Last week in the College Park market 8 properties went pending priced from $29,900 - $210,000. 7 of the 8 were short sales.I'm glad to see our inventory staying relatively low. We still have about a 21 month supply of homes for sale, however, at certain times last year we were running between a 30-40 month supply, so things are improving. In a balanced market there would be a 6 month supply of homes for sale. We still have a way to go, but we are headed in the right direction.
Average mortgage rates stayed pretty flat last week only dropping slightly to 4.98% on a conventional 30 year fixed rate loan and 4.39% on a 15 year.
ACTIVE LISTINGS: 238
PENDING SALES: 53
CLOSED SALES: 1/25/2010 - 1/31/2010
SS = Short Sale BO = Bank Owned
VACANT LAND
ACTIVE: 28
PENDING: 1
SOLD (1/1/2009 - 12/31/2009): 5
848 TIMOR AVE: $23,000
723 EDGEWATER DR: $63,900
930 OAK ST: $250,000 (107 X 140 LOT)
1716 FAIRVIEW SHORES DR: $295,000 (lakefront)
2614 WESTMORELAND DR: $350,000 (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.
Last week in the College Park market there were 10 properties that went pending, priced from $139,900 - $574,900. Most Realtors I spoke with are seeing an increase in activity, including myself. I received contracts on 6 of my listings this week!
Average mortgage rates fell again last week to 4.99% on a conventional 30 year fixed rate loan and 4.4% on a 15 year. Low rates, along with the extension of the home buyer tax credit are definitely stimulating the market.
ACTIVE LISTINGS: 235
PENDING SALES: 53
CLOSED SALES: 1/18/2010 - 1/24/2010
VACANT LAND
ACTIVE: 25
PENDING: 0
SOLD (1/1/2009 - 12/31/2009): 5
848 TIMOR AVE: $23,000
723 EDGEWATER DR: $63,900
930 OAK ST: $250,000 (107 X 140 LOT)
1716 FAIRVIEW SHORES DR: $295,000 (lakefront)
2614 WESTMORELAND DR: $350,000 (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.
Last week in the College Park market there were 3 properties that went pending, priced from $160,000 - $359,000, and 5 closed sales. Two of the closed sales were short sales. One took 2 months from contract to close and the other 3, just to give you an idea of the time frames we are seeing. Complicated short sales (homes with multiple mortgages) can take much longer, however.
If you, or someone you know, is looking to take advantage of the Home Buyer Tax Credit and they are interested in a short sale, now is the time to start looking to get something under contract. The deadline for having a property under contract is April 30th and the closing must take place by June 30th. These short sales are so unpredictable and it would be such a shame to miss out on that tax credit if things got held up with the bank. For more information, here is a great site that explains the qualifications and more: www.federalhousingtaxcredit.com
Average mortgage rates fell a bit last week to 5.06% on a conventional 30 year fixed rate loan and 4.45% on a 15 year. Most experts are predicting rates to stay pretty level for the next 30-45 days, with only a slight increase possible.
# of ACTIVE LISTINGS: 236
Recent Closed Sales 1/11/2010 - 1/17/2010 :
# of PENDING LISTINGS: 49
VACANT LAND
ACTIVE: 25
PENDING: 0
SOLD (1/1/2009 - 12/31/2009): 5
848 TIMOR AVE: $23,000
723 EDGEWATER DR: $63,900
930 OAK ST: $250,000 (107 X 140 LOT)
1716 FAIRVIEW SHORES DR: $295,000 (lakefront)
2614 WESTMORELAND DR: $350,000 (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.
Last week's activity in the College Park market was quite positive. Eight properties went under contract and three were priced at 399K and above. We have been seeing more movement recently in the $3000,000 - $500,000 price range.
There has been an increase in the percentage of distressed listings (short sales and bank owned) in pretty much all zip codes. College Park is still stronger than most, inching ahead of Windermere by 1% as of today. That's not to say that next week it could all change, but at this time we take the number two spot for market strength in the following zip codes with regard to number of active listings listed as short sales or bank owned:
Last week there was one closed sale:
3601 Dubsdread Cir: 2/1 - 1214 sq/ft - $140,000 *BO
BO = Bank Owned
Rates averaged 5.09% last week on a 30 year fixed rate conventional mortgage and 4.5%on a 15 year.
There are currently 241 active listings in 32804 and 51 pending sales.
Happy New Decade! I know many are glad to see 2009 in the rear view mirror, so here's wishing you and yours a healthy and prosperous 2010!
I thought I would take this opportunity to reflect on what we saw here in College Park this past year and how it compares to years past. I have read many predictions that when prices get back to those of 2003, we will know we've hit bottom. Again, these are just predictions, but if they are close we have reason to feel hopeful. When you compare our recent activity to that of 2003 (below), we are pretty dead on. We may have a little further to go, but we have to be getting close. Prices will most likely drop in the higher price ranges this year, but homes in the lower bracket should be close to bottoming out. It is possible that as the higher priced homes fall, the lower end could slide a bit futher, but not much. These predictions are not only based on what is going on in College Park, but also the Florida and National statistics that I follow.
When reviewing the following charts, please keep in mind that the sold activity represents MEDIAN price ranges, half were lower and half were higher. In other words, these numbers don't just plug in to any square footage amount, etc. As real estate is not apples to apples, let me know if you would like a deeper breakdown on your particular property.
We begin 2010 with 245 active listings, 197 of which are single family homes.
SOLDS 12/28/09 - 1/3/20102305 Edgewater Dr. #1504: 1/1 - 911 sq/ft - $116,000 (Short Sale)
