The December Standard & Poors / Case-Shiller Index reports USA home values in the fourth quarter the USA were down 3.7% in 2011, bringing them to a level last seen in early 2003.
Values had edged upward in the summer months, but just like in 2010, the welcome gains were lost in a weak fourth quarter.
In Seattle, the mid-summer rally was erased with a 3.4% drop in the fourth quarter, bringing the year to an overall decline of 5.6% for the year, reaching a level last seen in mid-2004.
The number of home sales in Seattle was 1.4% lower in 2011 from 2010. The average sales price was $440,491.
For more information, visit the S&P website.
Slightly, which is better than the other ‘way round.
Home sales in Seattle were up 10% from last January, partially fueled by an improving economy and incredibly low interest rates. A year ago, 30-year fixed-rate mortgages averaged 4.75%, today they are at 3.87%; this provides an 11% greater purchasing power.
House sales were up 8%, although the median price fell 3%, to $366,750. The percentage of short sales for houses fell from11% to 8%.
Condo sales were up 15%, but the median sales price of $205,000 is 25% lower than a year ago. 17% of sales were short sales, up from 15% a year ago.
Multiple offers – bidding wars – are starting to emerge over desirable in-city properties.
We are connectors. We help our clients find tradespeople, service providers of all types, specialty shops – we are a resource for our clients.
We have expanded our reach, in honor of International Networking Week, to connect with real estate agents throughout Canada, the United Kingdom, and Australia!
If you need a referral to a good agent who has been vetted and well-recommended, we have them – in Vancouver, on Vancouver Island, in Toronto and Winnipeg and Saskatoon and Ottawa and St. Albert; in London and Hull and Surrey and Hertfordshire and Lancashire; on the Sunshine Coast of Australia, Melbourne and Sydney and Thirroul and even Wagga Wagga – we have excellent agents waiting to help my clients and their friends navigate the local real estate markets.
We have 311 agents in these three countries alone, not to mention our numerous contacts throughout the US.
So if you know of someone that’s moving overseas, have them give us a call. We know people, and we’re here to help.
According to the Housing Price Index for Greater Vancouver, home values jumped 7.6% last year.
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver, increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.
The sales price for a Vancouver home was C$622,239. The number of home sales was up 5.9% to 32,390; this was 6.3% below the average for the previous ten year period.
REBGV president Rosario Setticasi, said, “It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.”
The Canadian Real Estate Association provides a wealth of information at its media centre: http://www.crea.ca/public/news_stats/media.htm
John “Mack” McCoy is a Realtor® Certified International Property Specialist.