Last week two properties went under contract in the 32804 zip code, a house listed at $135,000 and a condo listed at $149,900. There were no closed sales.
Mortgage rates rose slightly last week to an average 5.12% on a 30 year mortgage, ending a 5 week rate slide. The week prior, average rates on a 30 year mortgage were 4.96%. They haven't been that low since 1971, when Freddie Mac first started tracking rates.
CLOSED SALES: 1/19/2009 - 1/25/2009
There were no closed sales last week.
OTHER MARKET ACTIVITY: 1/19/2009 - 1/25/2009
New Listings: 12
Pending Sales: 2
Price Reductions: 19
PRESENTLY ON THE MARKET: 1/25/2009
Active Listings: 290
Under 100K: 10
100K - 199,999: 44
200K - 299,999: 102
300K - 399,999: 35
400K - 499,999: 19
500K - 599,999: 18
600K - 699,999: 28
700K - 799,999: 11
800K - 899,999: 4
900K - 999,999: 3
Over $1,000,000: 16
Total Pending Sales: 15
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Sunday, January 25, 2009
Monday, January 19, 2009
So why aren't the higher end listings moving you ask?
There are many factors, however, I believe two are top of the list. One, the most obvious, is gone are the days when the average move up buyer could go ahead and close on their new house while waiting for their old house to sell. With inventory moving so slowly, this is going to affect the market for awhile.
Another factor, I believe, is that while rates are very low on a conforming loan, rates on a jumbo loan (any loan over $417,000) can be almost 2 points higher. Down payment requirements are much higher as well. I consulted with Scott Fosgate at Edgewater Financial and he told me that the down payment requirement on a jumbo loan is now 25%-30%. Throw closing costs in there, and that's a lot of cash! Let's hope the powers that be recognize this as a problem and will loosen the strings on jumbo loans.
Last week in College Park 4 properties went under contract, priced between $74,900 and $325,000. There were 2 closed sales (see below).
CLOSED SALES: 1/12/2009 - 1/18/2009
1113 W NEW HAMPSHIRE ST: 3/2 - 1,396 sq/ft - $249,500
3500 GRANT BLVD: 3/2 - 1,270 sq/ft - $199,900
OTHER MARKET ACTIVITY: 1/12/2009 - 1/18/2009
New Listings: 8
Pending Sales: 4
Price Reductions: 20
PRESENTLY ON THE MARKET: 1/19/2009
Active Listings: 277
Under 100K: 9
100K - 199,999: 42
200K - 299,999: 97
300K - 399,999: 32
400K - 499,999: 20
500K - 599,999: 18
600K - 699,999: 21
700K - 799,999: 14
800K - 899,999: 5
900K - 999,999: 3
Over $1,000,000: 16
Total Pending Sales: 16
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
There are many factors, however, I believe two are top of the list. One, the most obvious, is gone are the days when the average move up buyer could go ahead and close on their new house while waiting for their old house to sell. With inventory moving so slowly, this is going to affect the market for awhile.
Another factor, I believe, is that while rates are very low on a conforming loan, rates on a jumbo loan (any loan over $417,000) can be almost 2 points higher. Down payment requirements are much higher as well. I consulted with Scott Fosgate at Edgewater Financial and he told me that the down payment requirement on a jumbo loan is now 25%-30%. Throw closing costs in there, and that's a lot of cash! Let's hope the powers that be recognize this as a problem and will loosen the strings on jumbo loans.
Last week in College Park 4 properties went under contract, priced between $74,900 and $325,000. There were 2 closed sales (see below).
CLOSED SALES: 1/12/2009 - 1/18/2009
1113 W NEW HAMPSHIRE ST: 3/2 - 1,396 sq/ft - $249,500
3500 GRANT BLVD: 3/2 - 1,270 sq/ft - $199,900
OTHER MARKET ACTIVITY: 1/12/2009 - 1/18/2009
New Listings: 8
Pending Sales: 4
Price Reductions: 20
PRESENTLY ON THE MARKET: 1/19/2009
Active Listings: 277
Under 100K: 9
100K - 199,999: 42
200K - 299,999: 97
300K - 399,999: 32
400K - 499,999: 20
500K - 599,999: 18
600K - 699,999: 21
700K - 799,999: 14
800K - 899,999: 5
900K - 999,999: 3
Over $1,000,000: 16
Total Pending Sales: 16
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Monday, January 12, 2009
Here in College Park things we a bit slow last week. We had 2 homes go under contract, one listed at $85,500 and one for $225,000. There were two closed sales (see below).
