Last week in College Park buyers were busy, putting 11 homes under contract. The clock is ticking on the first time home buyer tax credit, so those buyers are making sure they don't miss out.
Rates last week barely edged up to an average of 5.14% on a 30 year fixed and 4.58% on a 15 year.
CLOSED SALES: 8/24/2009 - 8/30/2009
2202 ELIZABETH AVE#B: 3/3 - 1,596 sq/ft - $205,000
600 W YALE ST: 2/1 - 964 sq/ft - $197,000
927 CARLSON DR: 3/2 - 1,759 sq/ft - $167,500
2305 EDGEWATER DR#1713: 2/1 - 1,209 sq/ft - $183,000 (Wellesley) *BO
*BO = Bank Owned
OTHER MARKET ACTIVITY: 8/24/2009 - 8/30/2009
New Listings: 7
Pending Sales: 11
Price Reductions: 27
PRESENTLY ON THE MARKET: 8/31/2009
Active Listings: 256
Under 100K: 8
100K - 199,999: 71
200K - 299,999: 66
300K - 399,999: 43
400K - 499,999: 19
500K - 599,999: 15
600K - 699,999: 10
700K - 799,999: 6
800K - 899,999: 1
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 54
VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Monday, August 31, 2009
Monday, August 24, 2009
I get asked a lot when I think things are going to stabilize. Of course that is a difficult question to answer, but here's what I do know.
On one hand home sales are up 37% in the state of Florida over last year, but the median sales price is down 24%. Because of the foreclosure activity in Florida (worst in the nation) we are likely to still see prices fall for some time.
We are now starting to see a rise in the delinquency rate of prime borrowers (those with good credit) due to the poor economy, not the structure of their loans as with sub-prime borrowers. In Florida, 23% of all loans are either past due or in foreclosure. The foreclosure rate among prime borrowers rose to 12.42%. Because of this, I think we are going to start to see an increase in higher end homes hitting the market as short sales and bank owned sales.
Rates are still great and there are buyers out there ready to make a move. If you are thinking of selling, I would jump now rather than wait for prices to come down into next year.
On one hand home sales are up 37% in the state of Florida over last year, but the median sales price is down 24%. Because of the foreclosure activity in Florida (worst in the nation) we are likely to still see prices fall for some time.
We are now starting to see a rise in the delinquency rate of prime borrowers (those with good credit) due to the poor economy, not the structure of their loans as with sub-prime borrowers. In Florida, 23% of all loans are either past due or in foreclosure. The foreclosure rate among prime borrowers rose to 12.42%. Because of this, I think we are going to start to see an increase in higher end homes hitting the market as short sales and bank owned sales.
Rates are still great and there are buyers out there ready to make a move. If you are thinking of selling, I would jump now rather than wait for prices to come down into next year.
Rates last week averaged 5.12% on a 30 year fixed and 4.56% on a 15 year.
CLOSED SALES: 8/17/2009 - 8/23/2009
21 W YALE ST: 3/2 - 1,844 sq/ft - $310,000
924 ASHINGTON PL: 2/2 - 1,594 sq/ft - $250,000
35 E PRESTON ST: 4/2 - 1,873 sq/ft - $225,000
OTHER MARKET ACTIVITY: 8/17/2009 - 8/23/2009
New Listings: 11
Pending Sales: 7
Price Reductions: 15
PRESENTLY ON THE MARKET: 8/23/2009
Active Listings: 263
Under 100K: 11
100K - 199,999: 76
200K - 299,999: 66
300K - 399,999: 39
400K - 499,999: 21
500K - 599,999: 16
600K - 699,999: 10
700K - 799,999: 6
800K - 899,999: 1
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 49
VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Monday, August 17, 2009
This has set out to be a great August in the College Park real estate market! In August of 2008, 19 homes went under contract. So far this August, 18 have gone pending and we're only half way through the month. The chart below shows the activity from 7/08 - 7/09. You can see how bad things got and how we are beginning to rebound, as far as activity. Our inventory is down to 258 now also, so things are really starting to stabilize.
Rates rose last week, averaging 5.29% on a 30 year fixed and 4.68% on a 15 year fixed rate mortgage. Still incredible.
