estate market, a subset of the larger Jackson County and Southern Oregon real estate markets, has recently been facing mixed signals – with inventory declining while the average sale price declines and the jobless rate rises. According to an April 6, 2010 article in the Mail Tribune, “In what could be a good sign for the local real estate market, the number of houses for sale in Jackson County on April 1 declined 8.3 percent from a year ago. ‘There was a fear that foreclosures and distressed properties – which remain a large part of the market – were coming on at a pace buyers couldn’t keep up with,’ said Colin Mullane, an agent with Full Circle Real Estate in Ashland. ‘It’s nice to see that happening so that conventional sellers are making up about 50 percent of the houses for sale.’” The piece, composed by Greg Stiles, also stated that “The pace of sales picked up for the 14th-straight month in Jackson County with transactions during the first quarter of the year surpassing those in early 2009 by 12.4 percent, according to statistics compiled by the Southern Oregon Multiple Listing Service.”
The average sales price of Medford homes for sale, however, drastically decreased in recent months, according to an April 16, 2010 article in Oregon Business. This piece found that “More than 90 homes in Medford are on the market for less than $90,000 – a price that would have been unheard of several years ago. And while many of the cheaper homes need remodeling work, an $8,000 tax break and other incentives are making them even more affordable for bargain seekers and investors.” The article, which was originally published in the Mail Tribune, also noted that “Home prices in Medford have dropped to prices not seen in nearly two decades, deflated by a sluggish economy and a high rate of foreclosures.”
An April 21, 2010 article in the Mail Tribune detailed one of the economic difficulties causing problems for Medford real estate, saying that “Jackson County job growth has stagnated in the past year, unable to keep pace even with a declining work force. As a result, jobless figures are mired in the same double-digit strata as a year ago, even when so-called discouraged workers see their unemployment benefits end and drop out of the work force.”
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Bainbridge real estate market
May 11th
- Image by Rennett Stowe via Flickr
The Bainbridge real estate market, which is a subsidiary of the larger metropolitan Seattle real estate market, has been showing generally negative trends with a few notable exceptions in the most recent months of 2010. According to an article by Inman News in the Seattle Times, “The most recent numbers for home sales showed a surge, but inventory may continue to rise beyond the summer, according to an analysis by Seattle-based Zillow.com. Both the National Association of Realtors (NAR) and the National Association of Home Builders credited the federal tax credits – $8,000 for first-time buyers and $6,500 for repeat buyers – for the March jump.” The April 30, 2010 article continued to note that “Even as existing-home sales rose, however, more homes hit the market last month than were sold. Raw unsold inventory rose 1.5 percent to 3.58 million units, according to data from NAR. ‘While the fact that March sales numbers are increasing is undoubtedly a positive sign, (that rising figure) does make one at least ponder whether the market is currently capable of clearing itself of inventory without paying people to buy homes (through tax credits),’ wrote Stan Humphries, Zillow’s chief economist.”
Home prices have been another problem for Bainbridge homes for sale, according to an online article for the Seattle Post-Intelligencer. This piece found that “Home prices in Seattle dropped 0.8 percent from January to February on a seasonally adjusted basis and 5.6 percent from a year ago, according to the latest Standard & Poor’s/Case-Shiller 20-city home price index. The continued drop comes at a time when the 10- and 20-city indexes both showed year-over-year increases for the first time since December 2006.”
Bainbridge real estate may also suffer from the effects of increased foreclosures in King County, which were mentioned in an April 30, 2010 article in the Puget Sound Biz Talk. This piece, written by Al Scott, reported that “The home foreclosure crisis in King County is getting worse, due in large part to a backlog of unsold houses that are clogging up the system…Now, prime borrowers are falling into foreclosure, too, whether they were with WaMu or not.”
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Brea Real Estate Market
Mar 9th
The Brea real estate market hinges on the success or failure of the larger Southern California region and the Orange County area in particular. The Southern California real estate market faced one particular problem – falling home prices – according to a February 17, 2010 article in the Mercury News. The piece noted that “A boost in the sales of foreclosures and other low-cost homes pushed the median home price in South California down 6 percent last month from December for the first month-to-month dip since May, a tracking firm reported Tuesday.” The piece, composed by Jacob Adelman, continued to state that “January’s median home price in the six-county region of Southern California was $271,500, down from $289,000 in December, as higher-end home sales lost some of the momentum they had gained in recent months, San Diego-based MDA DataQuick said.”
