Saratoga real estate market

June 26, 2010 by  
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The Saratoga real estate market, a portion of the larger San Jose and Santa Clara County housing markets, showed strong signs of improvement over the last several months. According to a June 6, 2010 article from Businessweek, “Of the 50 largest metros, San Jose saw the largest increase in home prices, 8.3 percent year-on-year during the first quarter, according to CoreLogic data. This was driven by a decrease in inventory – supply of single family homes in Santa Clara County dropped 19 percent year-on-year in May, according to a report by realtor CJ Brasiel.” The piece continued to caution that “The main hurdle for recovery in the area will be the high unemployment rate, 11.7 percent in April, according to BLS data.”

The number of Saratoga homes for sale which were actually purchased increased significantly in the month of April. According to a May 31, 2010 article from the Mercury News, “The local housing market continues to show improvement in sales and value of homes, though overall home sales in the nine-county Bay Area and the state as a whole, showed mixed results during the month of April, according to latest real estate sales and price reports. MDA DataQuick reports sales for all new and resale homes and condos in Santa Clara County rose 3.1 percent in April compared with the same period last year.” The piece, composed by Rose Meily, went on to note that “A total of 1,656 homes sold in April, up from 1,606 homes sold in April 2009. The median home price for all homes jumped 20.7 percent from $405,000 in April of 2009 to $489,000 this year. The jump in median price is attributed to increasing sales in the higher-end market in comparison to last year.”

The Saratoga real estate market also saw a shift towards more expensive properties in the month of May. According to a June 11, 2010 article in the Silicon Valley/San Jose Business Journal, “Sales of million-dollar homes rose significantly in Santa Clara during May, helped in no small part by federal and state tax credits. Coldwell Banker Residential Brokerage reported 251 luxury homes sold last month, almost 70 percent more than the 148 sales that occurred in May 2009.’

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Roseville real estate market

June 25, 2010 by  
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The civic center for Roseville, California.
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The Roseville real estate market, part of the larger Sacramento metropolitan housing market, saw a decrease in foreclosures and other tentative signs of recovery during the months of April and May. According to an article in the Sacramento Business Journal, “Foreclosure filings in the Sacramento region, including notices of default, trustee sales notices and repossessions by banks, were down 12.53 percent in May compared with the same period one year ago, real estate information firm RealtyTrac reported Thursday.” The piece, composed by Michael Shaw, went on to state that “But May’s number of filings was slightly higher, by 2.25 percent, than in April of this year. According to the report, 1,488 homes in the four-county region became bank owned through foreclosure sales during the month, the company said. The trend in Sacramento mirrors that in California, where foreclosure filings were down 22 percent on a year-over-year basis.”

The average purchase price of a Roseville home for sale, along with other properties in the Sacramento metropolitan area, increased substantially in the month of May. According to a June 3, 2010 article from the Sacramento Business Journal, “Sacramento’s home prices have gone up by 11.7 percent on average over the past year, according to a report released Thursday from Clear Capital, a Truckee-based provider of real estate valuation and risk assessment for financial services companies.” The piece, also written by Michael Shaw, continued to state that “The number of bank-owned properties in the Sacramento metropolitan area, which includes Sacramento, Placer, El Dorado and Yolo counties, has continued to decline, dropping approximately 2 percentage points over the past three months. The company said it’s likely that ‘prices will maintain positive momentum heading into the summer months.’”

The more mixed situation for California compared to Roseville real estate was mentioned in a May 24, 2010 press release from the California Association of Realtors. According to the report, “Home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent, the California Association of Realtors (C.A.R.) reported today…Closed escrow sales of existing, single-family detached homes in California totaled 483,830 in April at a seasonally adjusted annualized rate…”

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Rio Verde real estate market

June 24, 2010 by  
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The Rio Verde real estate market, a predominately residential portion of the larger Maricopa County and Phoenix Valley housing market, showed signs of improvement in recent months despite a declining rate of sales. According to a June 9, 2010 report from KSAZ News, “Is our housing market finally starting to recover? Foreclosures are declining in the valley – but the question remains whether or not it’s a fluke, or a sign of good things to come.” The article went on to state that “Jay Butler has been crunching the numbers, and while foreclosures are down, the number of people behind on their mortgages is still high. According to an ASU study, in May 2010, there were 3,200 foreclosures in the Phoenix-area. Last month, there were 3,500. But compared to May 2009, there were only 3,000 foreclosures.”

