The extra day this year didn’t add to much more activity to the real estate transactions around McCall. There were 13 real estate transactions closed around the McCall area during the month of February according to our local MLS, with a total dollar volume of $1,434,500. Of the 13, 2 were fractional properties, 2 condominiums, 3 vacant land, and 6 single family homes. The lowest price sold in February was $25,500 which was a lot in Crescent Rim area and the most expensive property closed in February was a Shiner Creek Condominium sold for $265,000. Of the ones closed, only 4 of them were reported as short sales or foreclosures. The good news is that there are 36 properties pending or have a contingent status for the McCall area, including some nice lake front properties, so expect to see the real estate numbers for the upcoming months to jump up significantly.
Posted in: DAILY REAL ESTATE NEWS | MONDAY, FEBRUARY 13, 2012
Florida cities are expected to see some of the biggest recoveries in housing prices in the coming months, according to a new report by Realtor.com that reveals the top turnaround towns. In fact, the signs are already there with drops in inventories and distressed homes, as well as higher listing prices and increases in sales.
The following are the top six housing markets expected to see the biggest turnaround, according to Realtor.com.
1. Miami, Fla.
Median home price: $185,000
Growth: Sales volume of existing single-family homes has jumped 51 percent in the third quarter compared to 12 months prior.
A factor in the recovery: International clients are snagging up Miami homes: In May, they purchased 60 percent of existing houses and condos and 90 percent of newly built homes.
Median home price: $129,000
Growth: Homes sold 27 percent faster in the fourth quarter compared tot he same period in 2010.
A factor in the recovery: An improving job market: Unemployment dropped to 7.7 percent in November, which beats the national average and is a 1.1 percentage point improvement over 2010‘s rate in the city.
Median home price: $145,000
Growth: Inventory of for-sale homes dropped 44 percent in the fourth quarter and homes that were on the market sold 37 percent faster than they did a year earlier.
A factor in the recovery: A strong tourist destination, Orlando is attracting international buyers, such as from South America, Canada, and Europe. Also, the job market is improving there, particularly aided by the development of a major medical complex.
4. Fort Myers, Fla.
Median home price: $115,000
Growth: Median listing prices here had the biggest increase in the nation last year, soaring 31 percent year-over-year.
A factor in the recovery: This retirement hot-spot is getting more attention from Canadians, who are taking advantage of a strong Canadian dollar and the fallen home values here.
5. Sarasota, Fla.
Median home price: $181,000
Growth: Sales volume here increased 17 percent during the three months ended Dec. 31 compared to year-over-year. Plus, home prices rose 2 percent in that time period.
A factor in the recovery: A drop in bank-owned homes and distressed sales is helping the housing market to recover, as well as an improving job market.
6. Boise, Idaho
Median home price: $120,000
Growth: A big drop in inventory: The number of homes for sale during the fourth quarter dropped by 40 percent compared to a year earlier.
A factor in the recovery: The metro area is seeing a growth in the diversity of its employers and the number of jobs its attracting, particularly in the tech industry and a growth in agricultural-based companies.
I am always interested after the end of a calendar year to see how it stacks up with last year’s numbers for real estate closings in McCall. So, I recently pulled up the listings on our local MLS, grabbed a calculator and pencil and started pulling it altogether. I was surprised to see how low the overall dollar volume was in comparison to the last two years, but the rest seemed on par from the previous years. Here is how it stacked up for 2011:
Total closed transactions for McCall area: 269
Overall total dollar volume for closed transactions: $48,825,233
Average sold price: $185,224
Median sold price: $260,000
Average days on market: 194
Min. sold price: $10,000 (vacant lot in Fox Ridge Subdivision)
Max. sold price: $1,655,000 (Payette Lake front home)
Units sold for vacant land: 60
Units sold for commerical/office: 8
Units sold for condos/townhomes: 43
Units sold for single family residential: 158
Last year, 2010 the total number of transacations closed for McCall was 292 with a total dollar volume of $62,543,214. In 2009, there were 239 closed transacations with a total dollar volume around $68,743,128.
We are a little behind in getting the April numbers posted so since we waited long enough, we now might as well post the real estate closings for both April and May. It is hard to believe it is already June 5th.
April closings for McCall were very strong this year, the most dollar volume we have seen all year. There were 21 real estate closings for April with a total dollar volume of $3,936,501. The average sales price was $187,452. Five of the closings were short sales and six of the closings were banked owned properties.
May’s closings were down from April, with a total dollar volume around $2,696,655 with only 17 closings for the McCall area. Six of the closings were banked owned and three were short sales.
For more information about real estate in McCall call or email us today.
