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Broward County’s real estate market has seen better days. According to the Florida Association of Realtors the county recorded the worst homes sales in May since the Florida Association of Realtors started keeping track in 1994. Additionally, the median price fell by $12,100, to $367,700 from $379,800 a year ago.
For the state of Florida, sales of existing homes dropped 34%, and the median price fell $13,100, to $237,000, from a year ago.
Nationally, sales decreased in May to their lowest levels in four years while the median price dropped for the 10th consecutive month.
Somebody forgot to tell NYC that there’s a housing slump going on. According to several NYC real estate brokers, prices, particularly in Manhattan have been doing nothing but going up.
The median Manhattan condo or co-op apartment sold for between $840,000 and $895,000 during the three months ended June 30. According to Prudential Douglas Elliman, a four-bedroom apartment averaged approximately $10M.
What’s pushing the luxury market in NYC? According to the realtors, its three groups: Wall Street managers and bankers, overseas buyers and parents of college students.
Yesterday, we took a look at the Forbes.com recommendations for the top markets for home sellers. Today, we review their choices for the “top home buyer markets.
1. Tampa FL
2. Minneapolis, MN
3. Miami, fL
4. Kansas City, MO
5. Chicago, IL
6. Phoenix, AZ
7. San Diego, CA
8. Milwaukee, WI
9. New York, NY
10. Atlanta, GA
A Forbes.com study undertook to answer the question of which city has the most favorable housing market for homeowners looking to sell? The winner, Raleigh, N.C. Working in Raleigh’s favor is a lack of a significant inventory glut and a healthy local economy
Forbes performed a comprehensive study using data from Moody’s Economy.com and the NAR. They looked at a variety of vactors including a city’s supply versus demand ratio, current sales rates, changes in those rates and price stability.
Other good locations for selling a home:
While many real estate markets across the country are feeling the pain of the current housing slump, a few are still doing quite well. Among those dancing the happy dance is Seattle. Recent National Association of Realtor (NAR) data showed that the median home sale price in Seattle was $380,200 during the first three months of 2007. That’s a 12.3% year-over-year increase.
Driving the market’s positive, steady growth are several facotrs including strong job and population growth, a relatively low unemployment rate (under 4%), and a market which never experienced the rapid run-up on prices that many overheated markets did.
Seattle can puff out its chest a little more at another good piece of news. With the national median house price currently sitting at $212,300, Seattle can also say that it was the only market where single family houses were priced well above that average.
Ex-NBA star Matt Geiger has put his home on the market. This luxury estate located in East Lake in Pinellas County can be yours for a mere $19.9M. So, what does one get for such a price tag? The 28,000 square foot home houses several lavish bars, a DJ station and dance floor, hot tubs, a pizza oven and even a cigar room. Oh, and let’s not forget the 330,000-gallon pool, putting green, man-made lake stocked with 2, 500 bass and the 5, 200-square-foot guest house.
The Pinellas County Property Appraiser’s Office puts the market value of Geiger’s estate and an adjacent piece of property at $11-million, based on other sales from 2004-2005. The property tax bill for the estate would be more than $177, 000 - a year.
The real estate agent handling the property is quoted as saying its “a perfect house for a couple who entertains”. Unfortunately, it may not be the perfect place to raise kids. Geiger who has one small child and who’s girlfriend is expecting another are selling because the estate is not really “baby-friendly”.
On Monday, the National Association of Realtors announced that sales of existing homes in May fell to their lowest point in almost four years. Sales fell 0.3% month-over-month to an annualized 5.99 million. These numbers signified the poorest performance since June 2003 and a 10.3% decline from the year before.
Housing inventories also continue to rise. The number of houses on the market reached a 15-year high at almost nine months of sales volumes, a 5% increase over the previous month. On average, prices have been cut by $223,700, a 2.1% year-over-year decline which is also the tenth straight month of price declines.
Released this week by the California Association of Realtors (CAR) were the housing numbers for California in the month of May. Home sales decreased 25 % in May in California compared with the same period a year ago, while the median price of an existing home increased 4.8%.
Closed escrow sales of existing, single-family detached homes totaled 366,370 at a seasonally adjusted annualized rate. Statewide home resale activity decreased 25% from the 488,260 sales pace recorded in May 2006.
The median price of an existing, single-family detached home in California was $591,180, a 4.8% increase over the revised $563,860 median for May 2006. The May 2007 median price decreased 1.1% compared with April’s revised $597,640 median price.
Other Highlights of C.A.R.’s resale housing figures for May 2007:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2007 was 10.7 months, compared with 6 months (revised) for the same period a year ago.
Last week, the U.S. government released data showing that the seasonally adjusted annual rate of housing starts for May dropped 2% from April. Compared to last November, starts are off nearly 6%. Looking at the data on an annual basis reveals that housing starts are almost one-quarter lower compared to a year earlier.
Alex Beuzelin, Senior Market Analyst with Ruesch International is quoted as saying, “The housing starts number was not as bad as anticipated and in addition the permits component came out stronger than expected. On balance while the report does not yet make the case we are out of the woods, it does suggest that the inventory drawdown is running its course and points to stabilization in housing. Simply put, it will tend to temper some of the downside risks from the housing sector which reinforces the view that the Fed will not need to cut rates. This supports the U.S. dollar.”