How are the prices in SF, @dstark ?
In my neighborhood in a big Midwestern city houses are selling the day they hit the market with 8-10 offers. It’s hot.
@jym626, I don’t know.
The market seems soft here in Fairfield county CT. (NYC commuter town.) Houses are sitting on market longer so inventory is way up. Buyers are demanding and are favoring turn key NEW over location.
Houses sell very quickly around here–we have very little inventory.
I was in Oakmont in Santa Rosa, California today. I know some posters know Oakmont. Oakmont is a retirement community off hwy 12. Many wineries are located off hwy 12. There are a couple of golf courses, and there are tennis courts, swimming pools etc in Oakmont.
I have thought of Oakmont as a relatively affordable retirement community. I was driving around Oakmont looking at houses. Most are single story homes. Some homes the hoa owns the land. I was surprised to see that the homes are now selling for $350 a sq ft and up. I saw homes for sale that were selling for $500,000, $600,000 and over $700,000. My folks paid $180,000 for their place in 1998. It was a little hard to get my head around today’s prices.
There is very little for sale.
NW CT here. Lots of houses on the market! Lots. Sales seem to be sluggish. We have several friends trying to sell nice houses…and they are just sitting. Starter homes are selling…but not larger or more expensive homes.
Upstate SC market is hot with houses selling within several weeks to 2-3 months for close to asking price and occasional bidding wars in the most popular school district. Prices are also up even from last winter.
Houses in my suburb of Albany NY are selling in days of being on the market. But it’s the season for it here in the Northeast. People want to be in new home before school year starts. I can’t recall so many houses being on the market at the same time and they are all selling.
Houses in my neighborhood in NoVA are going quickly. Two houses on my street were sold before the “For Sale” signs were up. Others seem to go under contract in a matter of days.
The ugly little house at the end of our street went for $450k. It was purchased for $230k or so during the RE bust.
The thing that perplexes me - especially in SoFlo - is that incomes do not seem to ‘match’ housing prices.
It feels like another bubble in the works. ??
We just refinanced, and our house appraised more than 25% higher than it did in 2008. That’s a relief!
Atlanta seems to be doing well now - lots of increased growth where I live north of the city, too much school growth but fortunately in 5 more years, I’ll no longer pay school taxes - yippee!
My son has put offers in on several townhouses in the NOVA/Maryland areas this past month and each one got more than asking price within a day or two of listing. He’s young and a first-time homebuyer and the whole process has been difficult. No sooner does he find something within his pre-approved range ($357K) and can barely get to the property before it is sold. At this point, he will be homeless on September 1st.
A townhouse in that range in the DC burbs will go extremely fast. The new townhouses going up near the Shady Grove Metro start in the high $500s, and they back on to the RR tracks!!
The real estate market in all of CT is terrible and has never regained the 2007 peak. My house is 30% less than in 2007.
@Doct, don’t you live where the hedge fund guys live? I know hedge funds have been undeperforning, but a lot of the hedge fund guys still have to be doing well.
Average price in Toronto is now up to $1.2 million. Most sales involve bids being submitted, and homes almost always go for over asking price. It’s crazy.
@alwaysamom, Toronto is economically well diversified? The energy hit didn’t affect Toronto?
Are there lots of foreign buyers?