(I will put out a 1st Quarter comparison to last year, later this week.)
Springfield
Springfield had 8 closings in January. 7 of the properties needed complete renovation and sold for between $15,000 ($5/sf) and $62,475 ($15/sf). The other property that sold was a loft at 1951 Market; it sold for $120,000. Although this is a 62% increase in sales from February, it is hard to compare the two months since everything that sold needed renovation, with the loft as the exception. 16 new listings came on the market, with a total of 82 active listings now. This is a 19% decline in inventory since last month - a good sign. Of the 82, 25% are distressed, this is the same percent as February - also a good sign. 20 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K.
Riverside
Riverside had 3 properties close in March. They ranged in price from $65,000 - $500,000. Zero closed in January and 4 closed in February, to give a comparison. The prices were $117,000 and $500,000. 18 new properties went on the market, making a total of 89 properties on the market, a 1% increase in inventory. 13% of the inventory are distressed properties, a 35% decline from February. 7 properteis are pending in Riverside now, the most expensive of which is a condo at Villa Riva listed at $820,000.
Avondale
Avondale had 6 properties sell in March, a 33% increase from February. The prices range from $190,000-$300,000. 37 new properties came on the market, for a total of 165 properties for sale, this is a slight increase in inventory from February. In addition, 19% of the inventory for sale is distressed, a 1% decline from February 2009. There are 15 properties in pending, the most expensive of which is $235,000 or $126/sf.
San Marco
March saw 6 closings, a 30% increase in sales from February. Prices range from $240,000 - $349,000. 32 new properties went on the market, making a total of 189 properties for sale. Only 6% of its present inventory are distressed properties. That is a 4% drop from February. 7 properties went under contract, the most expensive of which is listed at $329,900 or $196/sf.
Downtown
Nothing sold downtown in March. 6 new properties went on the market. One property is pending. There are 48 total properties for sale, a slight decrease in inventory.
Murray Hill/Lakeshore
17 properties closed in March. The prices ranged from $11,900-$179,000. 51 new properties came on the market, for a total of 227 properties for sale. 56 of them are distressed properties. 32 pended in March.
Monday, March 30, 2009
Friday, March 20, 2009
Open House Weekend
This weekend, I will be hosting several open houses in San Marco and Springfield.
If you are in the market, stop by. A list of homes and times they are open can be found here
If you are in the market, stop by. A list of homes and times they are open can be found here
Thursday, March 19, 2009
Twilight Open House TONIGHT!
1934 Silver Street. 3 Bedroom/2.5 Bath with a garage and bonus room above. This house has been renovated with the best attention to detail. House also features mud room, butler's pantry, large mastersuite with seperate shower and jetted tub and his/hers sinks and private balcony. $275,000
Twilight Open House from 5pm-7pm tonight, light hors d'ouvres served
Possible Monthly Payment Scenarios (based on 5% 30 year fixed, principle & interest)
FHA 3.5% down: $1424/month
Conventional 10% down: $1328/month
Conventional 20% down: $1181/month
Twilight Open House from 5pm-7pm tonight, light hors d'ouvres served
Possible Monthly Payment Scenarios (based on 5% 30 year fixed, principle & interest)
FHA 3.5% down: $1424/month
Conventional 10% down: $1328/month
Conventional 20% down: $1181/month
Tuesday, March 17, 2009
A National Bottom?
US Housing starts rebounded 22% in Feb. Could this be the beginning of the bottom nationally? Many analysts are thinking so, only time will tell. The starts are mostly for multi-family, as the rental market is surging. But building permits also rose and so did single family permits. Locally, we have been seeing a flatlining of price drops, the national number reflecting this is a good indicator that the country may be seeing this bottom.
more articles:
CNBC
Market Watch
more articles:
CNBC
Market Watch
Monday, March 16, 2009
Avondale Real Estate Stats: February 2009
Avondale continues to be the Intown Market struggling the most to get over the market hump.
Total Units Sold: 5
Detached: 4
Condo/Lofts:1
17% decline from last month
40% increase from February last year
Days on Market: 156
Detached: 157
Condo/Loft: 153
50% increase from last month
67% increase from February last year
Average Sales Price: $182,950
Detached: $198,188
Condo/Loft: $122,000
19% increase from last month
17% decline from February last year
Median Sales Price: $122,000
Detached: $120,000
Condo Loft: $122,000
10% decline from last month
43% decline from February last year
Average Sale Price/List Price: 90%
Detached: 89%
Condo/Loft: 95%
Same as last month
5% decline from February last year
2 of the 5 sales were REO.
In February, there were 144 homes for sale. This represents an inventory of 48 months for detached homes based on the current rate of sales over the last 6 months. This absorption rate continues to be Avondale's biggest challenge in overcoming the market hurdles. Inventory needs to drop or sales need to increase. You can see the market beginning to correct itself when you compare median sales price in February to last month and last year. To move some of the inventory, Avondale will have to continue to lower prices, this will also lower days on market and of course, increase the units sold.
