Real Estate by the Numbers: Week of April 16 – April 22
A quick rundown of the important real estate news from the week of April 16 – April 22, by the numbers:
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$51.75 Million – IPO filed by Zillow. The Seattle based internet real estate company had 19.4 million unique visitors on their site and mobile app, year-over-year. Zillow’s revenue of $30.5 Million in 2010 is a 74% jump from the previous year. Although the company isn’t yet profitable, loses have steadily decreased from $21.1 Million in 2008, to $12.9 Million in 2009 to $6.8 Million in 2010.
3.7% – Gain in existing home sales month-over-month in March according to the National Association of Realtors. The 5.1 million unit annual pace is more than the 5 million unit pace economists polled by Reuters expected.
7.2% – Gain in home construction from February to March. The 549,000 units delivered on a seasonally adjusted basis is still well below the 1.2 million unit pace that economists consider healthy. Additionally, new home permits rose 11.2% .
4.8% – Average rate on a 30 year fixed mortgage according to Freddie Mac. The rate is down from last week, when the average rate was 4.91%.
$9,975,000 – Listing price for Jodie Foster’s Beverly Hills home. For under $10 million, you can own the famous actresses 5,400 square foot home, only blocks away from the Beverly Hills Hotel.
40% – Percentage of home resales in March that were distressed properties (foreclosures, short sales and REOs). Also, “first-time buyers bought 33% of homes, down from 34% in February. Repeat buyers bought 45% of homes, down from 47% in February. Investors bought 22% of homes, up from 19% in February.”
5.9% – Drop in home prices year over year in March 2011. The average home price is currently $159,600.
58% – Gain in earnings on the strength of real estate for investment firm Blackrock over the first three months of the year. That translates into $568 Million in earnings for the quarter on 1.2 Billion in revenue.
$150 Million – Amount MTA expects to get for the sale of it’s 20 story midtown New York City tower and two connecting buildings. “The MTA says the real estate offering is part of an effort to overhaul how it does business. The agency is evaluating space at 26 other buildings it owns or leases, and it has cut 3,500 positions in the last year.”