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Monday, March 21, 2011
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10 comments:
Pretty quiet around here lately.
A terrific bargain (short) came on yesterday as UC 0/0. I called my agent. It was "on the Market" all of 2 minutes and had a 24hr notice requirement to show it.
Anyone hit any opens? Resales hit a 9yr low in terms of volume.
VA-
I didn't hit up any open houses. I think the 9 year low prices not volume resales
At least according to this article it said the median price is the same as it was in April 2002. Although if you exclude the period right after the tax credits I think the volume is comparable to the volume we saw in the late 90s.
Just as a side note. It would be sweet to have a good job in most of the country as a first time buyer. If prices are hitting 2002 levels and you get good interest rates the affordability must be great. Although obviously the comment is it is a lot harder to find a good job in most of these places.
"The median sales price fell 5.2 percent to $156,100, the lowest level since April 2002."
Let's see PG is at that level.
Loudon, Fauquier, PW is at that level.
DC,MoCo,Arl,Alex,FFX have stayed at prices seen in 04/05.
hb,
You are correct. I saw something scroll across the bottom of the news and thought it said sales were at a 9yr low.
I do believe that we will bounce around for awhile ala 90's and agree with the author with respect to trepidation and rents.
pat,
I don't believe that your last sentence is factually correct. In any event, when do you see these areas catching up in terms of a price fall?
Va_I, I think the media are sometimes sloppy in reporting - I also often think they're talking sales volume when they mean prices, and vice versa, and have to look closely to figure it out.
I also agree with you that most of Arl. is not at the 2004 price level. As for 2005, it depends on which part of the year you're talking about (and some neighborhoods are higher than at the end of 2005). I'd say for other neighborhoods, they are at late 2005 levels or higher. I believe the numbers I have seen are that the peak for most of Arl. (parts that didn't have a lot of foreclosures) was mid 2006, that prices in the neighborhoods that dropped the most fell as much as 15% since then, but have edged up since the trough in 2009. I'm referring here to SFHs - the #s for condos or attached houses may be different.
http://www.calculatedriskblog.com/2011/03/census-2010-housing-occupancy-and.html
vacancy data by state.
Interesting Florida showed a jump of 4% but reports 20% as vacant.
Does that mean 16% of Florida housing is normally vacant
Pat-
The spreadsheet says that Florida's current vacancy rate is 17% and that is was 13% in 2000 and 15% in 1990. I wonder if this is because there are a lot of vacation housing units/people's second houses that are empty half the year or more.
Here's Pat's link for people accessing on PDAs (hard to copy and paste URLS).
vacancies
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