The same trend for Brea homes for sale was noted in a smaller region by a February 16, 2010 article in the Orange County Metro. The article found that “Orange County’s median home price jumped 14.9 percent in January, compared to the same time last year, according to stats just released by San Diego-based MDA DataQuick.” The piece, composed by Kristen Schott, continued to say that “The price for a home or condominium in the region rose to $425,000 in the period, up from $370,000 in January 2009. But the number declined from December’s $435,000 median…Orange County reported the largest uptick in the median – the second highest was San Diego, which saw its price rise 8.9 percent to $305,000 in the period.”
Brea real estate was also affected by a recent increase in Orange County foreclosures, as reported by a February 16, 2010 article in the Orange County Metro. The article, written by Carol Starcevic, found that “Foreclosure notifications in Orange County rose slightly in January from the previous month, but the number still remains significantly lower than January of 2009’s figure.” The piece continued to note that “A report by ForeclosureRadar.com shows 1,629 notices of default were recorded last month, compared to 1,613 from December and 2,282 from the same period the year before.”
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Sarasota Real Estate
Jan 4th
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The past few months have shown promising signs of an improving real estate market in Sarasota in Southwestern Florida. The Sarasota real estate market has posted significant increases in new and resale house and condo sales as well as a stabilizing median sales price. Many real estate experts hold optimistic views of the future of the Sarasota real estate and believe that the market may have already hit bottom, being poised for a rebound in the coming months. However, there are a handful of real estate experts who are worried that another wave of foreclosures may be coming, reducing the chances of a successful recovery of the Sarasota real estate market in the near future.
According to the Sarasota Herald Tribune, the Sarasota-Bradenton real estate market in Southwestern Florida, just south of Tampa Bay, has posted a stabilized level of home sales. In November, the region posted 784 new and resale home sales, slightly higher than the 738 sold in November of 2008. The median price has also been stable around $160,000, a level that hasn’t changed much since the summer of 2009. Many residents and local real estate experts have interpreted these signs as indicators that the Sarasota real estate market has hit bottom. However, some people believe that the real estate struggles aren’t over yet. The local economy is still plagued by high unemployment rates and distressed properties, suggesting that another wave of foreclosures could come in the coming months. The federal tax credit has offered some support for the Sarasota real estate market though. Many buyers have admitted that the tax credit was a major factor in deciding to invest in real estate in the past few months.
The Sarasota Herald Tribune has also noted that the condo real estate market in Sarasota has also experienced major improvements over the past several months. In November, Sarasota and Bradenton posted a 130 percent increase in condo sales from the same month a year earlier. Some realtors have reported that the federal tax credit has been a major motive for recent real estate investments, with many real estate companies posting more sales in the three weeks prior to the expected deadline of the tax credit at the end of November than in the last three years. However, the median price for condos has declined by 20 percent between November of 2008 and 2009.
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New Hampshire Sea Coast Real Estate
Dec 24th
- Image by Romy Schneider via Flickr
Real estate experts have mixed views on the future of the New Hampshire Sea Coast real estate market. The New Hampshire real estate market continues to offer a great buyer’s market, as many realtors have pointed out, yet the values of homes and median sales prices continue to steadily drop, suggesting that New Hampshire isn’t out of the real estate struggles that began as a result of the recession that began in the fall of 2008. Despite increasing activity in the New Hampshire residential real estate, the commercial real estate market continues to be a major concern due to the sluggish activity and trouble that many landlords are having in finding tenants. However, many real estate experts are hopeful that the extension of the federal home-buyer’s tax credit will help jumpstart the New Hampshire Sea Coast real estate market and help it rebound sometime in 2010 or 2011.