The average purchase price of a Rio Verde home for sale, along with other properties in Maricopa County, rallied somewhat in the most recent tracking period. According to a June 9, 2010 article from KTAR News, “The end of the first-time homebuyers tax credit April 30 could be the reason for signs of a slowdown in Valley home sales…At the same time, Wilcox, who puts together the monthly Residential Focus Report, said Valley home prices are up about 2 percent. The homes that are selling are in lower price ranges, Wilcox said.” The piece, written by Bob McClay, went on to say that “The 2 percent increase in Valley home prices bucks the national trend. According to cnnmoney.com, home prices nationwide dropped 3.2 percent in May. Arizona State University real estate professor Jay Butler said, ‘A year ago, people found a lot of inexpensive home available, either through foreclosures, short sales, whatever. These have been sort of cleaned up, so we’re moving up the ladder of home prices.’”

The overall economy of the Phoenix metropolitan area, along with the Rio Verde real estate market, continued to face challenges in the most recent tracking period. According to a June 8, 2010 article from the Arizona Republic, “Metro Phoenix’s bankruptcy trend improved for a second straight month in may, but it’s too early to conclude the picture has brightened. The 2,763 filings in the metro area still were up 35 percent from May 2009.”

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Redwood City housing market

June 22, 2010 by  
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The Redwood City housing market, a portion of the larger Bay Area real estate market, saw a slight decline in home sales despite an increase in median sales price. According to a May 20, 2010 article from Reuters, “Home sales in the nine-county San Francisco region continued to shift toward its more expensive markets in April, reducing overall sales and lifting the area’s median sales price from year-earlier levels, a report by MDA DataQuick said on Thursday.” The piece, written by Jim Christie, continued to note that “The region posted 7,003 sales of houses and condominiums in April, up 0.2 percent from March and down 1.9 percent from a year earlier, while the area’s median home price last month of $370,000 marked a decline of 2.6 percent from March and an increase of 21.7 percent from a year earlier, the report by the real estate information service said.”

Redwood City real estate, along with homes for sale in the rest of the Bay Area, showed a strong rally in median home prices in the month of April. According to a May 26, 2010 article in the San Francisco Chronicle, “The San Francisco area had the strongest quarterly performance among metropolitan regions in a closely watched home price index released Tuesday, although other areas and national numbers showed some weakening.” The piece, composed by Carolyn Said, went on to state that “The S&P/Case-Shiller Home Price Index showed the San Francisco area – which it defines as the counties of San Francisco, San Mateo, Marin, Alameda and Contra Costa – up 16.2 percent in the first quarter, compared with the same quarter in 2009.”

The Redwood City real estate market also benefitted from a decrease in foreclosure filings and mortgage defaults. According to a June 10, 2010 article from the Contra Costa Times, “In the Bay Area – which RealtyTrac.com defines as Alameda, Contra Costa, Marin, San Francisco and San Mateo counties – a total of 2,230 homeowners received a notice of default, down 38.9 percent from a year ago and a 17.5 percent drop from April. Some 1,434 homes became bank-owned properties, a 36.1 percent increase from a year ago and a 1.6 percent drop from April.”

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Ranch Mirage real estate market

June 21, 2010 by  
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Coachella Valley © 2004 Matthew Trump
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The Ranch Mirage real estate market, found in the Coachella Valley, showed strong signs of improvement along with the larger economy of the region. According to a May 30, 2010 report from KPSP News, “If you’re trying to sell a home or condo in the valley there is some good news. Compared to the same time period last year home prices are up quite a bit…According to a report just released from the Palm Springs Regional Association of Realtors, the median home price in the Coachella Valley rose 31% in April, compared to the same time last year.” The piece by Jackie Pedroza continued to say that “The median price jumped from $150-thousand dollars to more than $190-thousand dollars…Currently across the valley, there are around 5 thousand active listing for homes and condos. Of those 40 percent are priced at or below 300-thosuand dollars.”

