Morning Briefing: More realtors report housing market gains

by Steve Randall30 Nov 2015
More realtors report housing market gains
Latest data from real estate agents in Iowa and Connecticut show that the markets were strong in October. Iowa Association of Realtors report that the median sale price rose by 8.7 per cent year-over-year to $137,500. Home sales dipped to 3,412, down 8.3 per cent from the same month in 2014 however total sales for the year so far are up 5.8 per cent from 2014. There was also a decrease of 20 per cent on the average number of days properties were on the market, down from 86 days in October 2014 to 69 last month.

Meanwhile in Connecticut single-family residential home sales were up 5.7 per cent year-over-year. The median sales price was $239,900, a less than 1% decrease from the previous October. Total units of homes sold were 2,969 in October 2015 and 2,809 in October 2014. Townhouses and condominium sales decreased 9.9 per cent with a median sales price of $157,500, down 4.5 percent decrease year-over-year. Total units sold were 700 in October 2015 and 777 in October 2014.

“October has been a good month for single family home sales the past few years and that trend continues with stable prices. It’s a positive sign that people continue to appreciate the way of life Connecticut provides.” said Sandy Maier Schede, President of Connecticut Realtors and Broker/Owner with Maier Real Estate in Meriden.
 
Asking rents soften in New York’s retail sector
Asking rents in Manhattan’s retail leasing market have softened with ground floor asking rents decreasing in seven of the 17 premier retail corridors analyzed in the Real Estate Board of New York. In its Manhattan Fall 2015 Retail Report it reports that the lower rents are driving deals and retailers are making commitments rather than delaying decisions.

“Manhattan is continuing to achieve robust asking rents and experience strong leasing activity, particularly in retail corridors experiencing significant residential development and a resurgence of neighborhood vitality,” said John Banks III, REBNY President. “New York City is one of the world’s greatest shopping destinations and the softening of retail rents over the last several months has provided an opportunity for retailers to make moves.”

The most notable decrease was in the Madison Avenue corridor between 57th and 72nd streets, in which the average asking rent fell from $1,709 per square foot to $1,613 year-over-year.
 
Home lists with 40 years of star pedigree
Beverly Hills homes are no stranger to celebrity owners and a new listing at 2620 Benedict Canyon Drive certainly has no shortage of star history. The two-story home was built in 1976 for TV producer William Asher (Dukes of Hazzard, Bewitched) and was subsequently owned by Charlie’s Angel Kate Jackson, saxophonist Kenny G, tennis champ Pete Sampras and Hollywood producer Jon Peters. His ex-wife Mindy Peters is the current owner of the 5-bedroom home but that is set to change soon as agents are expecting a lot of interest in the $6.99 million home.
 

COMMENTS

  • by Valuation professional | 11/30/2015 7:42:45 AM

    At least in Palm Beach County, they lie about market gains to generate interest . The market is soft here, with dips in value. Getting the truth from a realtor is rare. A lot of self righteous indignation occurs with no support for contact prices. It's pretty sickening to have to be the constant bearer of bad news, that contract price is too high.

Poll

Is TILA-RESPA a good or bad thing long term?