Hamilton County Real Estate Market Homes for Sale

August 31, 2011 by · Leave a Comment
Filed under: Indiana 

Named the Forbes.com No. 1 pick for Best Places to Raise a Family in 2008, Hamilton County, Indiana continues to garner awards as one of the top places in the nation to live. Affordable housing, excellent schools, low crime, plenty of cultural and recreational opportunities, and easy access to the big city life of Indianapolis make Hamilton County real estate attractive to young families, retirees, and everyone in between.

Within Hamilton County, the towns of Carmel, Fishers, Noblesville and Westfield have all earned individual recognition on CNNMoney.com’s list of 100 Best Places to Live in the U.S. , which is impressive enough by itself. But there’s more.  In the past two years, Fishers has also won the No.1 spot on the lists of Best Suburbs for Retirement and Top 10 Cities for Families, and placed on the lists of Best Affordable Suburbs in the U.S., Top 100 Places to Live in 2010,  and Best Places to Move in the Country.  Sperling’s BestPlaces.net recognized Carmel as one of the Best Cities to Relocate To, while Noblesville has been named a Best Town for Families and an All-America City Finalist.

But all this well-deserved recognition doesn’t mean real estate in Hamilton County has escaped the housing market havoc endured by the rest of the country. The July Local Market Update released by the Metropolitan Indianapolis Board of REALTORS shows improvement in some areas for Hamilton County real estate, and some struggle in others. Most notable was a 32% increase in Closed Sales for the month of July 2011 as compared to July 2010. Most other numbers were down from a year ago, including a 5.2% decrease in Median Sale Price (220,000 in July 2011) and a 1.9% decrease in List to Sale Price. Inventory was up 10.3% to a 9.2 month supply.

In the July 2011 to July 2010 comparison, Fishers real estate fared the best of the Hamilton County towns noted as one of CNNMoney.com’s Best Places to Live, making gains in Closed Sales and Median Sales Price, and holding steady in Average Days on Market (85). Carmel homes Closed Sales increased by 16% as compared to a year ago, while the Average Days on the Market decreased slightly from 86 in July 2010 to 82 in July 2011. Closed Sales for Westfield properties were up 19% from the same time period a year ago. Noblesville real estate lost ground in all categories, although minimally in most, including a 1.6% drop in Closed Sales and 4.02% decrease in Median Sales Price.

As with most real estate markets throughout the nation, there’s still much progress to be made before the Hamilton County real estate market fully recovers. But in the meantime, you can be sure Hamilton County will remain a great place to live, work, and play.

Myrtle Beach housing market

January 20, 2011 by · Leave a Comment
Filed under: South Carolina 

The Myrtle Beach housing market has been performing more strongly than the rest of the state and the country, according to several local experts and a number of recent reports. Despite a continually high proportion of short sales and foreclosures affecting the market, the general consensus seems to be that the Grand Strand and Myrtle Beach real estate markets performed well in 2010 and can be expected to continue that strength into the next year. Throughout the entire United States, there were a total of just less than three million properties sold into foreclosure during 2010. Specifically in Grand Strand and the Myrtle Beach region, foreclosures and short sales have had a substantial impact on the market, edging up the quantity of sales and the median sales price. According to one local expert, the effect of foreclosures has been to depress average sales price to the level they were at nearly seven years ago. The consequences of a foreclosure in the Myrtle Beach region extend beyond the physical borders of the property being foreclosed upon. For instance, if a number of properties in a given area are sold in a foreclosure property, that foreclosure decreases the appraised property value of every other home for sale in the area. The Grand Strand region saw an increase of about one thousand foreclosures in 2010 relative to 2009, rising from around one thousand five hundred to approximately two thousand five hundred. It appears that the strong pace of foreclosures will continue into 2011, and that it will be a considerable period of time before the market is no longer driven largely by distressed properties.

There were considerably more Myrtle Beach and Grand Strand homes for sale purchased in 2010 while signs seem to indicate that the market’s sales figures will continue to improve for several months at least. According to the local Multiple Listing Service, 2010 saw twelve percent more homes sold than 2009, while condominiums sold increased by more than twenty percent. Interestingly, year-over-year single-family home sale figures for the month of December 2010 saw a decline relative to December 2009. Single family properties saw a four percent decrease, although condominium sales increased by eighteen percent over the same time. One possible reason why there was a year-over-year decline for single family properties is the federal housing tax credit, which was still positively affecting the number of home sales last year. The median sales price of a single-family property in 2010 was $172,625, while the average purchase price of a condominium was $119,990. These represented a decrease of approximately one percent and six percent, respectively. Local real estate developers have started to adapt to the new conditions of the real estate market, according to The Sun News. A January 15, 2011 article indicated that the Lennar Corporation was planning to build a series of town homes in Myrtle Beach, which will be priced below $200,000 in an attempt to cater to the lower median price of the area.

