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?