That is if you’re not selling raw land.
A glimpse of our current market activity shows that we are just about the same as last year for volume.As of Tuesday, July 28th, Bainbridge had 293 active residential listings with 40 of those listings under contract (13.7%). Last year at this time we had 338 active residential listings with 43 of those listings under contract (13%).
The condo market is moderately improved this month: 128 active with 9 under contract (7%). Last year we had 124 condos on the market with 5 under contract (4%).
Land is another story. Land loans are expensive and harder to find. There are good, solid lenders with land loans available, but the loan rates are several points higher than conventional residential loans.
We have 81 land listings on Bainbridge right now with 0 under contract. Last year we had 89 land listings with 7 under contract (8%).
Well, our real estate market isn’t as hot as our weather (101degrees today?!), but it is perking right along.
Speaking of the weather…please take special care to drink plenty of fluids and do not leave children or pets unattended in cars or any place they can over heat. Check in on elderly friends and neighbors to be sure they are OK.
Stay cool…take care.
Wednesday, July 29, 2009
Wednesday, July 1, 2009
Confidence up as housing prices stabilize
The stock market ended its best quarter in years yesterday and pending home sales rose 0.1% in May, according to the National Association of Realtors. Hopes are high that sales will hold steady after rising 7.1% in April; April was the fourth straight month of gains.
Locally, our inventory of unsold homes is lower than in recent years. Bainbridge Island has 298 homes on the market today with 38 of those homes under contract (13% of homes are under contract.)
Not surprisingly, our most active segment of the market is first time homebuyer’s and entry-level homes. Buyers in this price range are often eligible for the $8000 first time homebuyer’s credit. These buyers generally enjoy much better interest rates with conforming loans.
Today’s statistical breakdown:
23% of the 66 homes priced up to $500k are under contract. Of the 150 homes in the $500k-$1M range, 13% of the homes are under contract. Bainbridge has 82 homes priced over $1M of which 5% (4 homes) are under contract.
Clearly, statistics favor homes priced less than $500k, but we are seeing increased activity in the upper price ranges…hopefully another sign of recovery.
Locally, our inventory of unsold homes is lower than in recent years. Bainbridge Island has 298 homes on the market today with 38 of those homes under contract (13% of homes are under contract.)
Not surprisingly, our most active segment of the market is first time homebuyer’s and entry-level homes. Buyers in this price range are often eligible for the $8000 first time homebuyer’s credit. These buyers generally enjoy much better interest rates with conforming loans.
Today’s statistical breakdown:
23% of the 66 homes priced up to $500k are under contract. Of the 150 homes in the $500k-$1M range, 13% of the homes are under contract. Bainbridge has 82 homes priced over $1M of which 5% (4 homes) are under contract.
Clearly, statistics favor homes priced less than $500k, but we are seeing increased activity in the upper price ranges…hopefully another sign of recovery.
Subscribe to:
Posts (Atom)
