A M. Appraisals Blog

This year, 2020, has truly been unique in many ways. As we reached the halfway point, here are a few NATIONAL/INTERNATIONAL stats that have affected the current economic state of affairs and led to a hot real estate market:

Key Economic Data and Events in July 2020
  • The last FOMC Meeting concluded with the Fed continuing its current Monetary Policy
  • 2nd Quarter GDP showed the Economy Contracted 32.9%
  • The Economy added 4.8 million jobs, and the Unemployment Rate fell to 11.1%
  • The 10 Year Treasury Security yield is bouncing around 0.6%
Housing Market Data Released in July 2020
  • Existing Home Sales (closed deals in June) rose 20.7% to an annual rate of 4,720,000 homes, down 11.3% in the last 12 months. The median price for all types of homes is $295,300 - up 3.5% from a year ago. The median Single Family Home price is $298,600 and $262,700 for a condo. First Time Buyers were 35%, Investors 9%, Cash Buyers 16%. Homes were on the market for an average of 24 days, and 62% were on the market for less than a month. Currently, 1,570,000 homes are for sale, down 18.2% from 1,920,000 units a year ago.
  • New Home Sales (signed contracts in June) rose 13.8% to a seasonally adjusted annual rate of 776,000 homes - up 6.9% YoY. The median New Home price is $329,200, and the average is $384,700. There are 307,000 New Homes for sale, which is a 4.7 month supply.
  • Pending Home Sales Index (signed contracts in June) rose 16.6%, up 6.3% YoY.  
  • Building Permits (issued in June) rose 2.1% to a seasonally adjusted annual rate of 1,241,000 - down 2.5% YoY. Single-Family Permits rose 11.8% to an annual pace of 834,000 units, down 1.1% YoY.    
  • Housing Starts (excavation began in June) rose 17.3% to an annual adjusted rate of 1,186,000 units - down 4.9% YoY. Single-Family Starts rose 17.2% to 831,000 units - down 3.9% in the last 12 months. 
  • Housing Completions (issued in June) rose 4.3 to an annual adjusted rate of 1,250,000 - up 5.1% YoY. Single Family Completions rose 9.6% to 910,000 units - up 4.0% in the last 12 months.
  • S&P/Case-Shiller 20 City Composite Home Price Index rose 0.04% in May, up 3.7% YoY. 
  • FHFA Home Price Index fell 0.3% in May, now up 4.9% YoY. 
Labor Market Economic Data Released in July 2020
  • The Economy added 4,800,000 Jobs in June
  • The Unemployment Rate fell to 11.1% in June from 13.3% the previous month                                                                                   
  • The Labor Force Participation Rate rose to 61.5% in June from 60.8% the previous month The Average Hourly Wage fell 1.2% in June, up 5.0% YoY
Inflation Economic Data Released in July 2020
  • CPI rose 0.6%, up 0.6% in the last 12 months
  • Core CPI (ex-food & energy) rose 0.2%, up 1.2% in the last 12 months
  • PPI fell 0.2%, down 0.8% in the last 12 months
  • Core PPI (ex-food & energy) fell 0.3%, down 0.1% in the last 12 months
GDP Economic Data Released in July 2020
  • Retail Sales rose 7.5% during June, now up 1.1% in the last 12 months
  • Consumer Confidence Index fell to 92.6 from 98.1 the prior month         
  • Consumer Sentiment Index (U of M ) fell to 72.5 from 78.1 the previous month 
Energy, International, and Things You May Have Missed   
Oil Prices are up slightly as they bounce around $42 a barrel. WTI Crude (West Texas Intermediate) is trading around $41/barrel, and Brent Crude is trading around $44/barrel.
  • The US Dollar weakened against the Euro, now about $1.18 vs the Euro.
  • The USMCA (US Mexico Canada Agreement) became effective July 1.
  • Eurozone GDP dropped 12.1% in the 2nd quarter. Germany's GDP was down 10.1%, France down 13.8%, Italy down 12.4%, Spain down 18.5%.
  • China's GDP grew 3.2% YoY in the 2nd quarter - if you can trust their data.
 