Chicago Real Estate Update

April 20, 2010 by · Leave a Comment
Filed under: Illinois 
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The Chicago real estate market is facing mixed signals during the first quarter of the 2010 fiscal year. According to a March 16, 2010 article in Business Week, “A new report says the number of Chicago homes in foreclosure was up 16 percent in 2009 compared to 2008. The National People’s Action’s 2009 Chicago Foreclosure Report says more than 23,000 homes in the area were in foreclosure last year.” The piece, originally composed by the Associated Press, continued to say that “Senator Dick Durbin says the report suggest foreclosures are no longer being driven primarily by the years of what he calls predatory lending. The Illinois Democrats says they’re now driven more by unemployment and homeowners who owe more than homes are worth. In a statement about the new report, Durbin’s office cited figures showing 11 million homeowners nationwide owe more than their homes are worth.”

One positive bit of news for Chicago homes for sale and Midwest real estate was reported by a March 23, 2010 article by the New York Times. This article reported that “Midwest home sales improved nearly 10 percent over last year as tax credits and low interest rates continued to motivate buyers. The National Association of Realtors released figures Tuesday showing 68,000 sales in the 11-state region in February, and the median sales price fell 2 percent to $128,000.” The piece, also originally released by the Associated Press, continued to say that “In February, Midwest sales improved more than the nation as a whole. Non-seasonally adjusted figures showed total February homes sales increased 8 percent over last year.”

This same general outlook for Chicago real estate for sale was reported by a March 31, 2010 article in the Chicagoist. This piece found that “The Associated Press is reporting that Chicago-area single-family home prices saw the biggest drop among 20 cities in January, according to The Standard & Poor’s/Case-Shiller home price index. Chicago-area prices dropped just over four percent compared to last year, and is a bigger dip than the 0.7 percent year-over-year drop for the 20 cities combined…Analysts fear that bigger home prices may be in store as the first-time home-buyer credit expires.”

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Atlanta real estate market update

December 23, 2009 by · Leave a Comment
Filed under: Georgia 
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The Atlanta real estate situation is improving but not yet better, announced staff writer Michael Kanell of the Atlanta Journal-Constitution on November 13, 2009.  The article claims that “the wave of metro Atlanta foreclosures has ebbed slightly since summer, but the levels are still cresting high enough to threaten a quick economic recovery.”  In fact, some staggering numbers have actually just recently been released.  Equity Depot claims that “nearly 107,000 foreclosure notices have been filed so far this year, including 9,427 this month” in Atlanta. While the conditions have been getting better relative to previous months, year-over-year comparisons weren’t as cheery.  “The most recent numbers show filings down 1.3 percent from October and 24 percent since September’s record high, according to Barry Bramlett, president of Equity Depot. But the month’s filings were 40 percent higher than the same month last year, 80 percent above two years ago and 146 percent higher than 2006.”

Michelle Shaw, also of the Journal-Constitution reported on November 10, 2009, that “though the median sale price of an existing single-family home in metro Atlanta remains below levels reached a year ago, quarter-over-quarter improvements continue.”  By looking at the statistics, Atlanta homes for sale did quite well with the “median price rose nearly 7 percent to $129,400 over the third quarter, from July 1 to Sept. 30, from $121,400 in the three months that ended June 30.”  However, distressed sales, foreclosures and short sales – 30 percent of sales in the third quarter – continued to weigh down median home prices.

A more positive outlook was reported by Paul Donsky in the November 12, 2009 edition of the Journal-Constitution.  According to him, real estate in Atlanta is beginning to recover as foreclosed homes begin to sell.  “The inventory of new homes in metro Atlanta has shrunk to about 11,000, down 37 percent from a year earlier, according to real estate research firm Metrostudy.”  Other improvements have also been noticed.  With prices for foreclosed homes rising, “the homes that are selling are entry-level, with prices in the low to mid-$100,000s. The homes typically sell for a loss. Lately, sale prices have been about 90 percent of loan value, he said, compared with 75 percent of loan value earlier in the crisis.”

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Indianapolis real estate update

December 15, 2009 by · Leave a Comment
Filed under: Indiana 
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Indianapolis real estate is still hurting, according to number recently released in an article by Lisa Bernard-Kuhn of the Cincinnati Enquirer on November 10, 2009.  In a report of several markets in the Midwestern United States, the article claims that Indianapolis saw an increase in median home price of two percent, rising to $120,200.  This median price is much lower than that of the surrounding region, though.  The median existing single-family home price in the Midwest was down 5.5% to $150,200 in the third quarter from the same period in 2008.

However, “distressed sales – foreclosures and short sales – accounted for 30 percent of transactions in the third quarter, which continued to weigh down median home prices because they sell at a discount relative to traditional homes.”  Many experts believe “that foreclosures will continue to come on the market, but rising sales from the expanded home buyer’s tax credit should stabilize home prices by next spring.”  This comes as good news for people hopeful to sell their properties and real estate in Indianapolis within the next year or so.

RTV6 reported on November 10, 2009 that home sales surged in October over 20 percent and were expected to continue to rise.  Indianapolis homes for sale have seen similar results and have been fortunate enough to experience some of the same good news.  The report said that “increased demand and less inventory brought more consumer confidence to the market.”  In fact, “home sales are also expected to get a boost from the renewal of the federal first-time home buyer’s tax credit, extended through April of 2010.”  On the whole new home sales have faired pretty well in Indianapolis.  Unlike in the west and south where new home sales have dropped off to almost nothing, Indianapolis and the rest of Indiana has only seen numbers drop between six and thirteen percent, according to the Tristate News on October 29, 2009.

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