Welcome to the October 19, 2008 edition of Real Estate Market Reports. This week we have some great submissions from all over the country. If you are looking for some good news, make sure you check out the Alabama Gulf Coast and the Florida Panhandle with Elizabeth Helton or Austin, Texas with Jason Crouch. The rest of the country seems to be consistently reporting sluggish sales and high inventories (which are beginning to fall), resulting in a very strong buyers’ market.
Housing Report
Kathy Torline presents Homes in Colorado Springs, Market report for Skyway posted at Colorado Springs Real Estate Blog by Kathy Torline, saying, “Single Family Homes in Skyway were primarily built in the 1950′s to 1960′s. The majority of the houses are ranches, with 2 to 4 bedrooms, 2- 3 baths, and 1 – 2 car garages. The average home has appx. 1500 to 2500 square footage. The absorption rate of .77 houses per month shows that there is a 9 month supply of houses on the market; the housing market is currently a BUYERS MARKET in this area.”
Elizabeth Helton presents Gulf Front Condo Prices seem to be leveling off along the Alabama Gulf Coast and Florida Panhandle! posted at Alabama Gulf Coast and Perdido Key, FL Real Estate Blog, saying, “The sales volume and the sale price data from the 3rd quarter of 2008 show us that our real estate market is showing signs of stabilization with prices flat lining and not dropping for the first time since the 1st quarter of 2006!! I can not tell you how good that line was to type!!!”
Joe Manausa presents Tallahassee Housing Supply – By The Numbers posted at Tallahassee Real Estate Blog, saying, “Even though we are seeing the supply of homes in Tallahassee continue to drop, the decreased sales activity is resulting in an increase in the months of supply of homes. By graphing the four quadrants of Leon County (the Tallahassee real estate market), we can see that some areas and price points result in over 7 years worth of home supply!”
Doug Willis presents South Pasadena Real Estate – 3rd Quarter up2date Report posted at Up2Date.
Lisa Broadwater presents September 2008 Real Estate Market Snapshot for Sisters, Oregon posted at Central Oregon?s Just Around the Bend Blog (incorporating Sisters, Redmond & Tumalo, too), saying, “We’ve had a busy summer in Sisters, but it’s still definitely a buyer’s market, with expansive inventory in both single family residences and homes on acreage. However, we did experience another slight dip in the number of listings (down from 243 in July to 212 in September). And that decrease should continue into the winter months, when many buyers opt to hibernate, and sellers either pull their homes off the market or wait until spring to list.”
Local Real Estate Data
Michael Eisenberg presents Bellingham Condo Market Report Graph – September 2008 posted at Michael’s Bellingham Real Estate Blog, saying, “This months average Bellingham Condo sales price is down 6.7% compared to last year, but the median price went down 17.4% compared to September of 2007. The average price is up 10.8% from last month, while the median is up 11.1% from last month. The number of sales is down by 15 compared to last year, which is 35% and the days on the market is gone up.”
John Novak presents Real Estate Blog – Sun City Anthem real estate – September, 2008 market report posted at active rain, saying, “Sun City Anthem is an age-restricted community of one-story homes, from 1,080 to over 4,000 square feet, built from 1999 to 2008.”
Tallahassee Real Estate presents Home Prices Around The Tallahassee Area · Invest-In-Real-Estate.ExplainedOnline.Net posted at Invest-In-Real-Estate.ExplainedOnline.Net, saying, “there is a new analysis with charts and graphs for the month of September featuring average home price for the counties around Tallahassee.”
Jason Crouch presents “How IS the Austin Real Estate Market these days?” posted at Austin Texas Real Estate Blog (and other stuff), saying, “The market here is okay, but it’s not as strong as it was two or three years ago. We are still making a good living, but not as much money as in 2005 and 2006. Austin, and Texas in general, have been largely insulated from the serious real estate problems that you hear about, because prices went up at a more normal pace here, rather than skyrocketing. We never had a “bubble” to pop.”
Sharon Paxson presents Lido Island Market Trends – Newport Beach posted at Newport Beach Real Estate & Luxury Homes Blog, saying, “Lido Island is a unique area of Newport Beach which features Newport Beach luxury homes. With bayfront homes with boat slips, and luxury homes located on stradas, Lido Island has it all. The residents of Lido Island enjoy a private club located on the bay of Newport Harbor.”
Real Estate Market Report
Christine Donovan presents Costa Mesa Real Estate Minute October 17, 2008 posted at Costa Mesa’s Neighborhood Blog, saying, “It appears that the South Coast Metro area of Costa Mesa should be in a Sellers’ Market though it still appears to be a Buyers’ market. Given all that is going on in the credit market and the banking industry, we are in an unusual time and will have to see what happens over the next few months as things hopefully begin to stabilize.”