CLOSED SALES: 8/3/2009 - 8/9/2009
2607 COOLIDGE AVE: 3/2 - 1,400 sq/ft - $137,900 *BO
3009 HELEN AVE: 2/1 - 1,267 sq/ft - $230,000
3210 HARRISON AVE: 4/4 - 2,420 sq/ft - $425,000
6 E PAR ST: 4/2/1 - 2,480 sq/ft - $299,000
*SS - Short Sale
*BO - Bank Owned
OTHER MARKET ACTIVITY: 8/10/2009 - 8/16/2009
New Listings: 8
Pending Sales: 4
Price Reductions: 22
PRESENTLY ON THE MARKET: 8/16/2009
Active Listings: 258
Under 100K: 9
100K - 199,999: 75
200K - 299,999: 67
300K - 399,999: 37
400K - 499,999: 20
500K - 599,999: 16
600K - 699,999: 11
700K - 799,999: 6
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 12
Total Pending Sales: 47
VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Rates rose last week, averaging 5.29% on a 30 year fixed and 4.68% on a 15 year fixed rate mortgage. Still incredible.
CLOSED SALES: 8/3/2009 - 8/9/2009
2607 COOLIDGE AVE: 3/2 - 1,400 sq/ft - $137,900 *BO
3009 HELEN AVE: 2/1 - 1,267 sq/ft - $230,000
3210 HARRISON AVE: 4/4 - 2,420 sq/ft - $425,000
6 E PAR ST: 4/2/1 - 2,480 sq/ft - $299,000
*SS - Short Sale
*BO - Bank Owned
OTHER MARKET ACTIVITY: 8/10/2009 - 8/16/2009
New Listings: 8
Pending Sales: 4
Price Reductions: 22
PRESENTLY ON THE MARKET: 8/16/2009
Active Listings: 258
Under 100K: 9
100K - 199,999: 75
200K - 299,999: 67
300K - 399,999: 37
400K - 499,999: 20
500K - 599,999: 16
600K - 699,999: 11
700K - 799,999: 6
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 12
Total Pending Sales: 47
VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Monday, August 10, 2009
So much for the typical "end-of-summer-slow-down". We're breakin' the rules! Last week 12 properties went pending. Ten of the twelve were short sales or bank owned, showing that buyers are going after the best priced properties which are usually the distress sales.
All signs are pointing to the start of a turn around, not only nationally, but finally here in College Park. We have 254 active listings, down from 314 this time last year. We are also down to a 12.3 month supply of inventory (based on closed sales through the end of the July) compared to a 40.3 month supply in January.
While this is GREAT news, prices do continue to come down because of the short sales and bank owned properties being sold. The chart below shows the average price of listed homes vs. the average price of what is selling (Jan.-July). The closed sales sold for 77% of their original list price, on average.
Rates fell slightly last week, averaging 5.22% on a 30 year fixed and 4.63% on a 15 year fixed rate mortgage.
CLOSED SALES: 8/3/2009 - 8/9/2009
721 LANGSTON CT: 3/3 - 2,288 sq/ft - $170,000 *BO
365 DUBSDREAD CIR: 4/3 - 3,807 sq/ft - $587,000 *SS
1027 BRYN MAWR ST: 4/2 - 2,571 sq/ft - $668,000
844 TIMOR AVE: 3/2 - 1,509 - $77,500 *BO
*SS - Short Sale
*BO - Bank Owned
OTHER MARKET ACTIVITY: 8/3/2009 - 8/9/2009
New Listings: 6
Pending Sales: 12
Price Reductions: 20
PRESENTLY ON THE MARKET: 8/9/2009
Active Listings: 254
Under 100K: 10
100K - 199,999: 76
200K - 299,999: 65
300K - 399,999: 38
400K - 499,999: 16
500K - 599,999: 15
600K - 699,999: 11
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 11
Total Pending Sales: 51
VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
All signs are pointing to the start of a turn around, not only nationally, but finally here in College Park. We have 254 active listings, down from 314 this time last year. We are also down to a 12.3 month supply of inventory (based on closed sales through the end of the July) compared to a 40.3 month supply in January.
While this is GREAT news, prices do continue to come down because of the short sales and bank owned properties being sold. The chart below shows the average price of listed homes vs. the average price of what is selling (Jan.-July). The closed sales sold for 77% of their original list price, on average.
Rates fell slightly last week, averaging 5.22% on a 30 year fixed and 4.63% on a 15 year fixed rate mortgage.