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The material provided is for informational and educational purposes only and should not be construed as investment, legal, financial, or mortgage advice. The information is gathered from sources believed to be credible. The source for most of the information, Act Appraisal Inc and Mortgage Elements Inc, do not guarantee or warrant its completeness or accuracy and there is no guarantee it is without errors.

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Posted by Ashley Martin on August 6th, 2020 6:01 AMLeave a Comment

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MEDIAN SALES PRICES







Here is a link to current market activity for the COLUMBIA MLS market by area for November 2019:

https://files.constantcontact.com/b2ef073b701/93375195-04f3-46ac-9155-f198447b006c.pdf






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Posted by Ashley Martin on December 18th, 2019 8:32 AMLeave a Comment

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January 5th, 2017 8:21 AM

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Posted by Ashley Martin on January 5th, 2017 8:21 AMLeave a Comment

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  New Listings Sold Listings    
Area Available Inventory New Avg List Price Pending Sales Avg Sale Price % SP/LP Avg DOM Withdrawn Expired
Area 001 2,741 2,120 172,852 1,554 1,458 156,201 96.68 72 438 288
Area 002 1,684 1,293 151,041 1,019 966 141,544 96.67 80 243 145
Area 003 945 681 114,569 393 381 105,612 92.83 93 198 158
Area 004 5,183 3,945 215,988 2,667 2,496 192,386 97.59 87 881 591
Area 005 816 619 190,630 382 357 175,269 94.95 83 170 92
Area 006 612 461 319,646 356 339 309,684 94.79 72 123 39
Area 007 1,006 724 210,521 446 413 202,178 94.72 85 191 135
Area 008 860 607 154,197 485 472 144,275 96.28 94 155 83
Area 009 132 85 132,790 61 56 102,517 91.05 126 29 15
Area 010 405 297 105,879 201 206 101,896 95.81 75 67 70
Area 011 3,764 2,970 217,486 2,258 2,195 203,445 98.58 76 504 351
Area 012 432 305 176,982 230 213 165,028 94.92 105 78 42
Area 014 895 722 252,953 522 481 236,341 98.43 75 130 77
Area 015 25 20 238,485 11 10 136,340 93.38 81 3 5
Area 020 328 235 600,161 147 133 562,340 94.32 121 69 40
Area 021 165 107 493,516 53 49 308,569 93.96 136 29 39
Area 022 69 46 302,587 30 30 270,912 94.39 156 13 15
Area 023 202 144 569,605 80 73 538,923 94.63 125 37 31
Area 024 6 5 259,700 1 2 47,450 100 18 1 2
Area 030 943 709 181,737 538 531 168,390 98.16 86 129 92
Area 031 744 467 219,597 282 265 167,245 93.50 134 123 112
Area 040 97 73 115,780 42 40 85,391 96.70 69 21 9
Area 050 100 70 223,669 40 28 153,225 96.03 76 18 20
Area 060 178 119 191,052 53 43 128,763 93.28 139 37 39
Area 070 23 14 154,225 7 7 143,975 97.54 100 3 8
Area 080 85 62 186,504 40 40 111,515 90.63 117 13 15
Area 090 430 298 120,386 210 208 122,368 93.37 107 63 64
Area 100 346 213 207,066 128 115 167,127 91.30 151 68 50
Area 110 266 199 164,003 96 79 98,016 92.32 96 52 51
Residential 29,717 17,610 208,939 1,341 11,686 185,682 96.67 85 3,886 2,678
Auction 236 212 87,012 14 106 79,462 91.12 77 50 30
Commercial-Indust 897 415 346,503 18 90 268,527 86.10 225 118 220
Lots and Acreage 6,464 2,869 135,341 146 841 80,719 87.04 276 742 1,496
Multi Family 318 180 207,335 15 84 173,676 91.63 119 35 55
Proposed Construction 146 49 231,261 0 0 0 0 0 41 22
Rental 3,235 1,834 1,404 19 5 32,046 3,751.44 27 386 81


