| Katonah NY Weekly Real Estate Report | 5/22/2013 | |
| Homes for sale | 60 | |
| Median Ask Price | $997,000.00 | |
| Low Price | $359,000.00 | |
| High Price | $18,995,000.00 | |
| Average Size | 3587 | |
| Average Price/foot | $424.00 | |
| Average DOM | 98 | |
| Average Ask Price | $1,954,480.00 |
The home value forecast from Pro Teck Valuation Services reveals the impact low housing inventory has on home prices, which it calls the sold-to-list price ratio.
In the May update, the Honolulu, Tucson, San Francisco and Chicago metro areas are highlighted to determine how the indicator has been useful from a historical perspective as well as in current market conditions to best predict home price appreciation in markets.
“While many were predicting that REO and the ‘shadow inventory’ would keep real estate markets depressed, in reality the shortage of housing inventory has lead buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions,” said Tom O’Grady, CEO of Pro Teck Valuation Services.
The sold-to-list price ratio typically fluctuates between 92% and 98%, but can exceed 100% in very hot markets, according to the authors of the home value forecast.
“The sold-to-listed price ratio has historically lead home prices by approximately six months over the past three real estate cycles and its turning points have been excellent signals for the same in condo prices,” added O’Grady.
The May home value forecast update also provides a listing of the top-10 best and worst performing metros as ranked by its market condition ranking model. Sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity are all indicators of the best and worst markets.
“Two of the top markets this month are in Nevada (Las Vegas-Paradise and Reno-Sparks), both of which had been very distressed since their respective market peaks in 2005 and 2006. Also, California continues to be well represented on the list by Los Angeles, Oakland, and Sacramento metros,” said Michael Sklarz, principal of collateral analytics and contributing author to Home Value Forecast.
Sklarz added, “Nashville’s metro area is a new entrant this month. Although the market has a more shallow correction than many of the other markets in the recent recession, it appears to be experiencing improving overall economic conditions and one of the most affordable markets in the U.S. now.”
“The bottom ranked metros also represent an interesting mix around the U.S. While all have nine to thirteen Months of Remaining Inventory, many of the indicators are showing positive trends even for the bottom metros area this month,” added Sklarz.
Mortgage applications tumbled this week as refinancing and purchase applications continued their downward trend.
Application volume fell 9.8% from one week earlier for the week ending May 17, according to the Mortgage Bankers Association.
Also posting significant drops, the refinance Index decreased 12% from the previous week and the seasonally adjusted purchase index dropped 3% from one week earlier, the industry trade group said.
“Mortgage rates increased to their highest level since March last week, leading to the largest single week drop in refinance applications this year,” said Mike Fratantoni, MBA’s vice president of research and economics.
He added, “The refinance index has fallen almost 19% over the past two weeks and is back to its lowest level since late March. Purchase activity declined over the week but is still running about 10% above last year’s pace at this time.”
The refinance share of overall mortgage activity slightly fell to 74% of total applications.
Meanwhile, the adjustable-rate mortgage share of activity inched up to 5% of all mortgage applications.
The average 30-year, fixed-rate mortgage with a conforming loan balance continued to escalate, rising to 3.78% from 3.67%.
Additionally, the average 30-year, FRM with a jumbo loan balance rose to 3.93% from 3.87% compared to a week prior.
The average contract interest rate for the 30-year, FRM backed by the FHA surged to 3.53% compared to 3.43% the previous week.
The 5/1 ARM squeaked up to 2.60% from 2.55%, and the 15-year, FRM jumped to 2.96% from 2.88.
Mortgage apps tumble, refis drop to lowest since late March | HousingWire.
Don’t let the white picket fences fool you.
Suburban poverty has grown faster than anywhere else in the country over the last decade, at a rate of 64% since 2000, according to “Confronting Suburban Poverty in America,” a new book by the Brookings Institute.
For the first time ever, the number of poor people in America’s largest suburbs outnumbers those in cities. It’s a nationwide trend that’s left pretty much no region untouched.
Eighty-five of the nation’s 95 largest metro areas saw a rise in poor households between 2000 and 2011.
“As jobs moved into suburbs—particularly lower-paying jobs in sectors like retail and hospitality—poverty did, too,” the authors write. “And job losses triggered by the Great Recession in industries like construction, manufacturing, and retail hit hardest in suburban communities and contributed to rising suburban unemployment and poverty.”
The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”
Dallas metro area includes Fort Worth and Arlington. The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”
Charlotte metro area also includes Gastonia and Rock Hill. The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”
See the rest of the story at Business Insider
The Sold-to-List Price Ratio, one of the leading market indicators for predicting home prices, is helping analysts predict home prices in markets with varying economic condition, shortages of available housing inventory and its impact on home prices. Pro Teck Valuation Services’ May Home Value Forecast (HVF) Update analyzes the Honolulu, Tucson, San Francisco, and Chicago metro areas to determine how the indicator has been useful from a historical perspective and in current market conditions.
