The Kohala Coast real estate market

January 6, 2011 by  
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The Kohala Coast real estate market, found on the Big Island of Hawaii, drove much of the improvement in the larger Hawaii Island housing market, according to statistics released by the Hawaii Information Service and Pacific Business News. South Kohala saw a dramatic increase in condominium sales in November of 2010, rallying by a dramatic fifty-six percent since January of 2010. These buyers were primarily second-home buyers, driving a boost of sixty percent on the Big Island alone between the months of January and November. Similarly, the outer islands saw a boost of forty percent over those eleven months, largely driven by the improvement on the Big Island. Single family home sales on the Big Island, Kauai, Maui, Molokai, and Lanai rose by a cumulative total of just over twenty percent between January 2010 and November 2010. Like most of the outer island real estate markets, the Kohala Coast housing market saw a decrease in median price in conjunction with the higher sales volume, signaling a continued buyer’s market. The local real estate market, including Kohala Coast homes for sale and condominiums for sale, is heavily dependent on the tourist industry and the overall economy of the Aloha State.

The number of Kohala homes for sale that were put on the market as a result of foreclosures decreased in the month of November, along with the rest of the Big Island and Hawaii housing markets. According to statistics released by RealtyTrac, there were a total of eight hundred and seventy seven foreclosure filings in the month of November 2010, a slight increase from November 2009 but a decrease of more than thirty percent relative to October 2010.  More significantly, the figures released by the research firm indicated that the number of filings in the most recent tracking period were almost fifty percent lower than the peak levels recorded in August 2010. Unfortunately, the temporary relief to the Outer Islands may change after the holiday season passes, as the Hawaii foreclosure market begins to restabilize and regain speed. Although the recent rates of foreclosure may be higher than normal for Hawaii, the levels are still substantially lower than many hard-hit communities in the continental US.

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Fullerton Real Estate

November 22, 2010 by  
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More owners of Fullerton homes for sale appear to becoming frustrated with the stagnant local real estate market, as more Orange County home owners are taking their homes off the market. According to a local real estate inventory report released by the Orange County Register, The listing inventory continued to drop, shedding another 2% in two weeks. The active listing inventory continued its decent, dropping slightly over the last two weeks by 274 homes, now totaling 11,151. After peaking in mid-September, the inventory has dropped by 741 homes, or 6%. Last year at this time there were 3,432 fewer homes on the active inventory compared to today. Thomas calculates a ‚market time‚ benchmark tracking how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this Thomas logic, as of last Thursday, it would take: 4.18 months for buyers to gobble up all homes for sale at the current pace vs. 4.28 months two weeks ago vs.    2.38 months a year ago vs. 5.18 months two years ago. Homes listed for under a million bucks have a market time of 3.69 months vs.    11.41 months for homes listed for more than $1 million. So, basically, it is 3.1 times harder to sell a million-dollar-plus residence! And just so you know, the million-dollar market represents 18% of all homes listed and 7% of all homes that entered into escrow in the past 30 days.

This frustration may be partially the result of a relatively lack of movement among median prices in the Fullerton real estate market, according to a November 16, 2010 article also from the Orange County Register. This report by Jonathan Lansner stated that ‚DataQuick’s October homebuying report is out this Tuesday morning ‚Orange County median price was $438,000 lowest since April and up just 0.3% ($1,500) from a year ago. That meager rate of gain is the 14th consecutive month of year-over-year increase; but it’s the smallest jump of the entire streak dating to September 2009. Sales were 2,298  down 18% from a year ago. Fourth straight year-over-year sales decline after a 24-month period with 23 increases in sales vs. a year ago. This was the slowest-selling October since 2007.

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4S Ranch Real Estate

November 22, 2010 by  
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The 4S Ranch housing market, found in the midst of an expensive section of San Diego County, saw a sharp reversal of some earlier gains, possibly as a result of the expiration of the federal housing tax credit. According to a November 15, 2010 article in the San Diego Union Tribune, San Diego County home prices rose slightly in October after a two-month decline, but sales were off substantially, MDA DataQuick reported Monday. The overall median was $334,500, up $4,000 or 1.2 percent from September and up $9,500 or 2.9 percent from October 2009 levels. The figure was still below the $340,000 most recent peak reached in May and the record high of $517,500 set in November 2005. The sales count probably was the most dramatic statistic to come out of the DataQuick report. The total for October was 2,750 transactions, down 10.4 percent from September, mirroring a typical seasonal downturn as buyers slacken off of their purchases once their children return to school. But on a year-over-year basis, the total was off 25.1 percent from 3,671 logged in October last year — the third biggest such drop, after 1990’s 35.7 percent decline in the last big recession, and 2007’s 32.5 percent fall in the aftermath of the subprime mortgage meltdown.

This negative trend for 4S Ranch homes for sale was also mirrored and extended over the larger Southern California region, according to a November 16, 2010 report also from the San Diego Union Tribune. The report by Dean Calbreath stated that ‚Last month was the worst October in three years for home sales in Southern California, forcing a slowdown in the recent rise in prices, according to a survey released Tuesday by MDA Dataquick, a real estate research firm in La Jolla. Throughout the region, 16,744 were sold in October, down 7.4 percent from 18,091 sold in September, and down 24.3 percent from 22,132 sold in October 2009. In San Diego County, the year-to-year drop was even sharper, a 25.1 percent fall from 3,671 homes in October 2009 to 2,750 homes last month. Although it is typical to have a seasonal drop between September and October, last months sales – for both the county and the region – were the lowest number for October since 2007 and the second-lowest for October since 1988.

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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 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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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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