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Kiplinger letter dated 7-8-2011
One bright spot in the housing market: an influx of buyers from China. Chinese buyers will account for 9% of foreigners purchasing US homes this year, second only to Canadian buyers, who make up 23% of foreign home purchases. They’re snapping up bargains in California, Nevada, Florida and New York, typically shelling out more that the average home price in any given locale. Foreign buyers see US homes as good investments opportunities over the long run. Beijing is helping drive investors abroad. In a bid to slow inflation at home, it has banned multiple purchases of properties around 30 major cities in China.
Home building spikes in June
WASHINGTON AP. Builders broke ground on 14.6% more single-family homes and apartments; building permits increased 2.5%.
Housing expected to improve over last year
WASHINGTON – July 19, 2011 – The U.S. housing market, aided by a recovering rental sector, is unlikely to experience a “double-dip” setback, Freddie Mac said Monday.
In its U.S. Economic and Housing Market Outlook for July, the Federal Home Loan Mortgage Corp. said housing likely will follow the performance of the overall economy for the rest of 2011. Additionally, home sales are projected to be above last year’s numbers by 3- to 5 percent.
In its U.S. Economic and Housing Market Outlook for July, the Federal Home Loan Mortgage Corp. said housing likely will follow the performance of the overall economy for the rest of 2011. Additionally, home sales are projected to be above last year’s numbers by 3- to 5 percent.
What does the future hold for jumbo loans?
NEW YORK – July 18, 2011 – The private market is ready to fill the void when conforming limits on government-backed mortgages at Fannie Mae, Freddie Mac, and the Federal Housing Administration expire at the end of September 2011, Federal Reserve Chairman Ben Bernanke told the House Financial Services Committee on Wednesday.
On Oct. 1, the maximum mortgage amount in high-cost areas is set to drop from $729,750 to $625,500.
On Oct. 1, the maximum mortgage amount in high-cost areas is set to drop from $729,750 to $625,500.
More buyers purchasing multimillion-dollar homes
- By LAURA LAYDEN
- Posted July 15, 2011 at 2:30 p.m., updated July 15, 2011 at 3:40 p.m.
NAPLES — Buyers are showing more interest in multimillion-dollar mansions in Naples.
From April to June of this year, sales for homes and condos priced at $2 million and up increased 20 percent, when compared to the same months a year ago. There were 91 sales, up from 76 a year ago in this market, according to report by the Naples Area Board of Realtors (NABOR).
Wealthy Americans upgrade to pricier primary homes
NEW YORK – July 13, 2011 – Amid still-depressed housing numbers that dominate headlines, a new survey by the independent New York City-based Luxury Institute and the Institute for Luxury Home Marketing finds that high net-worth U.S. homeowners are taking advantage of the downturn and trading up into higher-priced primary residences.
Lured by lower prices, one in four U.S. consumers with an annual income of $150,000 or more have bought a residential property since 2008 at a median purchase price of $509,000 – an increase of 3.2 percent from the 2005 to 2007 period.
Most new residences (83 percent) are single-family homes and two-thirds of those are in suburban settings. Seventeen percent plan to purchase additional property this year, while 23 percent of those younger than 50 plan to buy in 2011.
More than one-third (37 percent) of the wealthy value their homes at $1 million or higher, while 32 percent assess their primary residence to be worth $500,000 or less.
Seventy percent of wealthy homebuyers used a real estate agent to help with their property purchase, and two-thirds of that group says they would work with the same agent again.
“Luxury is the good news story in real estate,” says Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing. “The number of wealthy households has jumped back to pre-recession levels and affluent home buyers are actively purchasing. The National Association of Realtors’ statistics show that national home sales at $1 million and above were up more than 18 percent year-over-year in 2010. Strong activity continues this year as well.”
Lured by lower prices, one in four U.S. consumers with an annual income of $150,000 or more have bought a residential property since 2008 at a median purchase price of $509,000 – an increase of 3.2 percent from the 2005 to 2007 period.
Most new residences (83 percent) are single-family homes and two-thirds of those are in suburban settings. Seventeen percent plan to purchase additional property this year, while 23 percent of those younger than 50 plan to buy in 2011.
More than one-third (37 percent) of the wealthy value their homes at $1 million or higher, while 32 percent assess their primary residence to be worth $500,000 or less.
Seventy percent of wealthy homebuyers used a real estate agent to help with their property purchase, and two-thirds of that group says they would work with the same agent again.
“Luxury is the good news story in real estate,” says Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing. “The number of wealthy households has jumped back to pre-recession levels and affluent home buyers are actively purchasing. The National Association of Realtors’ statistics show that national home sales at $1 million and above were up more than 18 percent year-over-year in 2010. Strong activity continues this year as well.”
Dottie Babcock COO John R. Wood Realtors 7/18/2011 reports
Data taken from the Naples/Estero and Bonita MLS
Closed Sales
Closed sales year-to-date are at the highest level since 2005.
Closed sales are up over prior year in all price segments with the exception of properties priced above $5,000,000,
which remains approximately even with the same period 2010 (17 closed year-to-date 2011 vs 16 in 2010).
Closed sales between $1,000,000 and $5,000,000 are up 15% over first six months 2010.
Median sales price has increased 18% since January
Pended SA LES
Pended sales above $1,000,000 posted a 25% increase for the month over June 2010.
Year-to-date pended sales are approximately even with the same period 2010, and the third highest on record for the period.
NEW LISTINGS
The number of new listings placed on the market in June was the lowest for the month since 2004.
Available inventory in the Naples, Bonita Springs, Estero market stands at 7,589 units (4,027 condominiums and 3,562 single
family homes). This represents a 22% decrease from July 1, 2010.
Overall inventory continues to fall and currently stands at approximately a nine month supply.
End of blog
Market activity continued at an active pace during the month of June, as buyers began returning for the summer “buying season”. Inventory continued to drop and the median sales price is up substantially since the beginning of the year. Now is the time to begin focusing on building a listing inventory for the winter season. With some segments already experiencing a shortage of product, it is increasingly important to remain the company with the widest selection of well-priced properties in order to meet buyer needs.
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