2007 Real Estate Market in Your Area

[Weteam]

Hi all,

I was wondering how your local real estate market fared in 2007.

Is your market better or worse? Thanks!

[krolfe]

Las Vegas has definitely taken a hit! Prices have dropped and the available inventory has gone up. Home builders haven't been pulling as many permits lately, so the inventory will go down. So at least we are heading in the right direction as far as a correction is concerned.

[jcboy460]

I am definitely glad 2007 is over. Here in Myrtle Beach we have a ton of properties on the market. Resales are having a very tough time competing with new home builders because they are giving homes away right now and offering all kinds of incentives.

[ukikkgr]

The following was in our Sunday paper. Mid-Hudson Valley Region (60 miles north of NYC)

$1 billion: A benchmark for Orange County sales volume (the total price of all single-family homes sold) first reached in 2004. Last year, Orange County's sales volume fell to $942.6 million.


2,722: The number of single-family homes sold last year in Orange County, according to the Orange County Association of Realtors. Also, the approximate number of Realtors in the association. CEO Ann Garti expects some attrition this year.


1996: The most recent year in which Orange County's median sale price fell.


194,000: The approximate number of hits on Google for the search term, "It's a great time to buy."


$324,000: Orange County's median sale price for December, up 5.9 percent from December 2006.


$232,500: Ulster County's December median, down 4.3 percent.


$176,775: Sullivan County's December median, down 9.3 percent.

[fractional-homes]

The general perception is that the real estate market is down. However, there are some sectors that are doing rather well. We have seen the fractional real estate ownership market is growing strong. The fractional ownership can serve as a shield to protect individual owners from taking on too much cost and responsibility. We see the fractional ownership is getting stronger in New York, Colorado, Florida, Hawaii, Arizona, and manhy other locations. Worth mentioning is that fractional homes are becoming more popular in Europe. Many Americans are investing real estate in Paris and London.

Hope you all have a great 2008!