We saw another strong month of real estate closings for the McCall area with 19 transactions closed for the month of March and a total dollar volume of $2,932,500. This number is down from last month however we did see an increase in median sales price and a lower percentage of distressed properties sold. In March, of the 19 properties that closed, 2 were lots, 4 were condos, 1 was fractional, and the remaining were single family homes. Our average sales price was $154,342 but with a median price of $217,000 which was a reflection of a Payette Lake Front home closing at $425,500. For distressed properties closed, only 8 of them were short sales or banked owned, bringing our percentage of distressed properties to 42% down from last month’s 65%. Our lowest sale this month was a Hearthstone fractional ownership, closing at $28,000.
With summer just around the corner, now is a perfect time to be looking for real estate in McCall, with an average close rate of 30 – 60 days you could be moving into your lovely new home just in time to start enjoying one of McCall’s best season. Please don’t hesitate to call or email us to help you find that perfect place in McCall while prices are great, interest rates still low and a good selection of homes to review.
February closings in McCall saw an increase in dollar volume this month, with 23 transactions closed and a total dollar volume of $3,579,400 an increase around $553,499 in sales over last month. The number of sales is much higher than last month, which was one of the factors that decreased our median sale price to $205,000. Most of the sales were residential homes, however we also saw 4 lots sell, 3 condos, and 1 townhome. 13 of the closings last month were banked owned and 2 of them were short sales, which tells us that over 65% of sales are still distressed properties. March appears to be starting off strong with over 25 properties in contract. Check back with us again to see how March ends.
As we close out the month of January, the real estate transactions show signs of recovery for prices. There were 14 closings in the month of January this year, with 2 of them being commercial/industrial, 1 vacant land, 2 condos, 8 residential and 1 being residential with acreage. The total volume of these sales came to $3,025,901 with a median price of $335,001. Last month the median price of property sold was at $289,900, so this month has seen an increase of almost 15% in median price.
When buying real estate in McCall one of the most important considerations is the interest rate you will be paying. Mortgage rates didn’t fluctuate too much this week, dropping only slightly in some cases while the conforming 30-year fixed mortgage rate held unchanged at 4.94 percent for the week, Bankrate.com reports.
Bankrate.com reports the following average rates:
• 15-year fixed mortgages fell to 4.29 percent.
• Large jumbo 30-year fixed rates dropped slightly to 5.57 percent.
• 5-year adjustable rate mortgages fell to 3.88 percent.
“The average 30-year fixed mortgage rate has been particularly docile, with the average rate fluctuating less than one-tenth of a percentage point over the past month,” according to Bankrate.com. “A heavy dose of economic data and ongoing debt issuance by the U.S. Treasury have the potential to introduce some volatility to mortgage rates over the next week.”
Mortgage rates have remained at historic lows for several years. The last time mortgage rates were above 6 percent was November 2008.
This Make now a great time to be a vacation home buyer in McCall.
Source: “Bankrate: Mortgage Rates Mostly Lower,” Bankrate.com (Jan. 13, 2011)
Is McCall ready for the comeback? With the return of operations at Tamarack ski resort, will the overall Market in the valley pick up. If national trends show anything then we could well be on our way.
Vacation communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been been seen since the days of the housing boom, The Wall Street Journal reports.
The increase has been driven by deep discounts and cash purchases, analysts say.
The following is a sampling of vacation-home communities that saw an increase last year (percentage is the increase in home sales from 2009 to 2010):
Barnstable County, Cape Cod, Mass.: 9 percent
Hilton Head, S.C.: 13.6 percent
Mercer Island, Wash. (waterfront): 181.8 percent
Palm Beach, Fla.: 39.3 percent
National Association of REALTORS® Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.
source: Market for Vacation Homes Is On the Rise The Wall Street Journal (Jan. 10, 2011)
It sure seems like the bargains are being snapped up in hurry.
Housing starts will probably reach a three-year high of 739,000 in 2011, creating about 500,000 jobs and helping trim the unemployment rate to 9.1 percent, said David Crowe, chief economist for the National Association of Home Builders, in an interview with Bloomberg.
“This is an ugly economic cycle,” he said. “We need job creation to get people comfortable with buying a home. If they do that, we’ll create jobs that will reinforce that home buying and fuel additional job growth.”
Job growth in other sectors, as well as population growth, will also likely have an effect. The number of U.S. households will rise 0.7 percent to 118.7 million in 2011, the largest annual gain since the beginning of the housing crisis in 2007. Charles Lieberman,
The CEO of luxury home builder Toll Brothers is optimistic. “The recovery is here to stay,” said Douglas Yearley. “I think 2011 will be an improving year, but I think 2012 will be a big year for us.”
via NAR Source: Bloomberg, Joshua Zumbrun and Kathleen M. Howley (12/28/2010)