Blog: Some Local Real Estate Markets Showing Improvement
Added June 15, 2009 by Jennifer A. Freeman
I had some interesting responses to a blog I wrote wondering, "Where Are All The Fantastic Real Estate Deals?"
Jessica said, "No great deals out here in CO either. Prices have remained steady except for a few foreclosures that go directly to investors with cash."
Mike said that the market is tough for sellers in the Detroit metro area, and Steve said that north of Chicago, "...There are deals to be had if you are persistent."
It all goes to show that all real estate is local. The Greater Boston real estate market is rebounding, with sales up 97.2 percent since January, according to HouseSavvy.com. They show an 11.4 percent increase in home sales since May, with the sales figures down only 0.2 percent from a year ago.
The Greater Boston market has a 4.75 month supply of unsold homes, compared to the national real estate market with an inventory of 9.6 months of unsold homes.
However, the average sale price for the Boston market is still down 15.5 percent from last year, even though there is some slight month-to-month improvement recently.
Real Estate analyst Walter Hall, the chairman of HouseSavvy.com, thinks the price volatility will continue until the inventory of foreclosed and short-sale properties is further reduced.
What about your real estate market? Leave your comments here and let us know if sales are picking up, like in Boston, or if they're still dragging, like in Detroit. What kind of prices are you seeing?
Read More: Where Are All The Fantastic Real Estate Deals?
See more articles on this topic by clicking on the "RELATED ARTICLES" above and to the right.
We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, don't forget to post your comment below. We thank you for coming to ThinkGlink.com.
© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.
Additional Topics
(View All Topics)foreclosure home buying home value housing market ilyce glink market value mortgage national association of realtors personal finance advice real estate real estate advice real estate agent real estate market seller selling
Related Blog Entries
Related Articles
Top Rated Articles
Related Videos
How To Choose A For Sale By Owner Website Service
When you are selling your home without the help of...(4:39)
For Sale By Owner (FSBO)
Home sellers don't have to get stuck with selling ...(1:22)
Planning Renovation During A Tough Economy
You may look at your personal finances and the bad...(2:01)
Comments
Buckeye Lady says
The market in the Maricopa County/Phoenix has taken a complete turn around since January, at that time we had over 60K homes available and today around 25K. With the reduced prices (created by foreclosures and short sales). low interest rates and the first time home buyer tax credit the Buyers market of January has become the Sellers market in June.
Jennifer says
thanks for the comment Buckeye Lady! Good to hear the things have started to turn around in the Phoenix area. I know things were not doing well earlier this year. I think a lot of markets will start to see more sales as people take advantage of the foreclosure prices and the first time home buyer tax credit.