You can't listen to the news these days without hearing talk of short sales, foreclosures, bank owned property, etc. It is all such a huge part of the real estate market now and is here to stay for awhile. You might wonder how College Park is being affected by distress sales (short sale or bank owned).
In College Park (32804):
16% of all Active Listings are distress sales
64% of all Pending Listings are distress sales
Here's the percentage of the distress sale activity around us. There are different areas within the following cities that fare differently, so let me know if you'd like a breakdown of a particular zip code.
Orlando:
Active - 46%
Pending - 74%
Winter Park:
Active - 20%
Pending - 53%
Maitland:
Active - 31%
Pending - 64%
The majority of buyers out there today are clearly looking for the best deal they can get, which in many cases, is going to be a property in pre-foreclosure or one already taken back from the back. Unfortunately the appraisers have to use these sales as comps and therefore prices continue to come down.
CLOSED SALES: 5/18/2009 - 5/24/2009
118 W EVANS ST: 3/2 - 1,032 sq/ft - $168,797 *SS
920 ASHINGTON PL#12: 3/2 - 1,962 sq/ft - $313,000
220 E HARVARD ST: 4/2 - 1,889 sq/ft - $331,000
1407 GOLFVIEW ST: 2/1 - 1,038 sq/ft - $129,000
2915 HELEN AVE: 2/1 - 952 sq/ft - $155,000 *BO
2305 EDGEWATER DR#1616: 2/2 - 1,115 sq/ft - $210,000 *BO
2931 HELEN AVE: 2/1 - 1,056 sq/ft - $203,000
913 N. WESTMORELAND DR: - 3/2 - 1,666 sq/ft - $282,000
*SS - Short Sale
*BO - Bank Owned
OTHER MARKET ACTIVITY: 5/18/2009 - 5/24/2009
New Listings: 18
Pending Sales: 8
Price Reductions: 20
PRESENTLY ON THE MARKET: 5/26/2009
Active Listings: 288
Under 100K: 11
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 51
400K - 499,999: 17
500K - 599,999: 18
600K - 699,999: 18
700K - 799,999: 5
800K - 899,999: 7
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 44
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.
Tuesday, May 26, 2009
Monday, May 18, 2009
Sometimes I feel like the grim reaper these days bringing the harsh reality to your attention, but I've gotta keep it real. I promise to end on a positive note!
I ran some numbers today to determine the ABSORPTION RATE in each price range in the 32804 zip code. The absorption rate is how many months it will take the market to absorb the current inventory, in other words, how many months' supply do we have in each category. To arrive at these numbers, I took how many homes have sold in the past year in each price range, divided that by 12 months, and then divided that into the number of active listings there are in each category. Here's what I found:
Under 100K: 26 month supply
100-200K: 14 month supply
200-300K: 12 month supply
300-400K: 23 month supply
400-500K: 16 month supply
500-600K: 36 month supply
600-700K: 36 month supply
700-800K: 9 month supply
800-900K: 28 month supply
Over 900K: There have been no sales over $900,000 in the past 12 months. In the past 2 years, the only single family homes sold over 900K were lakefront, with one exception, a house on Seville with over 7,000 sq/ft that sold for 2.5m. There was one condo in The Wellesley that sold for 1.3m in July of '07
If you have a house to sell, with the absorption rate we are seeing right now, staying ahead of the pack (best price, best condition) is essential.
Here's the good news. There are 44 pending listings that are scheduled to close. When they do, these numbers will be better. Also, there is some rumbling out there about trying to get the first time home buyer $8,000 tax credit payable at closing in the state of Florida. This will have a positive impact on sales.
Average rates ended the week last week at 5% on a 30 year fixed and 4.75% on a 15 year. Keep in mind these are averages. My clients are locking in lower than that.
CLOSED SALES: 5/11/2009 - 5/17/2009
4405 BUCKEYE CT: 2/1 - 900 sq/ft - $65,000
2626 ELIZABETH AVE: 3/2 - 1,809 - $362,000
OTHER MARKET ACTIVITY: 5/11/2009 - 5/17/2009
New Listings: 9
Pending Sales: 3
Price Reductions: 17
PRESENTLY ON THE MARKET: 5/17/2009
Active Listings: 288
Under 100K: 11
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 51
400K - 499,999: 17
500K - 599,999: 18
600K - 699,999: 18
700K - 799,999: 5
800K - 899,999: 7
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 44
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.
