An Unprecedented Market
The Missoulian reports from Montana. "The skyrocketing prices of homes in Missoula this year have even long-time real estate agents shaking their heads in disbelief. 'I’ve never seen anything like it,' said Brint Wahlberg of Windermere Real Estate. 'It’s truly an unprecedented market. I’ve been in the business 16 years, my mom has been in the industry 36 years. We’ve never seen a market where sellers have such an advantage to drive sales price and terms of sale.'"
"Wahlberg said that sellers are realizing they can raise their list price. 'It’s based on what they are seeing in the market and what Realtors are coaching them on,' Wahlberg said. 'The Realtor is telling them, ‘You are the only listing in this price range, so let’s go $5,000 or $10,000 higher.’ You’ve got buyers sitting on the fence waiting and they’ll go for it. The numbers we track show sellers are getting as close to the list price as they ever have before the real estate bubble.'"
The Ahwatukee Foothills News in Arizona. "Two houses in Ahwatukee each sold in the last five weeks for more than $1 million. The two two-story homes, both around 5,800 square feet, also are the third and fourth million-plus houses sold in Ahwatukee since June 1. Associate Broker Stacey Lykins said people selling their luxury homes are still facing a buyer’s market both in Ahwatukee and throughout the Valley, because 'buyers have a pretty big selection of homes from which to choose.'"
"'As with any buyers’ market, sellers should expect to get less than asking price on their home, unless it’s priced very well and has broad appeal, is located in a desirable location with views, and has privacy and other intangibles that are important to the luxury buyer.'"
News OK in Oklahoma. "Metro-area housing inched toward balance at midyear, then slipped back toward a sellers market — but it's sort of both, depending on price range. Sales of upscale homes — those priced at $300,000 to $400,000 and more, which is upscale for here — are sluggish. Sales are still brisk at lower prices, according to Realtors. 'We tend to see it is usually a buyers market or a sellers market and this is the first time that I have seen such a split market,' said Ginger Prysock, an agent at Metro First Realty Pros."
"Houses priced at $400,000 and more are hitting the market 'from a lot of the oil and gas industry workers,' she said. 'I've held open houses and had several coming in and commenting that they were downsizing due to the oil and gas industry.'"
"Move-in ready homes from $200,000 to $300,000 are selling fast, those from $300,000 to $400,000 'are not quite as fast, but the ones that need no paint, no upgrades and so on are moving,' said Benjamin Floyd, owner of 525 Realty Group in Edmond. 'There are a lot of them on the market, so it's really trending buyers market,' Floyd said. Those priced at $450,000 to $600,000 'are still moving but very slow. Over $600,000 is a very tough market now.'"
WSHU in Connecticut. "New Canaan, Connecticut, is one of the wealthiest towns in America. One measure of that wealth is the cost of housing, and New Canaan has hundreds of multimillion-dollar homes. But these days, more and more of them are up for sale.'In a climate where we have 350 houses on the market, sometimes it feels like the whole neighborhood is for sale,' says John Engel, a full-time realtor."
"So last month, Engel and some other folks in town suggested to take some of the 'For Sale' signs down. One theory was that signs look bad, and could scare potential home buyers away."
"Right now, Engel is showing a $3.4 million mansion that’s unquestionably luxurious. This home is a couple miles down the road from another house for sale – owned by GE CEO Jeff Immelt. GE’s decision to leave Connecticut for Boston prompted Immelt to move to a condo in the heart of the city. He’s not the only one. 'Remember, what GE finally said, after they quit posturing,' says John Glascock, director of the University of Connecticut’s Center for Real Estate and Urban Economic Studies. 'The reason they’re moving to Boston is the young couples did not want to come to that part of Connecticut to work.'"