The Year-End Data Wasn't An Anomaly, And Might Reflect A Correction-Trend In The Market
A report from Wink News in Florida. "A few high rises overlook the Caloosahatchee. But lots bought for condominium have been sitting vacant for years. 'Build it and then if its gonna sit there vacant because they can’t occupy because no one can afford,' Ed Tucker said, 'that’s stupid to me.'"
"'There are some complexes that are going through a glut, said Bert Parsley, a real estate agent . 'But I think that’s more based on the price points.'"
The New York Post. "Pop superstar Taylor Swift’s former West Village rental has finally found a buyer — at less than half its original asking price. By 2017, the 21-foot-wide brick home, which was built in 1912, was on the market for a grand $24.5 million. It closed for $11.5 million.
From Westport Now in Connecticut. "The home-selling season is under way in Westport, and our current real estate climate is not quite conducive to 'testing the market' or 'fishing' for the highest price possible if recent sale comparables do not support it. The operative term here is 'asking price.' Out of the 39 homes that sold year to date, almost half of them had at least one price adjustment before obtaining a deposit that resulted in a sale."
"Of the 19 homes that had price changes, the home at 4 Christmas Lake Lane was adjusted 18 times in its 478 days on the market before it sold at 97.62 percent of its final asking price, or 66.38 percent of its original asking price. Another home at 10 Minute Man Hill had four changes during its 793 days on the market, and closed at 88.06 percent of its final asking price, or 54.2 percent of its original asking price."
"The highest priced sale occurred at 10 Minute Man Hill in the Compo Beach area. Originally built in 2003, the home was first listed at $6,495,000, reduced on four occasions to $3,998,000 and closed at $3,520,500 after 793 days on the market."
From Culture Map on Texas. "Houston has been named one of the friendliest markets for buyers by Zillow. The report drilled down further to name Bellaire, where 20.7 percent of homes saw price cuts last year, the most buyer-friendly location in the area."
The Daily Camera in Colorado. "Housing inventory is outpacing demand in Boulder County. The latest data for February from the Colorado Association of Realtors suggests the local housing market, though healthy, shows signs of cooling off. 'In Boulder County, we have 13 percent more inventory than we did at this time last year,' said Kelly Moye, former president of the Boulder Area Realtor Association."
"Sales of single-family homes over the year (from February 2018 to February 2019) declined about 18 percent, she said. But prices have dipped only marginally, Moye said. This suggests the year-end data wasn't an anomaly, and it might reflect a correction-trend in the market, she said. 'The Front Range market is experiencing a bit of a plateau. Affordability is an issue.'"
"The median sales price for single-family homes in Boulder County dropped 1.6 percent to $568,750 last month from $577,900 in February 2018. Sales of townhouses and condos in Boulder County also were down about 18 percent over the year, while new listings increased more than 22 percent in the same period. Their median sale price was down 5.2 percent from $385,000 in February 2018 to $365,000 last month."