CLOSED SALES: 8/3/2009 - 8/9/2009
721 LANGSTON CT: 3/3 - 2,288 sq/ft - $170,000 *BO
365 DUBSDREAD CIR: 4/3 - 3,807 sq/ft - $587,000 *SS
1027 BRYN MAWR ST: 4/2 - 2,571 sq/ft - $668,000
844 TIMOR AVE: 3/2 - 1,509 - $77,500 *BO
*SS - Short Sale
*BO - Bank Owned
OTHER MARKET ACTIVITY: 8/3/2009 - 8/9/2009
New Listings: 6
Pending Sales: 12
Price Reductions: 20
PRESENTLY ON THE MARKET: 8/9/2009
Active Listings: 254
Under 100K: 10
100K - 199,999: 76
200K - 299,999: 65
300K - 399,999: 38
400K - 499,999: 16
500K - 599,999: 15
600K - 699,999: 11
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 11
Total Pending Sales: 51
VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Monday, August 3, 2009
Finally! There sure has been great news lately about the real estate market slowly inching toward a recovery. Music to my ears and yours too, I'm sure. Here in College Park, we're staying pretty close to the same number of closed sales as this time last year. As far as price per square foot, the median for the year has come down about 15% compared to last year. Each segment is different, however. For example, on homes with over 3000 sq/ft, the median price per square foot has come down 34%
Last week in the College Park market 7 homes went under contract, 6 listed from $65,000-$267,00 and a short sale with 3,418 sq/ft listed at $460,000.
Rates rose again last week, averaging 5.25% on a 30 year fixed and 4.689% on a 15 year fixed rate mortgage. This time last year rates on a 30 year were 6.52%.
CLOSED SALES: 7/27/2009 - 8/2/2009
203 W WINTER PARK ST: 3/2 - 1,350 sq/ft - $205,000
2050 COUNTRY SIDE CIR: 2/2 - 1,466 sq/ft - $190,000
724 SEMINOLE AVE: 3/1 - 480 sq/ft- $55,730
854 CARLSON DR: 3/2 - 916 sq/ft - $90,000
25 E NEW HAMPSHIRE ST: 4/3/1 - 4,142 sq/ft - $605,000
4724 GODDARD AVE: 3/1 - 1,150 sq/ft - $118,900
*SS - Short Sale
*BO - Bank Owned
OTHER MARKET ACTIVITY: 7/27/2009 - 8/2/2009
New Listings: 11
Pending Sales: 7
Price Reductions: 12
PRESENTLY ON THE MARKET: 8/3/2009
Active Listings: 267
Under 100K: 12
100K - 199,999: 80
200K - 299,999: 68
300K - 399,999: 39
400K - 499,999: 16
500K - 599,999: 16
600K - 699,999: 12
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 11
Total Pending Sales: 43
VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Last week in the College Park market 7 homes went under contract, 6 listed from $65,000-$267,00 and a short sale with 3,418 sq/ft listed at $460,000.
Rates rose again last week, averaging 5.25% on a 30 year fixed and 4.689% on a 15 year fixed rate mortgage. This time last year rates on a 30 year were 6.52%.
CLOSED SALES: 7/27/2009 - 8/2/2009
203 W WINTER PARK ST: 3/2 - 1,350 sq/ft - $205,000
2050 COUNTRY SIDE CIR: 2/2 - 1,466 sq/ft - $190,000
724 SEMINOLE AVE: 3/1 - 480 sq/ft- $55,730
854 CARLSON DR: 3/2 - 916 sq/ft - $90,000
25 E NEW HAMPSHIRE ST: 4/3/1 - 4,142 sq/ft - $605,000
4724 GODDARD AVE: 3/1 - 1,150 sq/ft - $118,900
*SS - Short Sale
*BO - Bank Owned
OTHER MARKET ACTIVITY: 7/27/2009 - 8/2/2009
New Listings: 11
Pending Sales: 7
Price Reductions: 12
PRESENTLY ON THE MARKET: 8/3/2009
Active Listings: 267
Under 100K: 12
100K - 199,999: 80
200K - 299,999: 68
300K - 399,999: 39
400K - 499,999: 16
500K - 599,999: 16
600K - 699,999: 12
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 11
Total Pending Sales: 43
VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
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