I have definitely seen an up-tick in activity recently. With rates on the rise and the economy taking a slight turn for the better, I think many buyers are realizing this is as good a time as any to go ahead and make a move. I am also seeing more investors picking up bank owned properties.
Over the past two weeks 17 properties went pending. Buyers are still looking for the "steals" however, as all but four are short sales or bank owned.
The pending sales were as follows:
Under $100,000 - 3
$100,000 - $199,999 - 10
$200,000 - $299,999 - 4
ACTIVE LISTINGS: 205
PENDING SALES: 73
CLOSED SALES: 1/10/2011 - 1/23/2011
VACANT LAND
ACTIVE: 17
PENDING: 2
SOLD (1/1/2010 - 12/31/2010): 4
Gerda Street: $162,000
620 Stetson: $155,000
717 Langston Court: $61,750
1568 Eastin Avenue: $206,000
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
As we begin 2011 with the hope of a stable economy, I wanted to share how the College Park real estate market has changed over the past two years. I think you will be mostly pleased.
The following chart shows some real positive information. Our inventory has steadily declined since the beginning of '09 while the number of closed and pending sales has increased. The numbers aren't drastic, but definitely moving in the right direction.
The chart below shows how our prices per square foot have come down over the past two years, but that has to happen as we recover. Our AVERAGE per square foot sold prices are coming in around where we were in the last 6 months of '01.
The above numbers represent all single family properties. Feel free to email me if you would like a more specific break down.
4% mortgage rates are on their way out the door. Last week the average rate on a 30 year conventional mortgage was 4.77%. According to bankrate.com, experts predict rates to be between 5%-6% for 2011. If you are contemplating a refinance or home purchase, don't want too much longer.
Last week there were 6 closed sales posted and 6 properties that went pending. The pending sales were as follows:
Under $100,000 - 2
$100,000 - $199,999 - 3
$200,000 - $299,999 - 1
ACTIVE LISTINGS: 209
PENDING SALES: 67
CLOSED SALES: 1/3/2011 - 1/9/2011
VACANT LAND
ACTIVE: 17
PENDING: 2
SOLD (1/1/2010 - 12/31/2010): 4
Gerda Street: $162,000
620 Stetson: $155,000
717 Langston Court: $61,750
1568 Eastin Avenue: $206,000
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
So here we go. It's a new year. I'm sure you're with me on this...I sure am ready for the real estate market to stabilize. Experts predict we will continue to drop some in 2011 nationwide, but the way I see it, College Park continues to hold stronger than most areas. Yes, our distressed inventory is still at 28%, however, that number has not gone up that much since I first ran this report in October of '09. We were at 21% then. Other parts of town have seen as much as 15% increase in the number of active distressed listings. If you compare our numbers to other areas, we are in much better shape. When things start to rebound, we will be among the first to recover.
There are some amazing deals out there right now. Let's hope 2011 brings more and more buyers looking to College Park, one of the most thriving communities in the Orlando area.
ACTIVE LISTINGS: 207
PENDING SALES: 70
CLOSED SALES: 12/6/2010 - 1/2/2011
VACANT LAND
ACTIVE: 17
PENDING: 2
SOLD (1/1/2010 - 12/31/2010): 4
Gerda Street: $162,000
620 Stetson: $155,000
717 Langston Court: $61,750
1568 Eastin Avenue: $206,000
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
