San Carolos real estate market

January 17, 2011 by · Leave a Comment
Filed under: California 

The San Carolos real estate market, a subsidiary of the larger Bay Area housing market, saw a substantial decline in median sales price and a larger number of properties in the market according to a number of real estate tracking services.  According to statistics provided by the S&P/Case-Shiller index, the San Francisco area had the worst performance among all West Coast cities examined during the month of October 2010. The group recorded a decline of almost two percent during October, the largest decline among the communities of Los Angeles, Seattle, Portland, San Diego, and San Francisco. Although the S&P/Case-Shiller index normally lags behind the calendar by a couple months, many experts have speculated that these figures may indicate an upcoming “double-dip” in the housing market. Basically, because property values are on the decline once again, it appears that the nationwide real estate market may fall into another slump. In the broader economic picture, consumer spending rallied strongly even as consumer confidence saw negative news in a new report from the Conference Board. Like the housing market, it is possible that confidence has been adversely affected by less than stellar numbers from the labor market.

The decline of median sales prices among San Carlos and San Francisco homes for sale was accompanied by an increase in the inventory of properties. According to the home listing tracking service ZipRealty, the month of December 2010 saw a considerable increase in the number of homes for sale. Their figures indicated that inventory had increased by more than fifty percent between December 2009 and December 2010. Among the twenty-six markets surveyed by ZipRealty, the only market to post an inventory increase as large as San Francisco was another California city, San Diego. The composite figure for the entire index also saw a year-over-year increase, although it was forty percent smaller than the rise reported for San Francisco. It is unclear how heavily the local housing market was affected by the expiration of the federal housing tax credit, although some experts have suggested that the initiative essentially cannibalized future home sales in exchange for a temporary boost in properties sold.

Rancho Santa Fe real estate updates

November 27, 2010 by · Leave a Comment
Filed under: California 

Rancho-Santa-FeRancho Santa Fe real estate, a primarily residential and upscale section of the San Diego County housing market, may be facing a ‚double-dip‚ if the current downturn in the local market continues. According to a November 11, 2010 article from the San Diego Union Tribune, San Diego County, as well as other metro areas in the county that had been improving, may be experiencing a double dip in home prices, new reports showed Thursday. The turnaround from recent quarterly increases came in spite of homebuyer tax credits and low interest rates intended to boost the housing market out of its five-year slide. The National Association of Realtors ranked San Diego as the 51st best market out of 155 in terms of home-price appreciation in the third quarter, compared with the same period last year. But the group also reported a downturn from the second to the third quarter, a trend also picked up by Zillow.com, which estimates home values after excluding foreclosure sales. The Seattle-based company said San Diego as well as four other California markets, were the only ones nationally that posted price declines in the third quarter after five quarters of an increase. Zillow chief economist Stan Humphries said the turnaround may reflect the fact that state had offered homebuyer credits on top of those at the federal level and thus pulled in more buyers who sped up their purchasing decisions. Now demand is down, even as inventories rise.

However, the sales rate of Rancho Santa Fe homes for sale may be adversely affected by two weaknesses in the local economy, identified by Mark Cafferty, the CEO of the San Diego Workforce Partnership. Mr. Cafferty stated that ‚ in terms of our economy and our work force, San Diego differs from the rest of the state and country in many ways. Some aspects of our economy exploit our strengths, while other aspects present challenges that must be addressed‚ First, too many jobs in San Diego were tied to the now-devastated housing market. The unemployment rate among those employees working in real estate and residential construction is almost 50% higher than the full unemployment rate. Second, too many of San Diego’s lower-wage earners lack the basic skills needed to take advantage of the available education and training opportunities, and they are struggling to maintain in a fragile labor market.

