According to Standard & Poor’s S&P/Case-Shiller U.S. National Home Price Index, real estate values increase this past quarter over the first quarter of 2009. This is the first quarter-on-quarter increase in three years. The Case-Shiller Index of 20 major cities also rose for the three months ending June 2009 over the three months ending in May 2009 (only Detroit and Las Vegas are continuing to experience declines).
Locally, our real estate volume has increased since the beginning of the year with July posting 21 residential sales and 20 residential sales in August (compared to 12 sales in January and 11 in February, 2009).
The quietest price point? Those homes over $2M (although agents report that serious interest is up for the upper echelon of home prices).
Perhaps the biggest surprise right now? Even though it is a buyer’s market, Bainbridge only has 249 active residential listings right now, far below the 300 plus often seen at this time of year.
Showing posts with label Bainbridge Island home sales and real estate. Show all posts
Showing posts with label Bainbridge Island home sales and real estate. Show all posts
Monday, September 28, 2009
Wednesday, April 29, 2009
Good News!
Good news for sellers: Yes, homes are selling. In fact, more homes sold in the first quarter of this year than in Q1 last year (37 vs. 34). As of April 7, there were 13.8% more homes pending (under contract) than on that date last year (33 vs. 29). Pending condominium sales are up substantially: there was only one pending at the beginning of the year vs. ten condos in contract now.
Good news for buyers: House prices are low. On Bainbridge, the median home price has dropped 17.2% since March 31 of last year (see chart below). Condominium prices have not statistically dropped, but with only five condo sales on the books so far in 2009, not enough have sold to make a valid statistical model. The same is true with land, of which there have only been three sales this year with one pending at the time of this writing.
Good news for borrowers: Loans are available, and rates are great! If you have 20% to put down with good credit, loans for less than $417,000 are readily available at rates ranging from 4.75% to 5.4%. Jumbo loans (packaged for $417K to $700K, and from $700K to $1.5M) are also available at rates as low as the high 5s and low 6s; with down payment requirements ranging from 20% to 35%. Interest rates for jumbo loans will likely decrease over the next few months.
Good news for buyers: House prices are low. On Bainbridge, the median home price has dropped 17.2% since March 31 of last year (see chart below). Condominium prices have not statistically dropped, but with only five condo sales on the books so far in 2009, not enough have sold to make a valid statistical model. The same is true with land, of which there have only been three sales this year with one pending at the time of this writing.
Good news for borrowers: Loans are available, and rates are great! If you have 20% to put down with good credit, loans for less than $417,000 are readily available at rates ranging from 4.75% to 5.4%. Jumbo loans (packaged for $417K to $700K, and from $700K to $1.5M) are also available at rates as low as the high 5s and low 6s; with down payment requirements ranging from 20% to 35%. Interest rates for jumbo loans will likely decrease over the next few months.
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