Maybe Beer Will Help Stimulate House Sales - Housing Tracker

by: Judy Weil

House Sales and Price Data

CT Home Sales, Prices Dip In March And First Quarter. "Warren Group: Connecticut is no longer immune to the declines in home prices and sales that have enveloped the rest of New England. In March, the number of homes sold in Connecticut fell by 27.9% and the number of condominiums sold dropped by 35.8% from March 2007. The median price of a single-family home dropped 7% in March, falling to $268,250 from $288,500 in March 2007. That was the steepest decline since prices fell 7.9% in April 1995. For Q1’08, home prices are off 5.8% from last year [and] home sales fell by 27.3% and condo sales by 33.8% compared to Q1’07.” (Hartford Business, May 12th)

Orlando Home, Condo Resale Market Posted Gains In April. “Orlando Regional Realtor Association: For the second straight month Orlando's home and condo resale market made small gains in key categories… The median sales price of a home in the Orlando area decreased by 4.09%, or $9,000, from $220,000 in March 2008 to $211,000 in April 2008. The median sales price for April 2008 was 12.85%, or $31,100, below April 2007 when it was $242,100. MLS: The April 2008 inventory level is only 4.10% higher than it was in April 2007… 25,436 homes and condos available… down by 36 homes. [That’s still] a 22.18-month supply… March 2008's [was a] 22.74-month supply.” (Orlando Sentinel, May 12th)

Housing Pain Ripples Through Economy. Calif.: “In San Luis Obispo County, new-home construction is in the midst of a significant downturn… Homebuilders Association of the Central Coast: Last year, fewer residential building permits — nearly 1,000—were issued throughout the county than in any year since 1995. CC Homebuilders Ass’n: This year may prove to be slow as well. A total of 182 residential building permits (single and multifamily housing) were issued in Q1’08, down from 277 in Q1’07, a 34% decline.” (San Luis, May 11th)

St. Johns Tour Pairs Beer And Real Estate. Oregon: “A group of real estate agents is hosting a free condominium and beer-tasting tour in the St. Johns area on Sunday, May 18… The St. Johns Condo and Brew Tour begins at the Condominiums at Cathedral Park, 6735 N. Salem St. Maps will be handed out there with directions to other new-construction condominiums on the tour, including Bridgewater Vista, 8712 N. Decatur St.; Cathedral Park Townhomes, 6910 N. Charleston Ave.; Jersey Pointe, 9705 N. Jersey St.; and North Portland Condominium, 8210 N. Edison St. There will be a beer-tasting session at each stop.” (The Oregonian, May 11th)

Weather, Economy Batter Home Sales In 1st Quarter. “Illinois Association of Realtors: Home sales in Illinois tumbled 27% in Q1… hurt by "the ongoing credit crunch and a softening economy." Home sales, including condominiums and single-family homes, sank to 21,576 from the year-ago quarter's 29,553 sales. Statewide, the median home price was $187,500 in Q1, down 4.3% from the year-earlier period's $196,000 median price… The average price was $252,899, up nearly 1% from $250,576 a year earlier.” (Chicago Tribune, May 10th)

Russia's Abramovich Buys Colorado Ranch. “Russian oil magnate Roman Abramovich has bought the Colorado ranch of surgical-equipment tycoon Leon Hirsch for $36.3 million. Together with another house purchased for $11.8M in February, this brings Mr. Abramovich's known real-estate investments in the area to almost $50M… Baseball great Henry "Hank" Aaron has listed his West Palm Beach, Fla., home that borders a golf course for $900,000... In 2002, [Aaron] paid $460,000 for the 1990 house... A California bluff-top home… has sold for about $28M-- a record for an Orange County off-water property, local brokers say. The 1.4-acre property in Corona del Mar, purchased by an investment group.” (WSJ, May 9th)

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