I ran some numbers today to determine the ABSORPTION RATE in each price range in the 32804 zip code. The absorption rate is how many months it will take the market to absorb the current inventory, in other words, how many months' supply do we have in each category. To arrive at these numbers, I took how many homes have sold in the past year in each price range, divided that by 12 months, and then divided that into the number of active listings there are in each category. Here's what I found:
Under 100K: 26 month supply
100-200K: 14 month supply
200-300K: 12 month supply
300-400K: 23 month supply
400-500K: 16 month supply
500-600K: 36 month supply
600-700K: 36 month supply
700-800K: 9 month supply
800-900K: 28 month supply
Over 900K: There have been no sales over $900,000 in the past 12 months. In the past 2 years, the only single family homes sold over 900K were lakefront, with one exception, a house on Seville with over 7,000 sq/ft that sold for 2.5m. There was one condo in The Wellesley that sold for 1.3m in July of '07
If you have a house to sell, with the absorption rate we are seeing right now, staying ahead of the pack (best price, best condition) is essential.
Here's the good news. There are 44 pending listings that are scheduled to close. When they do, these numbers will be better. Also, there is some rumbling out there about trying to get the first time home buyer $8,000 tax credit payable at closing in the state of Florida. This will have a positive impact on sales.
Average rates ended the week last week at 5% on a 30 year fixed and 4.75% on a 15 year. Keep in mind these are averages. My clients are locking in lower than that.
CLOSED SALES: 5/11/2009 - 5/17/2009
4405 BUCKEYE CT: 2/1 - 900 sq/ft - $65,000
2626 ELIZABETH AVE: 3/2 - 1,809 - $362,000
OTHER MARKET ACTIVITY: 5/11/2009 - 5/17/2009
New Listings: 9
Pending Sales: 3
Price Reductions: 17
PRESENTLY ON THE MARKET: 5/17/2009
Active Listings: 288
Under 100K: 11
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 51
400K - 499,999: 17
500K - 599,999: 18
600K - 699,999: 18
700K - 799,999: 5
800K - 899,999: 7
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 44
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, May 11, 2009
Last week was another decent one with 7 homes going under contract. Of the 7, once again, the majority (5) were under $200,000. There was one closed sale posted, 16 E. Vanderbilt, a renovated 2/1 with 1,180 square feet and a gorgeous 93x146 lot. This property sold for $250,000, a really great buy for someone.
You might have noticed that although the number of pending sales is higher each week (43 right now in 32804) there aren't a ton of closed sales to track. This is due to the number of short sales and bank owned properties under contract and those take months to close. Of the 43 pending contracts right now, more than half (24) are distress sales.
Average rates ended the week last week at 4.84% on a 30 year fixed and 4.51% on a 15 year.
CLOSED SALES: 5/4/2009 - 5/10/2009
16 E. Vanderbilt St: 2/1 - 1180 sq/ft - $250,000
OTHER MARKET ACTIVITY: 5/4/2009 - 5/10/2009
New Listings: 15
Pending Sales: 7
Price Reductions: 23
PRESENTLY ON THE MARKET: 5/11/2009
Active Listings: 291
Under 100K: 9
100K - 199,999: 60
200K - 299,999: 82
300K - 399,999: 50
400K - 499,999: 19
500K - 599,999: 18
600K - 699,999: 19
700K - 799,999: 6
800K - 899,999: 8
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 43
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.
You might have noticed that although the number of pending sales is higher each week (43 right now in 32804) there aren't a ton of closed sales to track. This is due to the number of short sales and bank owned properties under contract and those take months to close. Of the 43 pending contracts right now, more than half (24) are distress sales.
Average rates ended the week last week at 4.84% on a 30 year fixed and 4.51% on a 15 year.
