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.
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9 comments:
thanks for providing such a good knowledge of house price.I want to know that what will be coming market trends.and what kind of strategy should adopted by small investor in this down market
Thanks for providing such a good knowledge of house price.I want to know that what will be coming market trends.and what kind of strategy should adopted by small investor in this down market
Regards
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Great news!! After such a bad patch of Global Recession over the Real Estate Industry now the Real Market has shown some signs of stabalization. As a result of that housing prices have also stabalized. So we can say its good news to home buyers.
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This is quite relaxing. Actually, it has to happen one day, as market cannot be at low position for long. I hope market will acquire its position back in coming time.
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Yeah its a natural phenomenon and it was bound to happen. We can see the same trend continues when the real estate market condition will further gets better with time.
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It is just a beginning of market survival. Market is going to regain its position back soon.
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This is true; it is a good sign of recovery in real estate market. The best part is even high price houses are getting prospects for buyers.
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Nice information! Your content unique and meaningful. I really injoy your posts. You are doing very well job! Keep it up.
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Money is flowing once again which is a clear sign of recovery in near future this is going to improve by leaps and bounds.
Thanks for sharing the information.
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