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Posted by Ashley Martin on October 3rd, 2016 11:49 AMLeave a Comment

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November 16th, 2015 8:31 AM

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Posted by Ashley Martin on November 16th, 2015 8:31 AMLeave a Comment

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January 24th, 2014 1:33 PM


Month Year Units
Listed
Listed
Volume
Listed
Average
Units
Sold
Sold
Volume
Sold
Average
Average
DOM
Jan 2013 1414 256,316,027 181,270 542 86,286,387 159,199 117
Feb 2013 1386 246,788,506 178,058 578 86,372,999 149,434 120
Mar 2013 1544 307,099,099 198,898 755 127,439,376 168,793 119
Apr 2013 1623 308,757,282 190,238 782 129,314,222 165,363 116
May 2013 1519 302,085,265 198,871 957 167,001,867 174,505 107
Jun 2013 1394 273,111,101 195,919 956 166,252,994 173,904 101
Jul 2013 1491 275,446,246 184,739 939 160,892,614 171,344 109
Aug 2013 1420 254,128,552 178,963 988 166,020,137 168,036 97
Sep 2013 1191 212,491,830 178,414 775 128,779,954 166,167 104
Oct 2013 1387 267,246,488 192,679 741 123,355,959 166,472 112
Nov 2013 1173 220,172,782 187,700 627 108,659,658 173,300 104
Dec 2013 913 167,586,077 183,555 673 115,124,134 171,061 107
Totals:   16455 3,091,229,255 187,860 9313 1,565,500,301 168,098 109

Total Listed:16455 Sold Units:9313 Remaining Units:7142 Inventory Accum.:9.20 *
Min Sold Price:
$1
Average Sold Price:
$168,098
Median Sold Price:
$143,500
Max Sold Price:
$1,590,000
Min List Price:
$0
Average List Price:
$187,859
Median List Price:
$150,000
Max List Price:
$2,999,000
* Inventory Accumulation (in months) = (# Remaining Units)/(# Sold Units/# Months)

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Posted by Ashley Martin on January 24th, 2014 1:33 PMLeave a Comment

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January 24th, 2014 1:31 PM


Month Year Units
Listed
Listed
Volume
Listed
Average
Units
Sold
Sold
Volume
Sold
Average
Average
DOM
Jan 2012 1403 235,975,094 168,193 425 71,699,367 168,704 115
Feb 2012 1335 237,298,420 177,751 462 69,656,568 150,771 127
Mar 2012 1562 292,045,270 186,968 637 98,502,300 154,634 123
Apr 2012 1427 269,460,024 188,829 646 103,534,643 160,270 126
May 2012 1437 264,098,052 183,784 729 115,706,070 158,718 119
Jun 2012 1309 241,868,212 184,773 725 122,780,737 169,352 112
Jul 2012 1357 238,808,252 175,982 730 120,514,562 165,088 113
Aug 2012 1406 255,475,474 181,703 792 129,193,790 163,123 120
Sep 2012 1164 204,049,833 175,300 595 100,500,379 168,908 111
Oct 2012 1255 219,674,643 175,039 687 109,601,544 159,536 113
Nov 2012 1022 185,014,878 181,032 616 94,038,171 152,659 116
Dec 2012 756 123,711,602 163,639 580 94,774,794 163,404 113
Totals:   15433 2,767,479,754 179,322 7624 1,230,502,925 161,399 117

Total Listed:15433 Sold Units:7624 Remaining Units:7809 Inventory Accum.:12.29 *
Min Sold Price:
$555
Average Sold Price:
$161,398
Median Sold Price:
$139,000
Max Sold Price:
$1,451,000
Min List Price:
$0
Average List Price:
$179,322
Median List Price:
$141,875
Max List Price:
$12,500,000

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Posted by Ashley Martin on January 24th, 2014 1:31 PMLeave a Comment

