Further indicators of a (slowly) improving real estate market with some backsliding in the past 30 days: The sale of lakefront homes rose again in a year over year comparison with the highest number of home sales since 2007, an increase of 8.6% over 2010. The average sales price is following along at a slower pace but is up 1.6% over last year. Both of these increases are down slightly from the year over year comparison 30 days ago. I feel this is characteristic of the lake market this time of year. Sales data is from the Bagnell Dam Association of Realtors MLS from January 1, 2002 to November 20, 2011.
The national delinquency rate for residential home loans fell to 7.99 percent in the third quarter—the lowest reading since the fourth quarter of 2008. The Mortgage Bankers Association reported recently that the 30-day delinquency rate reached its lowest level since the second quarter of 2007 at 3.19 percent.
Recently, BuildFax reported its BuildFax Remodeling Index for September 2011, which shows that remodeling activity reached a record high during the month. The latest BFRI showed that September 2011 became the month with the highest level of remodeling activity since the Index was introduced in 2004 and represented the 23rd consecutive month of increases. BuildFax also released data stating the most popular types of remodeling projects over the past five years.
1. Roof (21.4%)
2. Deck (7.9%)
3. Bathroom (6.9%)
4. Garage (6.1%)
5. Kitchen (4.8%)
6. Basement (2.9%)
7. Office (1.7%)
8. Sunroom (0.7%)
Mortgage rates continue to be near record lows, and as homeowners refinance, they are continuing to update their current home and invest in their properties. Homeowners are not only doing important maintenance projects, such as fixing their roof, but also taking on projects that add to the livability of their homes by adding decks, remodeling their bathrooms and updating their kitchens. These are immediate fixes they will enjoy and that potential buyers look for.
Karen and I would like to extend wishes to you for a wonderful holiday season. Our hope for everyone is food on the table, a roof over your head and loving friends and family to enjoy.
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
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