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Housing Market - Bubble 2.0?

August 5th, 2014 at 06:22 pm

I enjoy looking at the real estate market for our area. The prices here have been climbing and the time houses are on the market has been getting shorter. It's a hot market right now.

I haven't seen a single family home available for less than $300k in awhile. Most condos are in the $200k to $350k range.

Average days on market is about a month.

A house on our street was getting cleaned up all last month. I was waiting to see if it was going up for sale. Well, it was listed on July 29th and it is in contract already. In fact, I saw a home inspection truck in the driveway today. WOW! That was fast!
I am really interested to see what the final price is when it sells.

Here are some interesting snips I thought would be good to share:

This is our home's value per Zillow's estimate.

Here is a recently sold home near us with the same square footage. (I think the 4th bedroom is in the garage.)

This is a fun one.
40 years = 2000% increase in value!

Okay, this house has an interesting price history.
It looks to me that maybe the owner cashed out some equity because it went to foreclosure.
Then it was bought at auction. And they turned right around and sold it for $109,600 more.
I saw the pictures - it was not fixed up at all. Just average house/neighborhood!

This one is a good snapshot of how the prices are nearly the same as the "bubble" prices of 2005/2006.
You can see here the "bubble" was building - look at the nearly 40% price increase from 2004 to 2005.

Any interesting things going on with RE in your area?

2 Responses to “Housing Market - Bubble 2.0?”

  1. snafu Says:

    In our community, houses have increased 9% from June 2013 - June 2014, condo have increased 7%. The smallest condo in our complex [about 1,200 sf] was listed last week @ $ 396,900. He added engineered flooring soon after taking possession and has very nice, modern furniture. The pictures in the listing look very appealing attracting buyers by the furniture that goes with the seller.

    Our condo fees are low compared to those nearby and our landscaping is gorgeous because a group of six long time owners have Board permission to design and carry out their vision so long as they don't exceed their budget. I know they've bought shrubs using their own money just because they wanted to 'try it.'

  2. creditcardfree Says:

    Houses are selling pretty fast this summer, but I did see a lag over the winter and early spring. Prices have increased I think, although Trulia dropped my house value and those around us by $90K...I have no idea what information they are using to get those values.

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