As a follow-up to our prior post on quarterly housing numbers, let’s also take a look at how the market has fared for the first half of the year. The chart below will illustrate some tremendous gains in key market indicators between the first 6 months of 2010 vs. the first 6 months of 2009:
A look at the Northeast – 1st 6 Months 2010 compared to 1st 6 Months 2009:
Average Sales Price
Up by 14.5%
Up by 3.7%
Up by 9%
Up by 8.8%
Up by 11%
Up by 0.3%
Up by 9.8%
Down by 1.6%
Up by 29.4%
Up by 36%
Up by 26.4%
Up by 34.2%
Up by 11.5%
Up by 21.7%
Up by 69%
Up by 59.7%
Days on Market
Down by 7.5%
Down by 8.4%
Down by 10%
Down by 12.2%
Down by 79.6%
Down by 74.2%
Down by 4.9%
Down by 4.4%
As our prior post indicated, a good part of the second quarter saw gains, however there are also concerns the expiration of the homebuyer tax credit may deflate the market. In fact, May and June saw a significant decrease in new home sales and existing home sales. In addition, lackluster consumer confidence numbers could contribute to a slow recovery. All in all, while we have made strong gains compared to the first 6 months of 2009, we still have a fairly steep mountain to climb before declaring a healthy real estate market. For more information on your local market conditions, please visit the housing data matrix on raveis.com.
The second quarter has come to an end and we’re receiving a bit of a reality check on the housing market. There is some good and some not so good news to report. Let’s take a look at some key numbers in the northeast to give you an idea of what I’m talking about. In the past 6 months, we have seen a push up in the market due to the following factors:
Housing Tax Credit, which expired April 30th…The credit produced a flurry of activity in the market as people rushed to purchase & close on time
Historically low interest rates…under 5%
Increased consumer confidence (according to Realty Times, consumer confidence had been on a fairly steady upward trend for the past quarter or two)
And a closer look at more recent numbers in the northeast from this quarter compared to 2nd Q. last year:
Bill Raveis, Chairman and CEO of William Raveis Real Estate, Mortgage & Insurance, LLC, recently announced the firm received the “#1 Place to Work” award by the Boston Business Journal. This accolade accompanies other awards given to the company by the Commercial Record, and Banker & Tradesman for “Best Real Estate Company” in the state of CT and “The Best Residential Real Estate Company” in the state of MA. Mr. Raveis stated, “We are privileged to have such dedicated management, staff and sales associates that produce a positive work environment and value the family company culture.”
The events leading to this unexpected honor included making a first cut of 440 companies amidst thousands that completed an employee satisfaction survey. The second round selection was even tougher, with only 60 companies qualifying…William Raveis made the cut. “We felt thankful to be in the top 60, considering the number of participants in the survey and being amongst 5,000 or so real estate companies in the state of Massachusetts,” said Mr. Raveis. Continue reading →
It’s a pretty exciting time for the real estate industry–major indicators are at last pointing towards the beginning of a recovery in the housing market. After consecutive years of uncertainty, fear and an all out loss of hope that things would get better, strong first quarter numbers are showing thawing compared to last year and green shoots for the spring market. The Commerce Department last week reported that new home sales in March were up by 27 percent, hitting their highest levels since summer of 2009. And a hot-off-the press report by the National Association of Realtors stated that pending home sales in March rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0.
A granular look at state activity helps reinforce some of these numbers:
The Raveis family is proud to celebrate its 25th anniversary in one of CT’s most beautiful towns, Greenwich. This quarter century has been full of special events and people, helping the company become intimately familiar with the Greenwich community.
William Raveis’ success in Greenwich is attributed to the vision of entrepreneur and company founder, Bill Raveis. After opening his first office in 1974, Raveis rapidly expanded through Fairfield County, reaching Greenwich in the mid-eighties. The company acquired Thomas N. Cooke Inc., a highly respected family-owned real estate firm founded in 1899 and located at the corner of Greenwich and Putnam Avenue. This purchase has always been of high value, for the acquisition has made William Raveis the oldest real estate firm in continuous service in Greenwich. In 2002, William Raveis purchased the Connecticut offices of Douglas Elliman, a prestigious, long-standing firm, in Greenwich and Darien, adding to the company’s ambitious efforts at expansion.
Bill Raveis’s keen familiarity with the Greenwich community takes the form of long-lasting relationships developed with many people, organizations and clubs in the town. Of particular importance are efforts to maintain Greenwich’s cultural heritage through a wonderful partnership with the late Claire Vanderbilt and her husband, Hugh. The relationship with the Vanderbilts traces a 24 year history, when Bill was first getting to know the Greenwich community. Through a meeting of the minds, Bill and Claire worked to create a program paying homage to historic homes in Greenwich for the Historical Society of Greenwich. It was called “Signs of the Times” and featured over 200 plaques underwritten by William Raveis Real Estate; the program is still active today. The relationship with the Vanderbilts is held close to the company’s heart, as this was the foundation toward building a synergy with Greenwich and understanding the town’s rich property history. Company involvement with the town includes sponsorship of The Greenwich Riding and Trails Association-Hunt Ball, The Greenwich Arts Council “Art on the Avenue,” Junior League of Greenwich “Enchanted Forest” and Montifore Children’s Hospital-Greenwich Polo Benefit, to name a few.
William Raveis Real Estate is excited to announce our April Open House Celebration! On April 11th, 18th and 25th William Raveis will welcome spring with thousands of open houses occurring in four states: Connecticut, Massachusetts, Rhode Island and New York. Be on the lookout for William Raveis Blue and come see what properties are available in your neighborhood, state or the northeast. Bring your family and friends and be amongst the over 10,000 people expected to enjoy this unique showcasing of homes!
30-Year Fixed-Rate Mortgage
Housing Value Graph
This is a housing market we have not seen since 1974. Key factors have merged to make a ripe real estate climate for you, the homebuyer. Low interest rates, currently around the 4-5% range, provide the ability to purchase a mortgage at an exceptionally affordable level. Housing values are still declining, though this should level off through the end of the year. In addition, you still have time to take advantage of the homebuyer tax credit, expiring on April 30th, 2010. William Raveis Real Estate understands these aligning factors are very helpful for first-time and repeat homebuyers. Check out RAVEIS.com for additional information and to view all open house listings.
Real Estate Outlook: Freddie Mac Predicts Positive Recovery by Kenneth R. Harney
Could we be heading for a “double dip” in the economy, taking us back into recession, as some Wall Street analysts predict? Could the Federal Reserve’s planned departure from the mortgage securities market send home loan rates spiking upward, and knock the wind out of the housing recovery?