The average price of a Ranch Mirage home sale along with the rest of the Coachella Valley rallied substantially, according to the California Desert Association of Realtors. According to a May 18, 2010 article in the Desert Sun, “In another sign of a recovering real estate market, the average home price in the Coachella Valley rose 16 percent in the past 12 months to $266,146, the California Desert Association of Realtors reported today.” The piece, submitted by John Hussar, went on to note that “By comparison, the average sales price for the first quarter was $290,952, up from $250,864 in the first quarter of 2009, according to an analysis by Real Data Strategies, which provides in-depth reports for the California Desert Association of Realtors. However, the average sales price in the first quarter of 2008 was $486,694.”

The apparent recovery of the Ranch Mirage housing market reflected a larger trend in the Coachella Valley economy. According to a June 6, 2010 article from the Desert Sun, “For the first time since 2007, The Desert Sun’s quarterly index of leading Coachella Valley economic indicators shot up 9 points from some of the lowest marks in its history to 95.5. Hitting 100 is the tipping point for job growth.”

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Scripps Ranch housing market

June 19, 2010 by  
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The Scripps Ranch housing market, one of the numerous subsidiary sectors of the larger San Diego County real estate markets, has been on a streak of strong months. According to a May 25, 2010 report from NBC 739 News, “There’s no doubt housing prices have come roaring back this year. New numbers released this morning showed San Diego County home prices rose again in March – marking the 11th straight month they’ve headed up.” The piece by Kelly Bennett went on to state that “Local prices rose 10.8 percent between March last year and this March – when buyers scrambled into the market to take advantage of an expiring federal tax credit. That was the second largest increase in any of the 20 cities measured in the Standard & Poor’s Case-Shiller home price index, a closely watched indicator for the housing market.”

The rate of purchase for Scripps Ranch real estate decreased along, partially as a result of the rise in the median price. According to a May 18, 2010 piece from Reuters, “Sales of new and resale homes totaled 20,299 in Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties last month, down 0.9 percent from March and down 1.0 percent from a year earlier, the report by the real estate information service said.” The article by Jim Christie went on to state that “The median price paid for a home in April in California’s most populous region was $285,000, the same as in March and up 15.4 percent from a year earlier, the report added.”

The Scripps Ranch market was also included as part of the larger San Diego region in a June 9, 2010 article tracking the top markets for “flipping” properties. The piece in the San Francisco Chronicle stated that “According to the Case-Shiller Index, San Diego has seen 11 consecutive months of home prices increases…Real estate investors should keep an eye on two troublesome indicators, however: San Diego’s unemployment rate, which at 10.9% is 1.2% above the national average, and new single-family housing permits, which had significantly increased since last year as of April. New homes mean more inventory, which can lower prices.”

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Scotts Valley real estate market

June 18, 2010 by  
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The Scotts Valley real estate market, part of the larger Silicon Valley and Santa Clara housing markets, faced signs of recovery along with the larger economy of the region. According to May 24, 2010 article in the Mercury News, “Santa Clara County saw fewer single-family homes sold in April compared to a year ago, but the median price rebounded from $420,000 to $553,000, the highest in 20 months, as distress sales dipped.” The piece, written by Jondi Gumz, went on to state that “Two years ago, the midpoint of what sold was $661,100. There were 121 sales in April, with 43 percent selling for under $500,000, compared to a year ago, when 132 homes sold with 57 percent under $500,000, according to Gary Gangnes of Real Options Realty, who tracks the numbers. Last month saw 33 bank-owned sales and 17 ‘short sales,’ where the home is sold for less than the debt…”

The overall economic picture of the Scotts Valley Region, along with the rest of Santa Cruz, stabilized significantly in the latest forecast. According to a May 27, 2010 article from the Santa Cruz Sentinel, “Santa Cruz County lost 5 percent of its jobs over the past two years, but it would have been worse without the steadying effect of agriculture. That’s the assessment of Jeffrey Michael, who heads the business forecasting center at the University of the Pacific…” The piece, written by Jondi Gumz, went on to state that “Santa Cruz is closely tied with Silicon Valley, which is seeing the strongest early recovery. The ag sector, which added jobs, has been a buffer; without it, the county’s job loss would have been 7 percent.”