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Month Year Units
Listed
Listed
Volume
Listed
Average
Units
Sold
Sold
Volume
Sold
Average
Average
DOM
Jan 2012 1399 249,456,654 178,310 415 68,709,068 165,564 114
Totals:   1399 249,456,654 178,311 415 68,709,068 165,564 114

Total Listed:1399 Sold Units:415 Remaining Units:984 Inventory Accum.:2.37 *
Min Sold Price:
$6,750
Average Sold Price:
$165,564
Median Sold Price:
$139,000
Max Sold Price:
$960,000
Min List Price:
$5,000
Average List Price:
$178,310
Median List Price:
$140,000
Max List Price:
$2,300,000
* Inventory Accumulation (in months) = (# Remaining Units)/(# Sold Units/# Months)



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Posted by Ashley Martin on February 17th, 2012 12:45 PMLeave a Comment

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December 12th, 2011 8:53 AM
Home Sales Report
         Sold Residential Listings
1/01/2011  - 12/12/2011     
Area(s) = All
         

Price Class 0-2
Bedrm
3
Bedrm
4+
Bedrm
SF
Total
0-1
Bedrm
2
Bedrm
3+
Bedrm
Condo
Total
Total
Units
Price Class 0-2
Bedrm
3
Bedrm
4+
Bedrm
SF
Total
0-1
Bedrm
2
Bedrm
3+
Bedrm
Condo
Total
Total
Units
29,999 or Under 66 216 39 321 2 23 4 29 350
30,000 - 39,999 16 112 30 158 0 4 4 8 166
40,000 - 49,999 15 91 29 135 2 5 0 7 142
50,000 - 59,999 15 93 16 124 4 5 2 11 135
60,000 - 69,999 26 99 19 144 3 9 2 14 158
70,000 - 79,999 36 96 22 154 1 4 2 7 161
80,000 - 89,999 46 145 26 217 2 10 2 14 231
90,000 - 99,999 28 190 45 263 0 1 2 3 266
100,000 - 119,999 74 431 97 602 3 4 3 10 612
120,000 - 139,999 57 489 153 699 4 10 8 22 721
140,000 - 159,999 40 327 241 608 1 12 2 15 623
160,000 - 179,999 25 195 240 460 3 6 3 12 472
180,000 - 199,999 13 110 165 288 0 5 0 5 293
200,000 - 249,999 22 166 392 580 0 12 5 17 597
250,000 - 299,999 9 83 271 363 0 8 2 10 373
300,000 - 399,999 5 92 258 355 0 2 2 4 359
400,000 - 499,999 3 16 96 115 0 0 2 2 117
500,000 - 749,999 1 18 79 98 0 0 0 0 98
750,000 - 999,999 0 0 18 18 0 0 0 0 18
1,000,000 and Over 0 1 5 6 0 0 0 0 6
Total Units: 497 2970 2241 5708 25 120 45 190 5898
Total $: (x1000) 53199 384337 515095 952632 2293 14069 6507 22870 975502
Median $: (x1000) 100 120 199 141 85 90 128 107 140000
Average $: (x1000) 107 129 229 166 91 117 144 120 165395

Days on Market SF Condo
Res Total






Days on Market SF Condo
Res Total






0 - 30 1376 52 1428                                
31 - 60 861 26 887                                
61 - 90 734 21 755                                
91 - 120 631 12 643                                
121+ 2211 81 2292                                


Financing  SF Condo
Res Total


Financing SF Condo
Res Total


Assume 0 0 0                
Cash 1174 103 1277                
CONV 2100 77 2177                
FHA 1486 9 1495                
FLB 2 0 2                
FMHA/RECD 4 0 4                
Land Contract 5 0 5                
Lease/Purchase 4 0 4                
Other 80 1 81                
Owner Financed 25 1 26                
SHA 10 0 10                
TRADE/EXCH 1 0 1                
VA 678 1 679                
       
