Visitors to REALTOR.org may have noticed a new feature that helps consumers bring real estate data home, so to speak: the Interactive Market Research Map.
Designed for both consumers and Realtors® alike, the map allows users to pinpoint their state and zoom into their metropolitan statistical area to get the latest quarterly median home price for that market.
In addition to the current quarterly prices, users can also access percentage changes from the previous quarter. The map can be found at: www.realtor.org/RMOnews_a nd_commentary/Articles/2008 /nar_research_maps_msa.
Story Behind the Stats 
Housing statistics only provide part of the real estate picture. I have spoken to Realtors® to get the latest in various markets to gain information on national housing taking a local perspective, and interviewed these Realtors® for their insights on what’s actually happening with home buyers and sellers in their communities.
A Denver Realtor submitted the following response, “Here in Denver the Buyers are out in force. I have 5 under contract now and I am working with 8 others that are all qualified to purchase. Denver prices are holding pretty steady with around -1%-3% value change depending on what area you are looking at which is great! Sellers are lowering the prices of their homes but it does not seem to be enough in most cases. Our Lender owned homes are at bottom from what I can tell as Most offers I have put in have been competing and I have lost about half of them even with offering above purchase price.
The underwriting process has become a huge deal and no deal is done until after closing. It is the worst part of this whole mess. We are low on inventory compared to the past few years but our stats are strange. I think it is something like 40% of current homes for sale are Lender or REO owned another 40% is Short sales and the remaining 20% is Normal sellers. The appraisals are a small issue, most of them are coming in right above the purchasing price but I have had a few that did not get enough value.
Another issue is most of my Buyers are FHA and they can’t purchase a number of homes either because of the condition or the Seasoning of the deed is less than 90 days, so this is also hurting my fix and flippers who have to hold the homes for 90 days before they can sell to FHA borrowers. But that is just something we are dealing with and things are bright and cheery.
In Charlottesville, Virginia, a Realtor submitted the following; “Our area, the Central Shenandoah Valley region – specifically, the Augusta County including Waynesboro and Staunton area – seems to be relatively stable. Although sellers are compromising more today than last year the same time with pricing, we don’t have severe drops in pricing of properties for sale. Our list to sell ratio for the MLS board is sitting at 95% vs. 96% for the same time last year. Our average DOM has increased significantly over all (145 for the past 3 months vs. 125 for same time frame of last year) and our fastest moving price segment is that below $150,000. This segment makes up our largest and fastest selling segment also which brings our median sell price down to $169,950 for the past 3 months of activity vs. $174,950 for the same time last year. Of course there are pockets of exceptions to these numbers…As for appraisals, I have only heard of difficulties in the higher price ranges above $400,000 because of fewer comps being available within the recent history appraisers are hoping for. Interestingly enough however, I have seen a small segment of homes (between the 300,000 to 399,999) selling faster than the average DOM (days on market).
As for inventory, it is still high but slightly lower than it was this summer. That could be because of sellers taking their property off the market during holiday and winter season as so often the case.”
A Realtor from Phoenix conveyed to me that “there are significantly fewer resales in Chandler than a year or two ago. Homes that are resales (vs shortsales or foreclosures) are priced significantly higher than shortsales. Unfortunately, 4 out of 5 homes are short sales and that drives down the comps. Sellers are starting higher and the associated price drops are still above the price of distressed homes.
Short sales are selling fairly well in the $100k-$300k mark. However, this is dependent on condition. I am noticing more first time homebuyers treading into the market, however, the lending guidelines are hurting closings with some buyers no longer qualifying on homes that they could have qualified for a year ago. The price range that the new guidelines generally would secure lower priced product. In areas such as Scottsdale where the prices are a higher than some of the southeast valley locations such as Chandler or Gilbert; the type of homes first time homebuyers can purchase are leaning towards condos or townhomes. Unfortunately, some of these subdivisions are not FHA approved which then throws them out of the mix because these are generally not buyers with 20% down.
Market drops are significant with some areas reaching a 15% drop. Higher end product is harder to move. Although interest rates have dropped and continue to drop, more people are nervous about taking the plunge because of price uncertainty. Additionally, appraisals have tightened up significantly and now are based on sales within a very short distance from the house (roughly 1 mile) or within the same subdivision.
My business has been very very good this past year. The business I have is all built on referrals. The old rule of customer service is key remains a very strong source for new business in this crazy environment.”
In our market in Athens Georgia I am seeing over the past month that rates have plummeted into the low 5’s a quick pick up by Buyers hitting the phones and inquiring about potential properties for purchase. It seems that most of these now motivated buyers however tell me they have a time frame of 90-120 days out for a purchase.
It seems also that I am seeing more movement out of Gen X’rs and Y’s. That of course means more first-time homebuyers and step-up buyers making a transition. The primary range of prices they are looking in seems to float between $100k-$250k. Not seeing a lot of calls right now for higher end properties.
We see in Athens relative price stability as compared to many of our surrounding cities in Georgia. This stability is due most likely to the University of Georgia and how it has helped buffer the Athens market from recession for most of the past 200+ years. Not saying we don’t see a slowdown in sales, but price stability in many areas of the market remain.