According to Seacoast Online, many real estate experts are uncertain of how soon the New Hampshire Sea Coast real estate will be ready to rebound. Although the state of the region’s real estate fell into turmoil after the begin of the recession of 2008, many experts note that the region was already experiencing some real estate problems since 2007. Over the past few months, the market has done little to offer an optimistic view of the future of the New Hampshire real estate. Although home sales have increased slightly over the past few months, many houses are still declining in home value and many sellers are being forced to continue to lower prices in order to attract buyers. The period between August and September showed a great increase in home sales by about 14 percent, but median prices during the same period declined by about 5 percent, reaching a level 22 percent lower than that of the previous year during the same period. Experts have attributed the declines in median prices to foreclosures, short sales, a modest buyer pool, and an abundant inventory.
Seacoast Online has also reported that the region continues to struggle in terms of its commercial real estate market. Realtors have noted that the supply of commercial real estate is well beyond the demand, leaving many landlords desperate to attract tenants. Commercial real estate activity has been extremely slow over the past few month, but many experts believe that the commercial real estate market has hit bottom and should be ready to rebound in the coming months. Experts also believe that the extension of the federal home-buyer’s tax credit will also help attract prospective home buyers to the market and pave the way for a recovery in the New Hampshire real estate market in the months to come.
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Nashville Real Estate Update
Oct 24th
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The Nashville real estate market has most recently be confronting moderately negative news in terms of most key market indicators. In contrast, the overall economy and a broader perspective on the long-run real estate market of the city of Nashville have remained one of the strongest in the American South. According to an October 19, 2009 article in the Nashville Post, “Sapp said Nashville’s economy remains in relatively good shape compared to other cities. The region’s ‘much stronger real estate market’ was a major contributor in the drop in Tennessee Commerce’s past-due loans and other real estate owned, he added. Loan growth during the quarter was 1.1 percent, down from 3.9 percent and 6.5 percent in the first two quarters of the year.”
However, another article in the Nashville Post, this one published on October 2, 2009, highlighted the continually high rate of foreclosures in the city, leading to a higher rate of Nashville homes for sale. This piece, written by E. Thomas Wood, found that “The pace of new foreclosure activity in Metro Nashville shows no sign of letting up. In September, the Davidson County Register of Deeds recorded 427 of the notices lenders normally file to begin the process of seizing homes owned by delinquent borrowers…For the months of June through September 2009, Nashville averaged 425 initial foreclosure filings, up from an average of 310 a month during the same period in 2008. As NashvillePost.com previously reported, June 2009 saw an abrupt rise in the volume of foreclosure actions filed in Davidson County to a record high of 459 filings.”
Real estate in Nashville has been facing declining rates of home sales and home prices, according to an October 8, 2009 article in the Nashville Business Journal. The piece, composed by Jenny Burns, stated that “Middle Tennessee home sales dropped 6.7 percent in September compared to the same period a year ago, according to figures released Thursday by the Greater Nashville Association of Realtors. This September, 1,935 homes were sold compared to 2,075 last year. The median price for a single-family home fell 5 percent to $160,000 from $168,000 last year.”
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Livermore Real Estate Update
Oct 24th
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In recent months, real estate in Livermore has shown symptoms that it is still battering the storm that is the U.S. housing market collapse. In September of 2009, the number of homes for sale on the market was just 301, down by 2.6% from August and down by more than 40% from 2008 figures. The median listing price was just $449,000, down by 7.4% from 2008 listing prices at the same time. Median price per square foot was $255, down 9.6% from the previous year, according to real estate data provider RedFin.
According to data provided by the San Francisco Chronicle, Livermore real estate sales volume in August in the city’s two ZIP codes was down by 1.9% and 23%, respectively. The median prices were down as well to $472,500 and $340,000 in August, off by 4.1% and 21.4%, respectively.
According to data from real estate data provider Zillow available on the Yahoo! Real Estate website, there were 207 homes for sale in Livermore in mid-October with the houses having a median price of just under $500,000, a fall in the price of 2% from September figures. There were five new homes for sale, indicating a slow move of builders and home suppliers back into this market. Additionally, there were almost 700 foreclosed homes on the market with a median price of $452,000, up by 0.2% from September.
Aloha,
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