Milpitas housing market real estate update

November 21, 2010 by · Leave a Comment
Filed under: California 

img546214The Milpitas housing market, a subsidiary of the larger Santa Clara County and Bay Area real estate market saw a substantial decrease in the number of foreclosures over the latest tracking period. According to a November 8, 2010 article from the Silicon Valley Community Newspapers and the Mercury News, The number of Santa Clara County homes in the first stage of foreclosure dropped by 44.4 percent in the third quarter of the year, compared to the same period in 2009, according to a real estate information service. Lenders sent default notices to 2,244 Santa Clara County homeowners in the third quarter, down from the previous year’s third quarter total of 4,035. While all counties in the Bay Area saw a drop in notices of default, Santa Clara County had the largest drop among the nine counties. Notices of default in neighboring San Mateo County were down 31.2 percent from the same time the previous year. Foreclosures in Santa Clara County also decreased from the same time last year. The number of trustees deeds recorded, which reflects the number of houses and condos foreclosed on, totaled 1,036 in Santa Clara County during the third quarter, down 16.2 percent from 1,237 in the third quarter of 2009. The counties of Marin, Solano, San Mateo and San Francisco saw foreclosures rise compared to same time a year ago, ranging from a significant increase of 25.5 percent in Marin, to 1.4 percent in San Mateo, and just 0.6 percent in San Francisco.‚

Milpitas homes for sale were sold for a higher median price during the month of September. According to an October 22, 2010 article from Bloomberg News, San Francisco Bay Area home sales fell in September to the month’s lowest level in three years as high unemployment diminished buyer confidence. Sales in the nine-county region plunged 20 percent from a year earlier to 6,334 houses and condominiums, the smallest number for any September since 2007, data provider MDA DataQuick said Thursday. Transactions decreased 5.4 percent from August. Prices gained the most in Santa Clara County, where the median climbed 11 percent to $500,000. The only counties with price declines were Napa, where the median dropped 6.4 percent to $337,000, and San Francisco, where it fell 4.6 percent to $620,000, DataQuick said.

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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The San Diego real estate market

September 30, 2010 by · Leave a Comment
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The San Diego real estate market, a component of the larger Southern California housing market, has started to show signs of weakness after recovering for several months straight. According to a September 20, 2010 report from the San Diego Union Tribune, “San Diego County foreclosures and defaults rose from July to August, but analysts said it is too early to tell if this marks the start of the long-expected burst of distressed sales as so many homeowners run out of options. According to MDA DataQuick, August foreclosures totaled 1,026, up 15.4 percent from 889 in July, and notices of default rose 19.5 percent from July’s, 1,664 to August’s 1,988. Some experts, pointing to lower figures a year ago, said the August report from MDA DataQuick shows that lenders are not eager to evict owners and resell the properties. Instead, they are quietly letting owners get by with continued delinquencies on their monthly payments and hoping things will improve. “Bankers are incentivized to just extend and pretend,” said Sean O’Toole, CEO of ForeclosureRadar.com, Discovery Bay company that analyzes foreclosure data. Defaults were down 25.2 percent from year-ago levels of 2,658 and foreclosures were down 14 percent from 1,193 over the same period. DataQuick analyst Andrew LePage said the uptick in August reflected the large decline in sales this summer, after the popular federal tax rebate ended for home buyers. With demand down, lenders then increased their default and foreclosure actions.”

The number of San Diego homes for sale which were actually sold decreased from year-ago levels, partially because of the expiration of federal housing tax credit. A September 14, 2010 report from KPBS News noted that “Home sales in San Diego County have dropped from August 2009 to August of this year. The San Diego Association of Realtors report for existing homes in the county shows sales down 8 percent from August 2009 and the average sales price down nearly 4 percent. Mark Marquez, president of the Realtors Association, said the average sales price for homes last month was $262,000. Marquez said while homes in the entry level have been selling, the sales pace for higher-priced homes was slower in August. “As you escalate in price point it does soften a little bit, meaning there’s more inventory,” said Marquez. In the near term, he expects most of the sales volume to be generated from homes priced at $500,000 or lower.”

