Optimism Builds in the Housing Market
By hdnelson
An article in today’s USA Today provides a more optimistic view of the 2012 housing market. The article cites Moody’s Analytics as predicting a 12% rise in existing home sales and a 37% rise in new construction - this coming up from very low levels. They also predict that home prices will fall about 2% in 2012 before starting upward again in 2013. Attitudes are changing because of recent improvements in the unemployment rate and other good economic news.
See more at http://www.usatoday.com/money/economy/housing/story/2012-01-15/housing-outlook-2012/52584304/1
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By hdnelson
Each month we try to compare some reports about the national real estate market to what we see in our local markets. While nationally the blog Calculated Risk reported that short sales increased significantly in the 4th quarter, we only saw 27% (a very modest rise if any) of last year’s short sales close in Q4. There was also a report from Marc Hanson that the percentage of REO (bank owned) sales In December fell in California as an overall percentage of sales in that market. In our market the number of closed sales that were bank owned rose from 38 in November to 43 in December (up 12%). Our market agrees with the article that $200-300k is the new normal for homebuilders. The article shows that the percentage of sales in the west under $300k was 42% in 2007, but is now 65%. In Kitsap County, the percentage of sales under $300k was 54% (1945 of 3615 total sales) in 2007 and in 2011 was 72% (1829 of 2538 total sales). More at http://tinyurl.com/7pljyjx
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By hdnelson
The number of closed sales in Kitsap County in January fell about 37% from December and was about 6% lower than a year ago. Pending sales rose about 42% compared to last month and were about 16% higher than a year ago. In December, there were 195 closed sales and 191 pending sales. In January there were 123 closed sales and 275 pending sales. 48% of the closed sales were distressed properties (compared to 32% last month). 46% of the pending sales were distressed properties (compared with 38% last month). Among closed distressed sales, bank owned sales were more than 3 times the number of short sales closed. This month we will report that the median price dropped sharply. This reflects the higher percentage of sales that were distress properties. More at http://www.prowserealestate.com/Blog/Kitsap-Real-Estate-Market-Report-February-2012
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By hdnelson
Prowse and Company’s January Waterfront Update is out - see the graphs and download the latest newsletter and stats, as well as our current waterfront listings. Prowse and Company’s January Waterfront Update is out - see the graphs and download the latest newsletter and stats, as well as our current waterfront listings. Closed waterfront sales fell 33% in December compared to November and were down 9% compared to a year ago. Though December sales were down, sales on whole were better in 2011 than in recent years, particularly in the last quarter. December’s listing inventory lags last year by 25% and also fell 24% compared to November. Listing inven- tory is at a 5 year low. Pending sales were the same as last month. December’s inventory turnover rate is about 12 months. This is still definitely a buyer’s market. See more at http://bprowse.com/kitsap_waterfront
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