The Fountain Valley housing market

October 6, 2010 by · Leave a Comment
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The Fountain Valley housing market, found in the midst of the larger Orange County real estate market, saw a decrease in both the number of units sold and the median selling price. A September 14, 2010 article from the Orange County Business Journal noted that “The median price of an existing Orange County home in August rose to $440,000, a jump of more than $12,000 or about 3% from a year earlier, according to a report from San Diego-based MDA DataQuick, a unit of Canada’s MacDonald, Dettwiler and Associates. The number of sales saw a 9% slide in August from a year earlier as the mix of nicer homes sold upped the median price. The evaporation of the federal tax credit prompted a two-month slump from a June high of 3,423 homes sold at a median price here of $445,000. Prices rose in July to $450,000 from June as some home sellers felt the hangover of higher prices, but corrected to $440,000 in August on relatively flat sales. Sales last month were 2,538, down from 2,790 a year earlier, but up slightly from the 2,527 sales seen in July. Overall, Southern California home prices and sales showed an even bigger disparity, with prices rising 4.7% to $288,000 in August from a year earlier, but with sales falling almost 14% in the same period. Southland sales totaled 18,541 in August, down from 21,502 a year earlier and 18,946 in July.”

This perceived uncertainty in the median price of a Fountain Valley home for sale was cleared up somewhat by a September 22, 2010 report also from the Orange County Business Journal. This piece, composed by Mark Mueller, stated that “The median price of an existing Orange County home slipped below the $500,000 mark in August, while sales here also saw a second straight month of declines, the California Association of Realtors said Wednesday. The median price for an existing stand-alone OC home sold in August was $499,580, a $14,600 or 2.8% decrease from July and about the same price homes here were selling at a year earlier. The area’s median sales price now is up 18% from the recent bottom of the market, seen in January 2009, according to the association’s figures. Prices here are still off more than 33% from the peak of the market, when the median sales price for an OC home topped $747,000 in April 2007. The number of sales here in August fell by 7.3% from a month earlier, the Realtor association said. Sales were down 11.2% from a year earlier.”

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The La Mesa real estate market

October 5, 2010 by · Leave a Comment
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The La Mesa real estate market, found in the larger San Diego County housing market, faced a weakening but static situation in the month of August. According to a September 13, 2010 report from the San Diego Union Tribune, “After a particularly slow July, San Diego County home sales and prices were essentially flat in August even as interest rates hovered at historic lows, says a report by MDA DataQuick. The median home price for all properties — resale and new homes along with condos and townhomes — inched downward in August to $337,000, a 0.3 percent decrease from July’s median price of $338,000. On an annual basis, the median price rose by 3.7 percent. Also, the number of properties sold in August increased to 3,113, up about 1.4 percent from July but down 5.8 percent from August 2009. The housing market’s sideways performance will probably continue for the rest of the year, said Mark Goldman, a real estate professor at San Diego State University. He said inventory is up, sales are slowing down and days on the market — a key metric in assessing housing sector’s strength — are increasing. “We are expecting this softness to continue,” Goldman said. “The market is essentially reaching a new equilibrium….”

This general uncertainty for La Mesa homes for sale was mirrored by the property tax valuations for San Diego County, according to a September 21, 2010 piece from the North County Times. This article stated that “For the second year in a row, San Diego County property tax revenue will decline, officials in the Treasurer-Tax Collector’s office said Tuesday. Total revenue in the 2010-2011 tax year, which began July 1, will be $4.5 billion, off by $48 million, or about 1 percent, from last year’s collections, the Tax Collector’s office said in a prepared statement. In 2009-2010, revenue was down $50 million. “We’re naturally expecting to see that decline three or four years in a row, and then we’ll climb out of it,” said Dan McAllister, the county Treasurer-Tax Collector. “All we can do is hope.” The news contrasts with sales tax collections, which rose this spring in all North County cities except Carlsbad and Poway. The San Diego County Assessor foretold the decline in property taxes when it announced in June that the assessed property tax value in the county fell 1.56 percent because of a drop in the California Consumer Price Index. Under Proposition 13, property taxes rise and fall with the index, though increases are capped at 2 percent.”

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The Orange County real estate market

October 3, 2010 by · Leave a Comment
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The Orange County real estate market, which was for a time showing strong signs of recovery from the recession, has started to slip into negative territory again, with home sales trailing off and the median price remaining largely unchanged. According to a September 14, 2010 report from the OC Metro, “Orange County home sales in August fell to the lowest level for the month since 2007, due in part to the struggling job market and the recent expiration of the federal tax credits. But the median price for a residence did get a slight boost over the same time last year, according to San Diego-based MDA DataQuick. A total of 2,538 homes were sold last month, down 9 percent from August 2009, when 2,790 transactions were closed. But, the number rose slightly from July, when 2,527 properties were sold. For the entire six-county Southern California region, which includes Orange, L.A., Riverside, San Diego, San Bernardino and Ventura, August sales fell to 18,541 – it’s also the lowest level for the month since 2007, according to MDA DataQuick. Last month’s total represents a 13.8 percent drop from August 2009, when 21,502 homes were purchased. The number also dipped from 18,946 in July. “The loss of homebuyer tax credits explains much of the sales weakness over the past two months,” said John Walsh, president of MDA DataQuick…”

Although a separate report indicated a slight rise in the median price of an Orange County home for sale, the OC Metro reported on September 22, 2010 that the median price remained unchanged in August. According to the article, “The median price for a home in Orange County was unchanged in August, though sales slid from the same time last year, according to a new report from the California Association of Realtors, which relies on MLS information for its data. The region’s median home price was $499,580, down 2.8 percent from July and 33.1 percent off its peak, which was recorded in April 2007. But, the number has risen 18.1 percent after hitting the bottom in January of last year. Statewide, the median home price posted its 10th consecutive year-over-year gain, according to C.A.R. The number rose to $318,660, up 8.6 percent from August 2009. The number also increased 1.2 percent from July. Meanwhile, home sales in Orange County declined 11.2 percent from August 2009 and 7.3 percent from July.  Statewide, sales fell 14.9 percent last month, compared to the same time in 2009, though they increased 1.8 percent from July.”

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