Thursday, February 25, 2010

January New Home Sales at record lows........50 years WOW

Sales of new single-family homes fell 11.2% in January to a record low of 309,000. Sales of new single-family homes declined in Northeast (-35.1%), South (-9.5%) and West (-11.9%) but rose in the Midwest (+2.1%).  Could this be weather related and is snapback due for February's numbers.

Inventories of unsold homes rose to a 9.1-month supply, while the median duration to sell a new single-family home rose to 14.2 months . The median price of a new single-family home fell 2.4% from a year ago to $203,500. On a year-to-year basis, the median price of a new home has dropped each month from December 2007, with one exception in October 2009. Bookmark and Share

Tuesday, February 23, 2010

The Point Lake and Golf Club Inventory Activity

In the last 15 days we've seen a little flurry of listings in The Point community with six homes newly listed and the lowest priced at $980,000. Bookmark and Share

Case Schiller Index

Today's Case Schiller real estate index was reported this morning and average Charlotte prices moved down 3.8% year over year. Bookmark and Share

Friday, February 19, 2010

Pointless will rock the Hickory Tavern Mooresville again March 19th.

Hubby, Peter and his other mid-life crisis rock star friends will once again bring about 200 people to the Hickory Tavern in Mooresville on March 19th. Check out their facebook page at http://www.facebook.com/pages/Pointless/151963493312#! Bookmark and Share

Thursday, February 18, 2010

Brawley School Road and Brawley Peninsula Sales in 2010

So far in 2010 we've had 15 homes sold vs.14 homes sold in 2009 through February 17. I am specifically looking at homes sold in the school districts for Woodland Heights Elementary School as well as Lake Norman Elementary School. Feels like the market is picking up a little bit or perhaps we are seeing some sellers price their homes better for this market. The Point Lake and golf Club, (where I live) has had 4 homes sold vs. 3 last year. Bookmark and Share

Thursday, February 11, 2010

Deals


This lot, just outside The Point boundries but enveloped by The Point and just around the corner from me was recently reduced from 599k to 429k. This is good water with almost 200 feet of shoreline with a small house on it now. At this price it's starting to get very interesting.........
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Wednesday, February 10, 2010

National Housing Scene

Looks like a big supply/demand imbalance. There are 230,000 newly built empty housing units for sale. Then there's 3.29 million owner occupied's for sale. On top of that there are 3.5 million empty units for sale that have been taken off the market for unspecified reasons of which 1.7 are now bank owned (This is the shadow inventory via the foreclosure process). So there are 7 million units of supply out there out of a total of 112 million units and with apartment vacancy rates at 11%, rents declining and now with so many buyers upside down (21.4% according to Zillow) and strategic defaults gaining in popularity (see WSJ article) it's tough to build a case for an inflationary housing market in the near term. Then again there's always prayer and hope. Bookmark and Share

2009 The Point Home Sales Statistics

We saw a total of 41 homes in The Point sold for all of 2009. Let's break down the pricing into 3 categories to see how the prices stack up (or down).

Homes sold Under 1 million:

21 homes sold for an average selling price per square foot of $160. Median square foot price was $162. Carving this into 3 categories of Distress sales which include short sales and/or foreclosures; New homes; and then resales we see the following trend;

Distress- 8 homes sold at an average of $149 per sq ft
New homes - 5 homes sold for an average of $158 per sq ft
Resale homes - 8 homes at an average of $175 per sq ft.

It's obvious that the Distressed sellers continue to put pressure on prices and that trend so far into 2010 is continuing. For the Buyers there are some great deals out there....take advantage of it!

on another note only 2 of these homes were sold above the Iredell county appraised value and the average selling price was 8% lower than the County's appraised value!! Hey, maybe it's time to apply for tax abatements!

The least expensive home sold was a tie between 2 homes in Sconset Village at $500,000. The size of these homes ranged from the smallest at 3,295 sq feet to the largest at 6,231 sq ft. The lowest selling price per sq ft was $130 and the highest was $207. That "backyard oasis" makes a difference in this category.

There were no waterfront homes sold under 1 million.


Homes Sold from 1 - 2 Million

14 Homes were sold in this price range and actually only 3 homes were sold at over 1.5 million and the other 11 at under 1.5 million. The average selling price per sq ft was $236. Markedly down from the glory days of 2006-2007 and Interest Only mortgages.

The breakdown: New vs Resale
New homes - 7 sold at average of $241 per square foot
Resale - 7 homes at average of $231 per sq foot

The breakdown; Water vs interior
Water - 10 homes at an average of $240 per sq ft
Interior - 4 homes at an average of $226 per sq

Waterfront ranged from a low of $187 per sq to a high of $285 per sq.

How "good" your waterfront lot really is made a difference in the selling price last year. Location, location, location.

Homes 2 million and up

4 homes in this category. one home sold at just slightly above 2 mil and the other 3 at over 3 million. The average selling price was $400 per sq ft. When these homes, which are all waterfront are added to the under 2 million waterfront it skews the averages a bit to the upside and these 3 million plus homes tend to be on lots that are the best in The Point so they belong in their own category. The most expensive home was at $512 per sq ft. There is waterfront and then there is WATERFRONT. In total The Point has had only a total of 8 homes ever sold north of 3 mil, with 2 of those over 4 million.
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