Listings Increasing And More Price Reductions
A report from Sarasota Magazine in Florida. "We all remember those heady days in 2006, when it felt like the real estate market would continue to soar. Until it didn’t, when values plummeted in 2007. Sarasota County homes lost 40 percent of their value during the Great Recession. But that was 12 years ago. Nationally and in Florida, homes are reaching record highs. 'We’re well above what would have been the trend even without the bubble,' says Chris McCarty, director of the University of Florida’s Bureau of Economic and Business Research."
"Candy Swick specializes in the downtown Sarasota condo market, which has been red-hot, but now she says she sees signs of it 'shifting.' Alinari, the condominium on the North Trail across from the bay, has more supply than demand right now."
From Curbed Hamptons in New York. "The famed Goose Creek estate in Wainscott—which has been rented by multiple celebrities over the years—has just cut another $1 million off its asking price and is now listed for $12,995,000. In January, the estate went on the market for $15,995,000 and got a $2 million price cut in May."
The Orange County Register in California. "Southern California house sales slipped below year-ago levels in August for a fourth straight month, even though prices continued to climb, the California Association of Realtors reported. Regionwide, sales fell 7.5 percent year over year, Realtor figures show. It was the biggest sales drop among California metro areas."
"Sales were down in all four counties covered by the Southern California News Group, dropping 8.9 percent in Los Angeles County, 9.7 percent in Orange County, 6.6 percent in Riverside County and 4.3 percent in San Bernardino County. The trend matches what’s been happening statewide."
"'Uncertainty about the housing market continues to mount,' said CAR President Steve White. Homebuyers, White said, are reluctant to commit, fearing prices may have peaked."
"CAR Chief Economist Leslie Appleton-Young said a market shift appears to be underway. 'We are seeing active listings increasing and more price reductions,' Appleton-Young said."
From Curbed San Francisco in California. "If San Francisco felt slightly less overwhelmingly expensive this summer, it wasn’t your imagination. The California Association of Realtors released its monthly report on median single family home prices across the state Monday, crunching sales numbers for the month of August."
"The result: Prices climbed slightly statewide but dropped in San Francisco and across nearly the entire Bay Area. Of course, month to month dips are not usually that significant in statistical terms. However, this is also part of a slightly longer trend that saw prices tumble all summer."
"Here’s how median SF sales figures for single family homes look since May: May: $1.62 million (-1.8 percent). June: $1.62 million (0 percent). July: $1.65 million (+1.8 percent). August: $1.55 million (-6.1 percent). That’s an unusual ebb and flow, but it does amount to a fairly sizable drop overall."
"Across the nine Bay Area counties, the median dropped from $1.08 million in May to $935,000 in August. The statewide median rose slightly from July to August (0.8 percent) but also declined overall since the beginning of the summer."
"CAR President Steve White points out, 'Home sales activity remained on a downward trend for the fourth straight month [in August], as uncertainty about the housing market continues to mount.' White speculates that buyers are waiting to see whether prices will take a significant downward trajectory after years of almost constant growth. White speculates that buyers might be speculating, it might be the beginning of a larger slide, as demand at last meets its match."
"For now there’s nothing to do except watch fall numbers fall where they may."