The effect of foreclosures on Scotts Valley homes for sale has begun to shift towards more affluent regions, according to a June 1, 2010 piece from the San Francisco Chronicle. The article, written by Carolyn Said, said that “Foreclosures are going upscale across the Bay Area. Nearly 1,000 homes valued above $730,000 were repossessed by banks in the nine-county region in each of the past two years, according to a Chronicle review of public records compiled by MDA DataQuick, a San Diego research firm.”

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Corona Del Mar housing market

June 17, 2010 by  
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The Corona Del Mar housing market, along with the larger Orange County market, seemed to be staying in generally positive territory although the rate of recovery seemed to be slowing. According to a June 6, 2010 article from the Orange County Register, “For the 22 business days ending May 18 – freshest numbers from DataQuick – our region-by-region analysis of homebuying shows Orange County slices up geographically speaking this way…535 homes sold in beach cities’ 17 ZIP codes in the most recent period, +32% from a year ago. Median selling price? $680,000 in these 17 ZIPs. Newest median price change was +6.4% vs. a year ago.” The piece by Jon Lansner went on to say that “All told, countywide sales were +13% vs. a year ago. The median selling price was +13% in the past year.”

According to the most recent whole-month data available, the average purchase price of a Corona Del Mar real estate increased. A May 24, 2010 article from the OC Metro stated that “Orange County’s median home price popped 13.7 percent in April; compared to the same time last year, according to a new report from the California Association of Realtors. The number rose to $491,120, up from $432,110 in the same month last year.” The piece, written by Kristen Schott, went on to note that “In a separate report conducted by C.A.R. and DataQuick, which uses county records data to compile its figures, Orange County’s median home price rose 13.2 percent in April, compared to the same time last year. The number hit $430,000 last month, up from $380,000 in April 2009.”

Corona Del Mar’s housing market, along with the rest of the Newport Beach region, was among the most active in recent months. According to a June 2, 2010 article from the Orange County Register by Jon Lansner, “Newport Beach 92660 – from Back Bay to around Fashion Island to the toll road – had Orange County’s zippiest housing market in the most recently concluded quarter…Second strongest was Newport Beach 92663 – from the pier up to around Hoag Hospital – followed by Irvine 92614 as third best.”

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Seal Beach real estate market

June 16, 2010 by  
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The Seal Beach real estate market, one of the many constituent markets of the Orange County housing market, faced generally positive but mixed signals in the most recent tracking period. According to a May 11, 2010 article from OCLNN, “Fewer Orange County homeowners received notices of default in April, the first step in the foreclosure process, compared to the previous month and in April 2009, a positive sign in the housing market’s rebound.” The piece, written by Mike Reicher, continued to note that “According to Bay Area-based ForeclosureRadar.com’s monthly ‘California Foreclosure Report,’ 1,671 homes were given notices of default, compared to 2,059 in March and 3,031 in April 2009. At the same time, the number of foreclosed homes sold or repossessed continues to rise, indicating that banks may be working through their backlog. There were 583 homes either sold to a third party or repossessed by the bank in April…”

However, the average price of a Seal Beach real estate declined slightly in April compared to last month. According to a May 24, 2010 article from the Orange County Business Journal, “The median price of an existing Orange County home declined by $2,000 in April from March, with demand still strong for lower-priced distressed properties both here and across the state, the California Association of Realtors said on Monday.” The piece by Mark Mueller continued to say that “The median price for an existing stand-alone OC home sold in April was $491,120, a less than 1% decline from March, but a nearly 14% increase from a year ago. The number of sales here rose 15% from a year earlier but edged down 1.4% from March, the Realtor association said.”

However, these same statistics indicated that the average sales price in the Seal Beach housing market actually increased year-over-year. According to a May 24, 2010 article in the Orange County Register, “The latest version is out, and the group – HQ’d at Cal Poly Pomona – found Orange County values (from an average movement in values from reviews of 39 sample homes) up 1.4% on a year-over-year basis…That seems a confirmation of other rising price markers that home prices have – at least, temporarily – bottomed out.”

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