Los Altos Real Estate

April 11, 2010 by · Leave a Comment
Filed under: California 
City of Los Altos
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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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Oakland Real Estate Update

January 13, 2010 by · Leave a Comment
Filed under: California 
City and County of San Francisco
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Real estate experts are optimistic that the recent improvements in the Oakland real estate market provides signs that the Bay Area real estate market is recovering from the struggles it has faced since 2007, prior to the economic recession of 2008, which only worsened the real estate problems.  Over the past several months, the Bay Area has posted gains in both home sales and median prices, and the declines in home values in many markets are stabilizing.  Although foreclosure rates are still high, real estate experts believe that the rate will decline and the smaller inventory of foreclosed properties will result in an increase in the Bay Area median sales price.

According to DQNews.com, the Oakland real estate, as well as the entire Bay Area in California, has shown major improvements over the past few months, with sales and median price levels topping the previous year’s levels, despite a slight dip experienced in October.  In November, the median sales price for new and resale houses and condos in the Bay Area was $387,000, which was a 10.6 percent increase from $350,000 in November of 2008.  Before October, the median sales prices hadn’t risen on a year-over-year basis since November of 2007, but the current median sales price is still41.8 percent below the peak of $665,000 reached in the summer of 2007.  In November, the Bay Area posted a total of 6,878 new and resale home and condo sales, a 19.5 percent increase from the of the same month during the previous year.  Real estate experts believe that the large inventory of “bargain” priced homes has been a major incentive for prospective buyers.

The San Francisco Chronicle has also noted the promising signs of the Oakland real estate market with the slowing decline in property values in the Bay Area real estate markets.  According to the Chronicle, the Bay Area suffered from a $38.1 billion drop in property value in the first eleven months of 2009, however, that’s small in comparison to the $233.1 billion decline seen in 2008.  Real estate experts are optimistic that the general affordability of the Bay Area real estate and the federal tax credit will play a major role in improving the real estate market in the coming months.

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