A Daily Shot of News

In Wilmington and New Hanover County, there are homes and condos for sale in many prices ranges. With its abundance of outdoor activities and beautiful weather, the area is popular with many higher-end home buyers.
In New Hanover County there are currently 220 homes for sale with list prices of $1,000,000 or higher. Many of these are waterfront. Popular areas for these higher end home buyers include Landfall, Wrightsville Beach, Figure Eight Island and Kure Beach.

In 2010, 1837 single family homes sold in Wilmington, NC. In the most popular price range of $200,000 – $400,000 homes 701 homes SOLD according to the Wilmington Association of REALTORS.

The average sales price per square foot of these homes in Wilmington was $123, and the average sales price for these Wilmington homes was $272,553. The average Days on Market was 127 days.

In 2009 666 homes SOLD in the $200,000 to $400,000 price range according to WRAR. So 2010 saw a 5% increase in the total number of sales. The average sales price per square foot in this price range for 2009 was  $130, so there was a drop on average of $7 per square foot. In 2009, the average Days on Market was 142, so homes on average sold in 19 fewer days, potentially a very good sign.

In 2009, there were 20 homes in Wilmington area that sold above $1,000,000. With the highest at $3,400,000. All of the 6 most expensive homes to have sold did so on Figure Eight Island.

In 2010, there were 28 homes that sold over $1,000,000, with the highest home sales price on Figure Eight Island at $4,000,000.
So compared to 2009, 2010 saw more higher end homes sell, and at higher price points.

The condo market sales slowed in the Wilmington in 2010, in part due to tougher financing regulations. 194 condos sold in the Wilmington area in 2010, compared to 205 in 2009.

With regards to specific neighborhoods in Wilmington… Homes in Landfall start in the 400’s, but quickly reach the $1,000,000+ price point. Landfall is a beautiful golfing and resort styled gated community that is located minutes to the beach.

Wrightsville Beach offers a laid-back lifestyle that is within minutes of great shopping and dining. It has some of the nicest sand and beaches on the East Coast.

Figure Eight Island is a barrier island with gated access, and is home to many celebrities and well know figures. It is located just to the North of Wrightsville Beach. Homes in Figure Eight Island range into the multi millions. There is a nice marina as well.

Kure Beach is located at the southern tip of Wilmington. This one traffic light town is about as cut as it gets….being a “local” is about as good as it gets. Be sure to check out Freddie’s Restaurant, and Bud 7 Joes Tavern. Take a stroll on the pier, and visit Ft Fisher. There is no area with more natural beauty than Kure Beach, NC.

Los Gatos real estate saw a lower number of default notices and foreclosures in the third quarter of the fiscal year, according to a November 10, 2010 report from the Los Altos Town Crier. The article, which relied on contributions from a number of local experts and firms, noted that ‚Lenders sent out fewer default notices to Santa Clara County homeowners during the third quarter this year compared to the same period last year. Moreover, banks foreclosed on fewer houses and condominiums compared to the third quarter of 2009, according to MDA DataQuick. The real estate information service reported a total of 2,244 default notices recorded in the county July through September. This number was down 44.4 percent from the third quarter of 2009, when 4,035 notices were recorded. Among the counties in the Bay Area, Santa Clara had the largest drop in notices of default. Foreclosures in the county also fell from the same time last year. Trustees deeds recorded totaled 1,036 during the third quarter, down 16.2 percent from 1,237 in the third quarter of 2009. Statewide, a total of 83,261 notices of default were recorded during the 2010 third quarter, up 18.9 percent from 70,051 in the prior quarter, but down 25.5 percent from 111,689 in the third quarter of 2009, according to DataQuick.‚Äù

Los Gatos homes for sale were purchased for a higher median price, according to a report from the Santa Clara County Association of Realtors. This piece indicated that ‚ The average sales price for a home in Santa Clara County rose 5.97 percent in October from September, signaling strong demand and increased buyer confidence. The average sales price for homes, including single family residences, townhomes, and condos, went up to $699,174 in October from the $659,798 in September. The spike in year-over-year comparison is even bigger: It jumped 11.09 percent from the same month last year. The number of closed sales fell 4.52 percent from September, the lowest monthly decrease in five months. 1,078 homes closed in October as compared 1,129 in September. That number was 1,422 the same month last year. Fewer homes for sale in October reversed the trend of rising inventory since April. 6,397 homes were on the market, a 6.91 percent decrease from September but a whopping 44.34 percent increase from the same month last year.

An unincorporated community in San Diego County, 4S Ranch, California, is east of Santa Fe Valley and home to some high-profile residents, like pro sports stars. The community has miles of paths and trails connecting it to shops, parks and schools, attracting those looking for a more secluded lifestyle, and leading 4S Ranch real estate to be rather expensive since it is in high demand but with only a limited supply.

In March, according to the San Diego Union Tribute Zip Code Real Estate Chart, there were 26 resell homes sold in 4S Ranch, and the homes were sold for a median price of $720,000, up 2.9% from a year prior. The market for resell condos in the community was much more robust: There were 20 condos sold in the community during March at a median price of $311,000, an improvement of 54.5% year-over-year.