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The Aptos real estate market

September 29, 2010 by · Leave a Comment
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The Aptos real estate market, a section of the larger Santa Cruz County housing market, has remained relatively static throughout the last several tracking periods. It appears that the federal housing tax credit might have temporarily stabilized the market, which now appears to be trending into negative territory thanks partially to a high unemployment rate. According to a September 17, 2010 report from the Santa Cruz Sentinel, “Santa Cruz County unemployment dipped in August to 11 percent, down from 11.3 percent last month, but up from a year ago, when it was 10.2 percent. The reason: Not job growth, but a smaller labor force. The jobless rate remained steady nationwide at 9.5 percent and inched up to 12.4 percent in California. “Californians are continuing to suffer from slow job growth, and things will only improve when there is strong hiring in the private sector,” Gov. Arnold Schwarzenegger said. Most private-sector industries in Santa Cruz County have a long way to go to recover jobs lost since last August. Real estate, rental and leasing are down from 1,400 jobs a year ago to 1,200. Membership at the Santa Cruz Association of Realtors is 1,227, down from 1,283 a year ago, according to executive director Kathy Hartman.”

One large block of properties – an apartment complex in Santa Cruz County as opposed to an Auburn home for sale – was finally purchased in the beginning of September. It was not significant because of the sale, but because it sold over the asking price, which might indicate some nascent strength in the market. According to a September 3, 2010 article from the Santa Cruz Sentinel, “Tropicana Apartments, a 37-unit apartment complex in Live Oak, sold Tuesday for $4.125 million, $130,000 over the original asking price. The property, which went on the market in July, generated 13 bids, several of which were cash and over the original asking price. The deal closed in an unusually short 30-day escrow as a wholly cash deal. The buyer is a local family investment team that owns similar property in the county, according to Mike Bloch, an agent with Santa Cruz-based Lifestyles Real Estate who co-represented the seller with Andy Kay, also of Lifestyles Real Estate.”

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Los Altos Real Estate

April 11, 2010 by · Leave a Comment
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An affluent community in the Silicon Valley region of northern California, the city of Los Altos is a mid-sized city near the southern end of the San Francisco Peninsula. The community has a high median household income, measured at more than $158,000 in 2007, and thus home prices are correspondingly higher than in many areas. The Los Altos real estate experienced troubled waters throughout much of 2008 and 2009 in the aftermath of the U.S. financial crisis.

Today, the market seems to be showing signs of improvement. According to statistics from the Santa Clara County Association of Realtors, n February, there were 38 new listings, putting the city’s total inventory at 72, down from 86 one year ago, a positive sign. There were 17 Los Altos homes for sale closed upon in February, a significant improvement year-over-year, as there were only six sales in February 2009. These homes spent an average of 55 days on the market before selling, up slightly from 50 one year ago. Sold homes received a median price of $1.64 million, which also showed improvement from a year ago, when the price was $1.48 million, an encouraging sign for those in the market.

The condo market in Los Altos showed some mixed signals. There were two new condo listings posted in February to bring the total inventory to 11, exactly half of what it was one year ago. The month accounted for three condo sales, an improvement on just one last year, after spending an average of 58 days on the market in 2010, compared with 61 days in 2009. The median price for a condo sold in Los Altos came out to $780,000, the one area where the trend is still sloping downward, as last year’s median price was $925,000.

The year 2009 saw 269 homes and 39 condos sell in Los Altos. The yearly average saw homes spend 65 days on the market, and condos, 79. The median price for homes sold in Los Altos in 2009 was $1.5 million, and the median condo price was $760,000. Homes received, on average, 95.4% of their asking prices, while condos received 94.9%.

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Granite Bay Real Estate

April 11, 2010 by · Leave a Comment
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A census-designated place in Placer County California, the community of Granite Bay is a residential suburban area in the Sacramento region. The community is a quite wealthy suburb, with median household income estimated at more than $115,000 in 2007. Of course, this means that the Granite Bay real estate sector had rising home prices prior to the U.S. economic troubles that eventually came tumbling down, crippling the local market.