In February, 22 new homes came on the market. Again, Avondale's inventory needs to decrease, not increase. During this time, 11 went into pending compared to 9 going pending in January. (Remember, just because a home goes pending does not mean it will close).
I am hopeful the second quarter Avondale will continue to lower prices and move some of the inventory. This is the only way prices will stablize and then begin increasing.
This overview of the Avondale real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Avondale.
Total Units Sold: 5
Detached: 4
Condo/Lofts:1
17% decline from last month
40% increase from February last year
Days on Market: 156
Detached: 157
Condo/Loft: 153
50% increase from last month
67% increase from February last year
Average Sales Price: $182,950
Detached: $198,188
Condo/Loft: $122,000
19% increase from last month
17% decline from February last year
Median Sales Price: $122,000
Detached: $120,000
Condo Loft: $122,000
10% decline from last month
43% decline from February last year
Average Sale Price/List Price: 90%
Detached: 89%
Condo/Loft: 95%
Same as last month
5% decline from February last year
2 of the 5 sales were REO.
In February, there were 144 homes for sale. This represents an inventory of 48 months for detached homes based on the current rate of sales over the last 6 months. This absorption rate continues to be Avondale's biggest challenge in overcoming the market hurdles. Inventory needs to drop or sales need to increase. You can see the market beginning to correct itself when you compare median sales price in February to last month and last year. To move some of the inventory, Avondale will have to continue to lower prices, this will also lower days on market and of course, increase the units sold.
In February, 22 new homes came on the market. Again, Avondale's inventory needs to decrease, not increase. During this time, 11 went into pending compared to 9 going pending in January. (Remember, just because a home goes pending does not mean it will close).
I am hopeful the second quarter Avondale will continue to lower prices and move some of the inventory. This is the only way prices will stablize and then begin increasing.
This overview of the Avondale real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Avondale.
Friday, March 13, 2009
Springfield Real Estate Stats: February 2009
I know that my business in Springfield really picked up in February. The 2 condos that sold were my buyers. I have 5 properties in Springfield pending now, this is all very encouraging news and looking at the stats, it appears that the market here is leveling out.
Total Units Sold: 3
Detached: 1
Condo/Lofts: 2
Days on Market: 184
Detached: 404
Condo/Loft: 74
Average Sales Price: $88,000
Detached: $44,000
Condo/Loft: $110,000
Median Sales Price: $95,000
Detached: n/a
Condo Loft: $110,000
Average Sale Price/List Price: 93%
Detached: 68%%
Condo/Loft: 97%
Sales remained the same from January to February - 3. This is also the same number of sales in February 2008 too. 33% of the sales in February 2009 were REO. This is a decline from January.
In February, there were 63 homes for sale. This is a 22% decline over the previous month, encouraging. This represents an inventory of 18 months for detached homes and condos based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In February 24 new homes and conods came on the market. During this time, 7 went into pending, compared to 11 going pending in January. (Remember, just because a home goes pending does not mean it will close).
This overview of the Springfield real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Springfield.
Total Units Sold: 3
Detached: 1
Condo/Lofts: 2
Days on Market: 184
Detached: 404
Condo/Loft: 74
Average Sales Price: $88,000
Detached: $44,000
Condo/Loft: $110,000
Median Sales Price: $95,000
Detached: n/a
Condo Loft: $110,000
Average Sale Price/List Price: 93%
Detached: 68%%
Condo/Loft: 97%
Sales remained the same from January to February - 3. This is also the same number of sales in February 2008 too. 33% of the sales in February 2009 were REO. This is a decline from January.
In February, there were 63 homes for sale. This is a 22% decline over the previous month, encouraging. This represents an inventory of 18 months for detached homes and condos based on the current rate of sales over the last 6 months. These absorption rates continue to be encouraging when compared to many other parts of the country, some of which have over 2 years of inventory.
In February 24 new homes and conods came on the market. During this time, 7 went into pending, compared to 11 going pending in January. (Remember, just because a home goes pending does not mean it will close).
This overview of the Springfield real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Springfield.
Thursday, March 12, 2009
Twilight Open House TONIGHT!
This evening's Twilight Open House is at 325 Cottage in Historic Springfield from 5pm-7pm. The house is a renovated 4 Bedroom/3 Bath with a wrap around porch. The list price is $252,700.
Some Monthly Payment Scenarios (based on 5% 30 year fixed)
$1309: FHA loan with 3.5% down, principle and interest
$1220: Conventional loan with 10% down, principle and interest
$1085: Conventional loan with 20% down, principle and interest
(wine and light hors d'ouvres served)
Some Monthly Payment Scenarios (based on 5% 30 year fixed)
$1309: FHA loan with 3.5% down, principle and interest
$1220: Conventional loan with 10% down, principle and interest
$1085: Conventional loan with 20% down, principle and interest
(wine and light hors d'ouvres served)
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