“While many were predicting that REO and the ‘shadow inventory’ would keep real estate markets depressed, in reality the shortage of housing inventory has lead buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “Aside from anecdotal stories, Home Value Forecast shows that one of the most reliable leading indicators to support this theory is the Sold-To- List Price ratio.”
In May’s Home Value Forecast Update, the authors examine how the ratio of the sold price to the listing price (Sold-to-List Price Ratio) typically fluctuates between 92 percent and 98 percent, but in very hot markets can exceed 100 percent. The update takes a historical look (1978 to 2011) at the Honolulu metro Sold-to-List Price Ratio and the annual percent change in the median condominium sold price.
“The Sold-to-Listed Price Ratio has historically lead home prices by approximately six months over the past three real estate cycles and its turning points have been excellent signals for the same in condo prices,” added O’Grady.
In addition, the authors highlight quarterly value back to 1994 for the Tucson, AZ single family market and determine that the Sold-to-List Price Ratio exceeded 100 percent during the bubble period in 2006, which was indicative of a very frenzied market. The authors also demonstrate that the indicator moves directly with the market itself and can be a useful tool for determining if a market is “hot” as in San Francisco or in “normal” conditions as in Chicago, where the market could transition to heated conditions in the coming year.
This month’s Home Value Forecast update also includes a listing of the 10 best and 10 worst performing metros as ranked by its market condition ranking model. The rankings are run for the single family home markets in the top 200 CBSAs on a monthly basis to highlight the best and worst metros with regard to a number of leading real estate market indicators, including: sales/listing activity and prices, months of remaining inventory (MRI), days on market (DOM), sold-to-list price ratio and foreclosure and REO activity.
“Two of the top markets this month are in Nevada (Las Vegas-Paradise and Reno-Sparks), both of which had been very distressed since their respective market peaks in 2005 and 2006. Also, California continues to be well represented on the list by Los Angeles, Oakland, and Sacramento metros,” said Michael Sklarz, Principal of Collateral Analytics and contributing author to Home Value Forecast. “Nashville’s metro area is a new entrant this month. Although the market has a more shallow correction than many of the other markets in the recent recession, it appears to be experiencing improving overall economic conditions and one of the most affordable markets in the U.S. now.”
May’s top CBSAs include:
Nashville-Davidson-Murfreesboro-Franklin, TN
Sacramento-Arden-Arcade-Roseville, CA
Oakland-Fremont-Hayward, CA
Reno-Sparks, NV
Minneapolis-St. Paul-Bloomington, MN-WI
Las Vegas-Paradise, NV
Warren-Troy-Farmington Hills, MI
Salt Lake City, UT
Los Angeles-Long Beach-Glendale, CA
Dallas-Plano-Irving, TX
“The bottom ranked metros also represent an interesting mix around the U.S. While all have nine to thirteen Months of Remaining Inventory, many of the indicators are showing positive trends even for the bottom metros area this month,” added Sklarz.
The bottom CBSAs for May were:
El Paso, TX
Shreveport-Bossier City, LA
Akron, OH
Spokane, WA
Chattanooga, TN-GA
Dayton, OH
Peoria, IL
Baltimore-Towson, MD
Little Rock-North Little Rock-Conway, AR Rochester, NY
Clarksville, TN-KY
About HomeValueForecast.com
Overseas buyers who account for half of new-home purchases in London are helping drive nearly $1 billion in sales in Circus West at Battersea Powerstation, a new neighborhood of 866 homes that will break ground in July, Bloomberg reports.
The project is part of London’s largest redevelopment area, which is centered around a decommissioned coal-fired power plant on the south bank of the River Thames. By 2030, as many as 16,000 new homes are expected to be constructed around Battersea Powerstation.
The old power plant, which was featured on the cover of Pink Floyd’s 1977 album, “Animals,” is said to said to be the largest brick building in Europe. A new U.S. embassy is also planned for the Vauxhall Nine Elms Battersea Opportunity Area, which will be served by an extension of London’s underground transit system. Source: bloomberg.com.
– See more at: http://www.inman.com/wire/london-development-generates-nearly-1b-in-sales-before-groundbreaking/#sthash.11pcSR3Y.dpuf
London development generates nearly $1B in sales before groundbreaking | Inman News.
You update your clothing and your technology, but have you updated your marketing? If you’re still using the same old outdated tactics from five, 10 or even 20 years ago, it’s time to freshen up those old approaches with a new look for 2013.
With all the buzz about video, mobile and social media, it’s easy to get caught up in the never-ending chase for the latest shiny new object. On the other hand, it’s also just as easy to become complacent and to keep on doing what you have always done.
The challenge is that if you constantly chase what’s new, you don’t develop consistent systems. On the other hand, if you don’t adapt regularly, you’ll be left behind by the agents who do.