According to the Placer County Homes and Land blog, in the final quarter of 2009, there were 78 homes and 5 plots of land sold in Granite Bay during that quarter, of which 17 were bank-owned properties and 16 were short sales. These sales ranged from as little as $200,000 for an 1,800-square-foot home to $3.3 million for a nearly 7,000-square-foot home. The sales volume was an increase of more than 16% from the previous quarter from July to September, when there were only 67 properties sold. Inventory had fallen as well. The fourth quarter saw an inventory of 6.15 months worth of homes, versus 9.45 worth in the third quarter. The number of days these homes spend on the market, however, has risen, to 120 days on average from just 95. The median sales prices fell slightly from quarter-to-quarter as well. In the third quarter it was $550,000, but the final quarter of the year saw that figure fall by nearly 5% to $523,000.

At the end of January, there were 160 Granite Bay homes for sale, a positive, as that figure represented a more than 24% decline in inventory from six months earlier, in August. Eight of these homes were bank-owned and 18 were active short sales. The average asking price for these homes was $1.03 million, a 6.7% decline from six months ago. The median asking price, however, rose from six months earlier. In January it was $793,950, nearly 6% higher than in August.

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Carlsbad, California Real Estate

March 25, 2010 by · Leave a Comment
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A coastal community located in Northern San Diego County, Carlsbad, California, is a relatively affluent community that has nonetheless been unable to escape the claws of the battered U.S. housing market woes. The Carlsbad real estate saw an initial dropping off of prices that seemed unstoppable, but as of recent months, slight improvements have been seen, pointing to signs that perhaps the bottom has been reached and now it’s time to climb back out.

Though sales through most of 2009 of homes were brisk and showed an increase over 2009, median prices of Carlsbad homes for sale struggled. The market kicked off 2009 with a median price of more than $700,000 and finished off the year in December with the median at around $620,000. The median price hit bottom in October at around $600, and then saw increases in November and December. Sales activity actually reached a yearly high in December, when 70 homes were sold.

Condo prices showed a similar trend. They started off 2009 with a median price of around $375,000 and finished the year in December at around $330,000. The lowest point for the condo market was also reached in September and October, and prices began to see ever so slight increases in November and December. Sales activity of condos remained mostly consistent, with around 25 to 30 sales per month.

These trends from the end of 2009 show that perhaps 2010 will be the year the the Carlsbad real estate market regains momentum and begins to see steady increases month over month as the U.S. economy slowly starts to pick up and residents return to employment and resume normal activity.

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Palm Desert Real Estate Update

February 2, 2010 by · Leave a Comment
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Located just outside of Palm Springs, Palm Desert has faced its fair share of real estate struggles since 2007, even prior to the economic recession that began in 2008, which only worsened the situation for the Palm Desert real estate market.  Nevertheless, recent months have offered optimistic views of the future of the Palm Desert real estate.  Real estate experts have noted that the Southern California region has posted increases in both home sales and median sales prices, with both actually reaching year-over-year gains.  Experts are also confident that the federal tax credit for first-time homebuyers, as well as the greater affordability of housing in the region and the easier access to credit will allow for the recovery of the Palm Desert real estate market in the coming months.

According to DQNews.com, the Southern California region has posted increases in both its home sales and median sales prices, with home sales maintaining year-over-year gains for the 18th consecutive month and median sales prices reaching year-over-year gains for the first time since the summer of 2007.  During December of 2009, Southern California posted a total of 22,238 new and resale houses and condos sold, which was a 16.4 percent increase from the 19,181 sold during the previous months, and a 12.1 percent increase from the 19,926 sold in December of 2008.  The median sales price for homes sold in Southern California during December of 2009 was $289,000, a slight 1.4 percent increase from $285,000 of the previous month, and a 4 percent increase from $287,000 of the December of 2008.

The Desert Sun has also reported that the Palm Desert real estate market for apartments has improved over the past few months as many previous homeowners were displaced from homes that were foreclosed on.  Realtors have reported that many previous homeowners have opted for apartments, increasing the demand for apartments significantly over the past few months.  Realtors have also noted that the affordability of the apartments has also been a major incentive for attracting prospective investors.

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