Today we’ll take a look at the real estate markets in states along the atlantic seaboard – Delaware, Georgia, Maryland, North Carolina, South Carolina, Virginia, Washington DC, and West Virginia:
Delmarva Now is reporting that state officials are considering disclosure for seaside properties that may be vulnerable to sea rise from climate change:
A state committee said Thursday the public should consider whether property owners selling inside boundaries where seas are predicted to rise will have to disclose that vulnerability to potential buyers. This would be a significant step beyond the existing rule of requiring sellers to disclose to buyers that properties reside in designated flood zones, based largely on historic flood and storm surge records.
And Business Insider reports that Delaware is one of 5 states that saw the worst home price decreases in December:
Including distressed sales, the five states that saw home prices decline the most were: Delaware (-4.9 percent), Illinois (-2.2 percent), Connecticut (-0.5 percent), New Jersey (-0.5 percent) and Rhode Island (-0.3 percent). Ex-distressed sales only Delaware and Alabama reported decreases in home prices.
Down in Georgia, the Douglas County Sentinel reports that the west Georgia real estate market is improving:
Ã¢â‚¬Å“All of a sudden, the market has shifted significantly,Ã¢â‚¬Â Dwayne Hicks, president-elect of the West Metro Board of Realtors, said Wednesday. Ã¢â‚¬Å“The home inventory is down dramatically and a lot of people are bidding on homes.Ã¢â‚¬Â His observations reflect a report issued Tuesday by the National Association of Realtors, which showed existing home sales in the U.S. rose 9.2 percent last year, compared with 2011.
Patch.com reports that Georgia ranked fourth i the nation in foreclosures in 2012:
On Thursday, RealtyTrac released its Year-End 2012 U.S. Foreclosure Market Report with Georgia finishing 2012 with the nationÃ¢â‚¬â„¢s fourth-highest foreclosure rate. Nationally last year, there were 2,304,941 foreclosure filings Ã¢â‚¬â€ default notices, scheduled auctions and bank repossessions, which is down 3 percent from 2011 and 36 percent from 2010 when there were 2.9 million property foreclosure filings.
And WSB Radio reports that Atlanta home sales were up but prices were not, and blames appraisers:
Blamed in part for the wild rise in home prices before the bust, Bunch says appraisers are now overregulated and overcautious. In addition, they are working with Ã¢â‚¬Å“compsÃ¢â‚¬Â Ã¢â‚¬â€œ the value of comparable home sales in comparable nearby neighborhoods over the past six months when setting values on new sales. Those Ã¢â‚¬Å“compsÃ¢â‚¬Â still carry the stain of devaluation left by that six year real estate bust.
Up in Maryland, the Baltimore Sun says that Maryland is building a lot more green structures:
Almost 11 million square feet of building space in Maryland was designated last year as environmentally friendly, making it one of the top-ranking states for such certifications in 2012.
And Gazette.net says 2012 was a “turnaround year” for Maryland real estate:
The median home price statewide rose 9 percent in December from a year earlier to about $244,000, while the number of sales grew 8 percent to almost 4,400. For the year, sales increased by a healthy 5.5 percent over 2011 to more than 54,000, the largest increase since 2009, when a federal tax credit for homebuyers spurred sales.
The Home Buying Institute points out that two metro areas in the NC heartland, Raleigh-Duram and Charlotte, had some of the best growth in home sales volume in the nation:
On the sales volume side of things, two North Carolina cities topped the list. According to RE/MAX, the Raleigh-Durham and Charlotte metro areas had two of the largest gains in home sales last year. Prices seem to be rising in both of these real estate markets as well. In the Raleigh metro-area housing market, home sales rose by 31.3% in 2012. That was the largest gain reported by RE/MAX, in a report that covers approximately 53 metro areas. Travel 170 miles southwest of Raleigh, and youÃ¢â‚¬â„¢ll find another one of the strongest housing markets on the East Coast Ã¢â‚¬â€ Charlotte, N.C. According to the RE/MAX report, home sales in this city rose 16.7% over the last year or so.