CLOSED SALES: 5/4/2009 - 5/10/2009
16 E. Vanderbilt St: 2/1 - 1180 sq/ft - $250,000
OTHER MARKET ACTIVITY: 5/4/2009 - 5/10/2009
New Listings: 15
Pending Sales: 7
Price Reductions: 23
PRESENTLY ON THE MARKET: 5/11/2009
Active Listings: 291
Under 100K: 9
100K - 199,999: 60
200K - 299,999: 82
300K - 399,999: 50
400K - 499,999: 19
500K - 599,999: 18
600K - 699,999: 19
700K - 799,999: 6
800K - 899,999: 8
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 43
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, May 3, 2009
I come to you today with great news with a bitter-sweet twist. We had 10 homes go under contract last week! I can't remember the last time we saw that...it's been awhile and definitely not this year. While that is very encouraging, it's not great news for those trying to sell their houses in the mid to upper range as 8 of those listings were priced under $200,000. I can't think of a better time to be a first time home buyer. Rates are historically low, prices have come way down, and that $8,000 tax credit really sweetens the deal. Mid and upper range buyers are still few and far between as most have houses of their own to sell.
Of the 8 closed sales last week, none of them were short sales or bank owned!!
Average rates today 5.125% on a 30 year fixed and 4.750% on a 15 year.
CLOSED SALES: 4/20/2009 - 4/26/2009
2101 HARRISON AVE: 3/2/1 - 2,177 sq/ft - $365,000
1310 BELLEAIRE CIR: 4/3/1 - 3,156 sq/ft - $490,000
2035 COUNTRY SIDE CIR: 2/2 - 1,502 sq/ft - $196,000
3123 EAGLE BLVD #f: 3/1/1 - 1,220 sq/ft - $179,750
3512 FAIRWAY LN: 3/1 - 944 sq/ft - $124,500
2216 AMHERST AVE: 3/2/1 - 1,608 sq/ft - $245,000
1902 N WESTMORELAND DR: 2/1 - 830 sq/ft - $185,000
616 W HAZEL ST: 2/2 - 1,279 sq/ft - $275,000
OTHER MARKET ACTIVITY: 4/27/2009 - 5/3/2009
New Listings: 7
Pending Sales: 10
Price Reductions: 25
PRESENTLY ON THE MARKET: 5/3/2009
Active Listings: 284
Under 100K: 9
100K - 199,999: 59
200K - 299,999: 78
300K - 399,999: 47
400K - 499,999: 20
500K - 599,999: 20
600K - 699,999: 18
700K - 799,999: 7
800K - 899,999: 9
900K - 999,999: 4
Over $1,000,000: 13
Total Pending Sales: 37
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.
Of the 8 closed sales last week, none of them were short sales or bank owned!!
Average rates today 5.125% on a 30 year fixed and 4.750% on a 15 year.
CLOSED SALES: 4/20/2009 - 4/26/2009
2101 HARRISON AVE: 3/2/1 - 2,177 sq/ft - $365,000
1310 BELLEAIRE CIR: 4/3/1 - 3,156 sq/ft - $490,000
2035 COUNTRY SIDE CIR: 2/2 - 1,502 sq/ft - $196,000
3123 EAGLE BLVD #f: 3/1/1 - 1,220 sq/ft - $179,750
3512 FAIRWAY LN: 3/1 - 944 sq/ft - $124,500
2216 AMHERST AVE: 3/2/1 - 1,608 sq/ft - $245,000
1902 N WESTMORELAND DR: 2/1 - 830 sq/ft - $185,000
616 W HAZEL ST: 2/2 - 1,279 sq/ft - $275,000
OTHER MARKET ACTIVITY: 4/27/2009 - 5/3/2009
New Listings: 7
Pending Sales: 10
Price Reductions: 25
PRESENTLY ON THE MARKET: 5/3/2009
Active Listings: 284
Under 100K: 9
100K - 199,999: 59
200K - 299,999: 78
300K - 399,999: 47
400K - 499,999: 20
500K - 599,999: 20
600K - 699,999: 18
700K - 799,999: 7
800K - 899,999: 9
900K - 999,999: 4
Over $1,000,000: 13
Total Pending Sales: 37
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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