The median price per square foot in March of 4S Ranch homes for sale was $239 per square foot, up 8.3% from just $221 per square foot in 2009. The price per square foot for condos saw an annual improvement as well. It stood at $262 per square foot, up 13.7% from March 2009, when it was just $231 per square foot.

For all of the year 2009, 4S Ranch saw 342 resell single-family homes sold, at a median price of $700,000, down a slight 6.7% year-over-year. There were 243 condo sales on the year at a median price of $288,000, up 2.9% from the previous year, and there were even 124 sales of new homes, which came in at a median price of $539,000, down 11.1% annually. All total, there were 709 residential properties sold in 4S Ranch, and altogether they had a median price of $510,000, down nearly 18% from the end of 2008, showing that the year 2010 has left plenty of room for the market to improve and rebound from 2009.

The Sacramento real estate market is facing mixed signals as signs indicate that the nationwide economic recession may finally be coming to a close. One positive indicator is a recent drop in foreclosures, according to a February 16, 2010 article in the Sacramento Business Journal. The piece noted that “Notices of default declined in the four-county region last month, but the number of banks who received the keys to homes increased compared to a year ago, according to a report released Tuesday.” The article continued to detail that “The county had 1,574 notices of default last month, compared to 1,438 in December and 2,138 in January 2009. The activity on notices of trustee sale dipped to 1,417 last month, just eight fewer than a year ago.”

Sacramento homes for sale are going for less money lately, according to a February 23, 2010 article, which noted that “Home prices increased for the seventh-consecutive month in December, the latest evidence that the badly battered housing market is at least attempting to get off the mat.” The piece, published in the Sacramento Business Journal, continued to state that “Sacramento-area’s median home price is about 30 percent lower than its peak four years ago, according to the California Association of Realtors. However, the amount of decline depends on the community and even the neighborhood.”

A second study, this one conducted by MDA Data Quick, confirmed this ambiguous news for Sacramento real estate for sale. The analysis, published in the Sacramento Business Journal on February 19, 2010, noted that “Home prices that had appeared to stabilize in Sacramento County last year fell significantly from December to January, although they matched the prices from a year ago, according to figures released Thursday from analyst MDA DataQuick.” The article, composed by Michael Shaw, further found that “The median sales price in Sacramento County for homes of all types, including newly built ones, was $165,000 in January, down from $178,000 in December. In January of last year, the median price was also $165,000…The company reported that sales totaled 2,168 homes in the four-county region, down from 2,524 homes the previous January.”

In October 2008, the median home price of homes sold in San Jose, California was $490,100. This is down from $495,000 in September and $600,000 back in July. This is significantly lower than the median home price of $737,000 in October 2007.  The number of homes sold has increased dramatically from as few as 191 in February 2008 to as many as 515 homes sold during the month of October 2008.

Since this summer, the number of homes for sale in San Jose has fallen but it’s still up on a year over year basis. As of October 2008, the number of homes for sale in San Jose was over 3,537 compared to a high of 3,951 homes for sale in July of this year. In October 2007, there were only 3,129 homes for sale.

The increase in the number of sales and the decrease in the median home price can be credited to the fact that banks have lowered the asking prices for foreclosures they are trying to sell. Currently, foreclosures make up a large percentage of monthly home sales and these have caused the median home price to drop. An increase in the number of homes for sale, similar to what we saw over the summer, also caused a decrease in home prices in most cases.

So, the question in everyone’s mind is “have we hit the bottom?” The answer is No. Although, that depends on what type of house you want and where in San Jose you are looking to buy – which will be the subject of another article.

Please do keep in mind that the statistics above are from M.L.S Listings Inc, and account only the homes sold through this multiple listing service. These statistics are only for single family residences and do not take condominiums or other property types into account.

Real estate experts throughout the Midwest are optimistic that the end of the real estate struggle in the region is soon over.  Although median home prices are still generally below previous years levels, many major real estate markets are starting to post significant year over year gains in home sales.  The Des Moines real estate market has posted the largest of those gains.  Des Moines real estate experts are reporting that the real estate in Des Moines has improved greatly due to the first time home-buyers tax credit, as well as historically low interest rates and a large inventory of affordable housing options.

The New York Times reported that the Midwest has proven to be one of the most successful markets with significant improvements seen over the past few months.  The National Association of Realtors said that as of November, there were 111,000 home sales in the Midwest, up 26 percent from October of 2008.  The median sales price for the region has increased by 1 percent to $146,000, though many markets are still experiencing slight declines.  October experienced the largest jump in home sales, which many realtors attribute to the initial deadline of the federal tax credit and the favorable market conditions compared to that of the previous year.  The New York Times also noted that Des Moines led the Midwest with the largest increase in home sales.  Real estate in Des Moines posted a 39 percent rise in the number of home sales from a year ago.  However, the median sales price declined by about 5 percent to $144,000.  Real estate experts in Des Moines say that the federal tax credit has been a major factor in the improvement of the Des Moines real estate market over the past few months.

The Des Moines Register also noted the 39 percent jump in home sales in Des Moines.  Realtors reported that most homebuyers are trying to take advantage of the federal tax credit.  The number of homes sold between the $100,000 and $175,000 range has increased by 50 percent compared to that of a year ago.  Most experts believe that home sales will increase slightly in the coming weeks as the new deadline for the federal tax credit draws closer.