And our own Gwen Croft gives you some great reasons to move to Asheville:
Gay men and lesbians will find many reasons to come to Asheville. The city prides itself on being a haven of eclectic and diverse views. Lesbians and gay men own many local businesses. A small sampling includes lesbian owned Ã¢â‚¬Å“MalapropsÃ¢â‚¬Â, voted Ã¢â‚¬Å“Best Independent Bookstore in the Southeast,Ã¢â‚¬Â along with Ã¢â‚¬Å“TessaÃ¢â‚¬â„¢sÃ¢â‚¬Â, a widely acclaimed downtown Jazz & Blues bar, and Ã¢â‚¬Å“EdnaÃ¢â‚¬â„¢s,Ã¢â‚¬Â a coffee shop owned by two men who roast their own coffee and bake their own pastries. John Cram, credited with launching the downtown renaissance in the late 1980Ã¢â‚¬â„¢s and 90Ã¢â‚¬â„¢s (along with Emoke BÃ¢â‚¬â„¢Racz, MalapropÃ¢â‚¬â„¢s founder and owner) owns two of the best-known art galleries. There are many gay owned bars and dance clubs, B&Bs and businesses catering to lesbians and gay men.
In South Carolina, the Charleston Regional Business Journal reports that home sales were up in 2012 by almost 13%:
Home sales in South Carolina jumped 12.5% last year, with 53,375 units sold compared with 47,437 units in 2011, S.C. Realtors reported today. The year wrapped up with a 10.5% increase in December; 4,136 units sold compared with 3,744 units in December 2011.
In Virginia, the Sun Gazette reports home sales jumped in 2012 in Fairfax County, close to DC:
Home sales across Fairfax County in 2012 were up nearly 11 percent from a year before, while the stronger market helped push the average sales price back toward the half-million-dollar mark. A total of 13,384 properties changed hands across VirginiaÃ¢â‚¬â„¢s largest jurisdiction last year, according to figures reported by RealEstate Business Intelligence, an arm of the local multiple-listing service, and analyzed by the Sun Gazette.
Newsplex.com also reports that central Virginia home prices were up in 2012:
Central Virginia home buyers were busy in 2012. The number of home sales in Greater Charlottesville was up nearly 15 percent, making it the biggest year-over-year increase since 2004, according to a year-end report by the Charlottesville Area Association of Realtors.
And Inside NoVA reports that November home sales and median prices across the state spiked:
Record-low interest rates helped to push November home sales in Virginia significantly higher than a year before, while the median sales price also posted a significant increase. Total transactions that went to closing across the Old Dominion in November totaled 7,145, according to figures reported by the Virginia Association of Realtors (VAR), up 18 percent from the 6,078 properties that changed hands in November 2011.
In the nation’s capital, the Sun Gazette says that sales and home prices rose in December in DC and its surrounding suburbs:
A total of 3,323 homes sold last month across the inner D.C. core, up 4.9 percent from the 3,169 transactions that occurred a year before, according to figures reported Jan. 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service. Figures represent sales in the District of Columbia; Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church in Virginia, and the counties of Montgomery and Prince GeorgeÃ¢â‚¬â„¢s in Maryland.
But VirginiaBusiness.com points out that the uncertainty over the fiscal cliff and related factors may have taken a toll on the District’s fourth quarter sales:
The looming fiscal cliff Ã¢â‚¬â€œ part of which was averted by Congress Ã¢â‚¬â€¢ as well as sequestration and the debt ceiling worked together to dampen activity throughout the region, the report said. Overall, in the investment market, total 2012 sales volume in the D.C. area fell to $5.6 billion in 2012 from $7.5 billion in 2011. While some investors stepped back due to weakening office market fundamentals, sales volumes in the District were off by only 5 percent, compared to a 48 percent decrease in the suburbs.
Nothing this time around for West Virginia.