As you can tell, if you've been following the market through my updates, the largest percentage of homes moving are in the lower price brackets. Occasionally we are seeing a few higher end listings go under contract, but they are few and far between right now. More first time buyers are jumping into home ownership, but the move up buyers have a house to sell first, which is therefore resulting in fewer sales in those price ranges.
Within all price ranges, standing out with regard to condition and price is key. If you or someone you know is considering selling in the near future, getting the property in tip-top condition will be key. Curb appeal is HUGE in College Park, as well as move-in condition.
Have a great week and, as always, let me know if you have any questions about what I'm seeing in this market.
CLOSED SALES: 1/5/2009 - 1/11/2009
1312 W YALE ST: 3/2 - 1,471 sq/ft - $160,000
2509 FORMOSA AVE: 2/1 - 850 sq/ft - $150,000
OTHER MARKET ACTIVITY: 1/5/2009 - 1/11/2009
New Listings: 6
Pending Sales: 2
Price Reductions: 27
PRESENTLY ON THE MARKET: 1/12/2009
Active Listings: 277
Under 100K: 10
100K - 199,999: 40
200K - 299,999: 96
300K - 399,999: 33
400K - 499,999: 21
500K - 599,999: 18
600K - 699,999: 22
700K - 799,999: 13
800K - 899,999: 4
900K - 999,999: 4
Over $1,000,000: 16
Total Pending Sales: 17
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
As you can tell, if you've been following the market through my updates, the largest percentage of homes moving are in the lower price brackets. Occasionally we are seeing a few higher end listings go under contract, but they are few and far between right now. More first time buyers are jumping into home ownership, but the move up buyers have a house to sell first, which is therefore resulting in fewer sales in those price ranges.
Within all price ranges, standing out with regard to condition and price is key. If you or someone you know is considering selling in the near future, getting the property in tip-top condition will be key. Curb appeal is HUGE in College Park, as well as move-in condition.
Have a great week and, as always, let me know if you have any questions about what I'm seeing in this market.
CLOSED SALES: 1/5/2009 - 1/11/2009
1312 W YALE ST: 3/2 - 1,471 sq/ft - $160,000
2509 FORMOSA AVE: 2/1 - 850 sq/ft - $150,000
OTHER MARKET ACTIVITY: 1/5/2009 - 1/11/2009
New Listings: 6
Pending Sales: 2
Price Reductions: 27
PRESENTLY ON THE MARKET: 1/12/2009
Active Listings: 277
Under 100K: 10
100K - 199,999: 40
200K - 299,999: 96
300K - 399,999: 33
400K - 499,999: 21
500K - 599,999: 18
600K - 699,999: 22
700K - 799,999: 13
800K - 899,999: 4
900K - 999,999: 4
Over $1,000,000: 16
Total Pending Sales: 17
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Sunday, January 4, 2009
CLOSED SALES: 12/29/2008 - 1/4/2009
1425 LANTRY CT: 2/2 - 1,173 sq/ft - $180,000
1015 ARTHUR AVE: 3/2 - 1,359 sq/ft - $149,350
916 MAXWELL ST: 2/2 - 1,755 sq/ft - $286,900
712 N RIO GRANDE AVE: 3/2 - 2,399 sq/ft - $290,000
OTHER MARKET ACTIVITY: 12/29/2008 - 1/4/2009
New Listings: 4
Pending Sales: 1
Price Reductions: 5
PRESENTLY ON THE MARKET: 1/4/2009
Active Listings: 276
Under 100K: 10
100K - 199,999: 35
200K - 299,999: 98
300K - 399,999: 35
400K - 499,999: 22
500K - 599,999: 17
600K - 699,999: 23
700K - 799,999: 13
800K - 899,999: 4
900K - 999,999: 4
Over $1,000,000: 15
Total Pending Sales: 18
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
1425 LANTRY CT: 2/2 - 1,173 sq/ft - $180,000
1015 ARTHUR AVE: 3/2 - 1,359 sq/ft - $149,350
916 MAXWELL ST: 2/2 - 1,755 sq/ft - $286,900
712 N RIO GRANDE AVE: 3/2 - 2,399 sq/ft - $290,000
OTHER MARKET ACTIVITY: 12/29/2008 - 1/4/2009
New Listings: 4
Pending Sales: 1
Price Reductions: 5
PRESENTLY ON THE MARKET: 1/4/2009
Active Listings: 276
Under 100K: 10
100K - 199,999: 35
200K - 299,999: 98
300K - 399,999: 35
400K - 499,999: 22
500K - 599,999: 17
600K - 699,999: 23
700K - 799,999: 13
800K - 899,999: 4
900K - 999,999: 4
Over $1,000,000: 15
Total Pending Sales: 18
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
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