Today we heard from Rotarian John Trautman of JA Trautman Realtors who spoke on the Residential and Commercial Real Estate Markets over 2010 and 2011.
John began with a funny video of how our homes might look depending on who views it.
He then shared the following interesting statistics:
-3q of 2009 and 2010 decrease of 21%
-The median home prices have decreased from 177-169k
-Appraisals have become a real issue because now two appraisers are required which increases the cost of the loan process
-Sales during the first 10 months of 2011 reached 83,040 which is a slight 1.7 % decrease from one year previous
-Since 2007 the new home sales have continued to fall
-Completed homes peaked in 2006 and have declined ever since
-There seems to be a current trend in homes being purchased at a third of their value, rehabbed and put back on the market as rentals
-Around 4 million foreclosed homes must be removed from bank books before we will have a stable market. These homes are being sold in bundles of 10 at a time.
-Commercial leases in Clermont County were $12 per sq ft and are now $7 per sq ft
-The average days on market for a listing is 160 days
Next week we will not have a meeting in celebration of Christmas and the New Year