Terry Westbrook presents Grand Rapids MI Real Estate Market Report ~ September 2008 posted at Grand Rapids Real Estate is My Real Job – Terry Westbrook, saying, “There are Grand Rapids homes for all price ranges, as you can see, with 7 areas having average home prices below $100,000. All Grand Rapids home prices are still low compared to 3-4 years ago. I believe many of these areas have been hit relatively hard by foreclosures and short sales.”
Joe Manausa presents Reducing Home Permits Has Assisted Inventory Reduction posted at Tallahassee Real Estate Blog, saying, “We continue to see the number of homes for sale in Tallahassee dropping, though the supply of homes is still way too high. Taking a quick look at our housing inventory trends graph we all three trends are still reducing.”
Kelly Willey presents Florida Keys Real Estate Market Analysis 2007 to 2008 posted at Marathon Florida Keys Connection, saying, “Florida Keys Real Estate Market Analysis 2007 to 2008″
Owen Zweiback presents Bonita Springs & Estero Market Statistics! posted at Bonita Springs Florida Real Estate & Politics by The Land of OZ, saying, “The latest numbers for the Southwest Florida marketplace. Specifically tailored for the Bonita Springs & Estero communities. Our inventories are shrinking and for the investor driven purchaser; there are certain price ranges which would be good entry points for the long term.”
Other Information
Michael Sahlman presents “So if you wait for the robins, spring will be over.”–Advice from Warren Buffett posted at Miami Beach and South Beach Real Estate Blog, saying, “Warren Buffett said in his recent Op-Ed piece in the NY Times “So if you wait for the robins, spring will be over.” Although, Mr. Buffett is speaking about his philosophy relative to stocks, I believe it also applies to real estate investing as well.”
Missy Caulk presents It’s Getting Hot in Here……………. posted at Ann Arbor and Saline Michigan Real Estate, saying, “Today I was out grocery shopping and was listening to the radio, not even sure which station, but the host was reading the following list off. I was shocked and when I arrived home, immediately went to my computer to see if what he was saying was correct.”
Sam presents NEW !! The Bank Crisis, the Subprime Mortgage Crisis and How they Affect You posted at Surfer Sam and Friends, saying, “At the foundation of the bank crisis and the stock market crash of 2008 are money, greed and risk.”
Dave Peeples presents The Top 3 Mistakes to Avoid When Buying a Short Sale as a Residence posted at Bigger Pockets, saying, “Buying a short sale can be a great way to make a smart real estate purchase, given the conditions in today’s market. More frequently, home buyers want to look at nothing but foreclosures, REOs, and short sales during their real estate search. However, just because a property is being sold as a short sale, or some other form of a distressed asset, does not mean that it is necessarily a good purchase.”
Bob Schwartz presents So Much For The Bailout posted at San Diego real estate.
Lane Bailey presents Housing starts fall to the lowest level in 17 years… and it is good! posted at Lane’s Blog – Looking out from the garage, saying, “Construction of new homes dwindled to the second-lowest level in 50 years last month, as home builders sought to reduce the number of unsold inventories in an elusive quest to find the bottom of the historic housing collapse, according to government data Friday.”
That concludes this edition. Submit your blog article to the next edition of real estate market reports using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.
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{ 4 comments… read them below or add one }
Joe – Thanks so much for the mention and for the links as well. Much appreciated. This is a comprehensive look at many of the markets around the country. Well done!
You’re welcome Jason. I hope you’ll start submitting each week or on a regular basis, your reports are very thorough.
All Real Estate is local, but not everybody knows that. The Grand Junction/Palisade Colorado area property values have risen .96% this year, despite a falloff in prices, throughout most of the country. The Natural Gas boom has brought new buyers to our market. Our economy is expanding yet buyers are afraid to jump in and buy real estate. The rental market in our area is very tight with 1.6% vacancy rate and 30 % rise in rental rates. It is actually cheaper to buy a home than to rent now. Fear of the economy and unfounded fears of property prices falling are hobbling our market. The New York Times and Boston Globe featured Palisade, Colorado in their Travel Section. Our micro economy is booming, we have more jobs than people to fill them. This is a beautiful area. What gives? For more information on property in the Grand Junction Palisade Are go to http://www.RealtyinGrandJunction.com
Thanks Elizabeth. Why don’t you join the carnival next week. You’ll get more readership than with commenting your article.