       Home Sales Report
       Current Active Listings
             


Price Class 0-2
Bedrm
3
Bedrm
4+
Bedrm
SF
Total
0-1
Bedrm
2
Bedrm
3+
Bedrm
Condo
Total
Total
Units
Price Class 0-2
Bedrm
3
Bedrm
4+
Bedrm
SF
Total
0-1
Bedrm
2
Bedrm
3+
Bedrm
Condo
Total
Total
Units
29,999 or Under 43 45 6 94 9 14 7 30 124
30,000 - 39,999 38 51 8 97 1 24 6 31 128
40,000 - 49,999 28 43 9 80 0 18 6 24 104
50,000 - 59,999 34 91 12 137 4 10 1 15 152
60,000 - 69,999 36 95 26 157 8 8 0 16 173
70,000 - 79,999 41 141 25 207 9 10 6 25 232
80,000 - 89,999 66 156 26 248 3 20 2 25 273
90,000 - 99,999 44 195 26 265 4 9 2 15 280
100,000 - 119,999 86 495 84 665 8 17 5 30 695
120,000 - 139,999 81 501 143 725 4 16 7 27 752
140,000 - 159,999 36 318 219 573 4 7 7 18 591
160,000 - 179,999 29 216 218 463 3 6 5 14 477
180,000 - 199,999 24 171 203 398 4 18 1 23 421
200,000 - 249,999 44 227 372 643 1 14 9 24 667
250,000 - 299,999 24 157 249 430 2 10 5 17 447
300,000 - 399,999 18 153 307 478 2 4 4 10 488
400,000 - 499,999 6 51 154 211 0 2 2 4 215
500,000 - 749,999 5 38 149 192 0 1 0 1 193
750,000 - 999,999 1 9 63 73 0 0 0 0 73
1,000,000 and Over 1 1 40 42 0 0 0 0 42
Total Units: 685 3154 2339 6178 66 208 75 349 6527
Total $: (x1000) 88181 501093 684567 1273842 6980 24828 10914 42724 1316566
Median $: (x1000) 104 129 224 155 89 89 125 99 151990
Average $: (x1000) 128 158 292 206 105 119 145 122 201884



Posted in:General
Posted by Ashley Martin on December 12th, 2011 8:53 AMLeave a Comment

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You spent a lot of money fixing up your home, and realize that maybe you won't get every dollar back in value, but hopefully it will at least add some value, right? And then you find out that just down the road, one of the nicer homes in your subdivision just went into foreclosure. What does this mean for your property?

Well, there are several factors to take into consideration:

1. Sales Price

2. Quality & Condition

3. Number of similar sales in the area

For instance, just because a property goes into foreclosure, that does not necessarily mean that the bank is going to give it away. It could still sell for close to or at market price. If this is the case, then you have nothing to fear with regards to your property losing value from a low comp.

But what if the property does sell for an extremely low price? Perhaps it was due to it being a foreclosure, but could there have been other factors as well? Was the home in poor condition? Was it trashed by the previous owners? If so, this can be adjusted for on an appraisal in comparison to your home in good condition. Also, is the home physically similar to your property? Or does it have less heated area, not as many bathrooms, not as many upgraded finishes? If so, these differences can be adjusted for as well. Either way, the quality and condition of the home could be as much or more of a factor than the fact that the home sold in foreclosure.

Also, how many similar sales have there been in your subdivision? If there have been many similar sales that have sold as market sales, then these could easily be used as comparables on an appraisal, and there would be no need to use the foreclosed sales. If there are not enough market sales, then an adjustment could be made entitled "Conditions of Sale", where foreclosed sales could be adjusted for to bring them more in line with market sales in the area.

Although there is no perfect answer, the above techniques attempt to account for the differences between market sales and foreclosed sales. In this way, it is possible that recent foreclosures in your subdivision may have a very minimal (if none at all) affect on the overall value of your property.


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Posted by Ashley Martin on April 27th, 2011 9:09 PMLeave a Comment

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