Nantucket Real Estate Market Summary
Information provided by LINK.
Freddie Mac: Mortgage Rates Continue to Fall
According to the Freddie Mac Primary Mortgage Market Survey® for the week ending Aug. 12, the 30-year fixed-rate mortgage (FRM) rate averaged 4.44% with an average 0.7 point, down from last week when it averaged 4.49%. Last year at this time, the 30-year FRM averaged 5.29%.
15-year FRM this week averaged a record low of 3.92% with an average 0.6 point, down from last week when it averaged 3.95%. A year ago at this time, the 15-year FRM averaged 4.68%.
“Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. The National Association of Realtors® reported that 65% of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60% of areas in the first quarter and only 44% in the fourth quarter of 2009,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
– “30-Year, 15-Year Fixed-Rate Mortgages Drop Again,” by Freddie Mac, Aug. 12, 2010.
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Mortgage Refinancings Soar to Highest Level Since May 2009
The much-anticipated rise in applications to refinance existing mortgages finally came through over the past week. The Mortgage Bankers Association said Wednesday its refinancing index jumped 17% to 4676.70 in the week to Wednesday, soaring to the highest since May 2009. The four-week average increase rose to 3.2%.
The sudden jump is a sign that mortgage rates have fallen far enough to encourage a new wave of refinancings from homeowners, many of whom obtained relatively low rates last year.
A refinancing wave could also be a boon for the flailing U.S. economy. Economists at Morgan Stanley estimate that if 50% of mortgages in mortgage-backed bonds are refinanced, it would free up $46 billion a year for consumers. To put that in perspective, that is more money than the latest extension of unemployment benefits.
– “Mortgage Refinancings Soar to Highest Level Since May 2009,” by Prabha Natarajan, Wall Street Journal (subscription required), Aug. 19, 2010.
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Nantucket Real Estate – Week in Review
In the past 7 days:
~ 14 properties went under contract with prices ranging from $421,000 to $5,800,000.
~ 6 properties sold with sale prices ranging from $160,000 to $1,100,000
~ 19 new listings went active
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New Listing Surfside – 12 Okorwaw Avenue
New Listing in Surfside
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Home Sales Increase and Prices Stabilize in Second Quarter
The trend in firming home prices solidified in the second quarter of 2010 with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the National Association of Realtors®.
In the second quarter, 100 out of 155 metropolitan statistical areas (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009.
The national median existing single-family price was $176,900 in the second quarter, up 1.5% from the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32% of second quarter sales, down from 36% a year ago.
“All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals,” said Lawrence Yun, NAR’s chief economist. “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market we don’t expect any consequential movement in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.”
– “Broad Stabilization in Second Quarter Metro Area Home Prices with Strong Sales,” by National Association of Realtors, Aug. 11, 2010.
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New Land Listing in Quidnet
Beautiful lot in unspoiled Eastern area of Nantucket. There is a foot print of 2500 available and the lot is restricted to a single family dwelling. Separate garage permitted. $940,000
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New Listing in Naushop for $829,000
Relax in this spacious, beautifully landscaped garden with privacy and large shade trees. French doors from the indoor dining open to the sunny patio and yard beyond. This immaculately maintained home with 3 bedrooms and 2 1/2 baths is a short walk to the pool and tennis. One of the deeper lots in Naushop.The house was recently painted on the outside and inside. Central AC installed. Hardwood floors installed on the second floor. Extensive landscaping. $829,000
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Home Prices Post Biggest Year-Over-Year Gain Since 2006
Case-Shiller: Home Prices Post Biggest Year-Over-Year Gain Since 2006
Home prices in 20 major U.S. cities increased nearly 1% in April from March to remain roughly 4% higher than a year earlier, according to the most recent S&P/Case-Shiller home price report. “This was much stronger than both our and consensus expectations of a 0.1% decline and represents the strongest monthly increase since August 2009, as well as the biggest annual gain since September 2006,” Theresa Chen of Barclays Capital said in a report.
– “Home Prices Improve, For Now…,” by Luke Mullins, US News & World Report, June 29, 2010.
New Listing – Sconset – 20 Coffin Street
Sconset - 20 Coffin Street
Nestled in the heart of ‘Sconset Village, “Loverly”, a three bedroom turnkey jewel, is located on a beautifully landscaped, private lot. Charming architectural details abound including beadboard wainscoting and ceilings. Other special interior features include three fireplaces, a finished lower level and exquisitely tiled baths. The exterior is a true extension of the living space with an oversized, covered back porch that leads to a private back yard with a stone wall and extensive hydrangeas surrounded by mature privet hedge. *Sale of 20 Coffin Street is contigent upon Seller signing satisfactory Purchase and Sale Agreement on property they currently have an accepted offer on. $1,995,000