So how can a busy agent like you determine what needs a remake? Here are some useful tips.
1. Real estate is, and always will be, a face-to-face business
Does calling on owners of expired listings, for-sale-by-owners (FSBOs) and door knocking still work? Absolutely! These tried and true techniques that put you in direct contact with owners are as effective today as they were 50 years ago.
– See more at: http://www.inman.com/2013/05/20/update-your-marketing-or-get-left-behind/#sthash.Nw89CfqV.dpuf
Metro-North Railroad’s New Haven Line is scheduled to be back to normal by Wednesday morning, officials said Monday.
“We are confident that the reconstruction work, inspection and testing will be completed in time for a normal rush hour on Wednesday,” Metro-North President Howard Permut said in a statement Monday evening. “We are grateful for the tireless work of all departments and employees engaged in this huge task.”
Metro-North and the Connecticut Department of Transportation have to rebuild 2,000 feet of track after Friday’s derailment and collision on the Fairfield-Bridgeport border. The agencies also need to restring overhead catenary wires to restore electricity to the rail line and retest the track and the signals before trains can begin running.
Train ridership was way down Monday, with about 750 people riding shuttle trains and buses from towns north of the accident Monday, or about 20 percent of the usual number, Metro-North said. Overall, however, ridership on the New Haven Line was down 20 percent Monday. About 2,700 people total had used the Metro-North bus service by 3 p.m. Monday, it said.
Connecticut’s main highways did not see unusually high traffic Monday, Gov. Dannel Malloy said Monday. The Merritt Parkway’s car load was actually slightly below a typical Monday, while Interstate 95 was slightly slower, he said.
“Suffice it to say, the plan worked,” Transportation Commissioner James Redeker said Monday. “People listened, and we had support systems in place.”
For Tuesday, Metro-North will continue the system it set up for Monday’s commute, with trains running from New Haven to Bridgeport, buses taking commuters from Bridgeport and Fairfield to Westport, and trains running again from Westport to Grand Central. The full schedule and plan is available here.
The state will maintain its same procedures Tuesday morning that it did Monday. State Police and tow crews will be on call during rush hours to clear accidents quickly. The state Emergency Operations System will also be open to help manage the rush-hour commute.
On Sunday evening, Malloy had asked Connecticut residents to telecommute to work if possible, and carpool or vanpool if driving instead of taking the train. He asked commuters to take those same steps again Tuesday.
“This is tremendously good news,” Malloy said of Metro-North’s announcement. “However, this also means that we’re going to have one more day of great difficulty, and that’s tomorrow.”
Metro-North Trains Should Be Up And Running By Wednesday Morning | The Bedford Daily Voice.
Bedford Central School District residents can vote on the district’s $125,057,000 budget for the 2013-2014 and to levy the necessary taxes included, all day Tuesday from 7 a.m. to 9 p.m. in the elementary school serving their attendance area.
The vote will also include a choice of three unopposed Board of Education members: Jennifer Gerken and Suzanne Grant are running for re-election, and newcomer Michael Solomon is the only one running for the third available seat.
Make Sure To Vote Tuesday In Bedford | The Bedford Daily Voice.
The year’s solid economic start faded late in the first quarter, but the recent setback is a temporary one, analysts claim.
The slow in activity is partly due to ongoing fiscal drags, including the budget sequester. However, a modest reacceleration is expected in the second half of this year, as the housing market continues to gain traction, according toFannie Mae’s economic outlook.
Housing is expected to act as a tailwind for the economy throughout the year and into 2014, even though there may be a few hiccups in overall economic activity.
“Our May forecast predicts that the second half of 2013 will be a little stronger than the first half, despite the slowdown during the past couple of months,” Doug Duncan, chief economist for Fannie Mae.
He added, “Employment numbers are getting better, albeit it at a relatively slow pace, and the April employment picture should help boost consumer sentiment toward the economy overall. However, we continue to keep an eye on potential headwinds to our forecast, including the long-term effects of sequestration, spending constraints, the sovereign debt crisis, and the impending debt ceiling.”
Residential investment contributed to economic growth for the eighth consecutive quarter, adding 0.3 percentage points during the first quarter of 2013.
Additionally, the annualized pace of total housing starts in March surpassed the one million market for the first time since the housing crisis, driven solely by a surge in multifamily housing.
Multifamily homebuilding has benefited from a shift in tenure choice over the past several years toward renting, according to Fannie Mae.
For instance, the homeownership rate continued to decline in the first quarter, dropping to 65% — the lowest rate since the third quarter of 1995, the report noted.
By contrast, new single-family home sales rose in March, jumping 51%, which is the biggest gain since the second quarter of 2003.
Despite the robust gain in new home sales in the first quarter, homebuilders’ confidence from the Nation Association of Home Builders’ survey continued to cool in April, declining for the third consecutive month.
Housing will reaccelerate economic growth: Fannie Mae | HousingWire.