Catskills, NY Real Estate Update

Dec 31st

Posted by in Real Estate

No comments

View west of Catskills and Hudson River from C...
Image via Wikipedia

Though not in one of the typically famous overheated real estate markets that have suffered so heavily in the recent onslaught of the U.S. residential housing market crisis, real estate in the Catskills area of upstate New York has suffered nonetheless. Prices have fallen dramatically, giving those in the market for a new home some great deals, but offering those looking to sell homes a tough sell.

In November of this year, the Catskills real estate market reflected that of the greater national market. Sales continued to gradually increase. In Sullivan County, sales volume ending Nov. 30 for the three-month period was 133, up 7% from the three months ended Oct. 31 but down from the same period in 2008.

The median sales price of homes for sale in the Catskills also remained down, at around $134,000, down by around $2,000 from October figures and down from more than $150,000 at the same period last year. The median price at the high in 2006 was $190,400. Foreclosure sales activity began to retreat slightly, with foreclosed homes accounting for 10.5% of sales, down from 12.1% of October’s sales.

Listing prices stood at an average of $271,223 and a median of $199,000, while the prices for closed sales during September through November clocked in at an average of $162,250 and a median of $134,000, suggesting that sellers must be willing to shave off the prices in order to close the deal.

Reblog this post [with Zemanta]
, , , , , , ,

Baltimore Real Estate

Dec 24th

Posted by in Real Estate

No comments

City of Baltimore
Image via Wikipedia

Real estate experts believe that the Baltimore real estate is headed in the right direction due to steady improvements experienced over the past few months.  Although home sales have increased significantly compared to that of the previous year, median prices are still slightly lower.  Many realtors in Baltimore have attributed the increase in Baltimore real estate activity to the federal tax credit for first time homebuyers.  Realtors also hope that the tax credit will continue to spur activity in the coming months, especially as buyers rush to close on purchases prior to the April 2010 deadline for the federal tax credit.  Although it is still unsure of the future of the real estate in Baltimore, many experts hope to see recovery some time during 2010 or 2011.

According to the Baltimore Sun, Baltimore real estate has recently experienced an increase in activity, with many properties changing hands over the past few months.  Realtors in Baltimore posted a 77 percent increase in home sales in November compared to that of November 2008.  About 3,700 homes in the Baltimore region were sold during November, a slight increase from the 2,247 sold in October.  This has shown great promise, especially since Baltimore tends to experience declines in its real estate market during the month of November based upon historical data trends.  Sales in October were also 36 percent higher than that of the previous year.  However, many experts believe that recovery is not yet here since Baltimore is still experiencing slight declines in median home prices.  In November, the median home price fell about 8 percent from that of the previous year to about $260,000.

The Baltimore Business Journal has also reported the promising improvements being made in the real estate in Baltimore.  Numerous realtors in Baltimore have reported that the real estate activity in the area has been surprisingly promising, especially considering the current season.  Many buyers have noted that the federal tax credit has played a major role in enticing homebuyers to invest now.  Experts have also noted that the affordability of the market has also played a major role in attracting homebuyers.  However, that also means that the luxury home market has continued to struggle to find buyers since few are willing to pay millions for a home during these economic times.

Reblog this post [with Zemanta]
, , , , , , ,