The Oceanside real estate market

Posted on May 30, 2011 by admin| Leave a comment

The real estate in Oceanside market, a primarily residential portion of the larger San Diego County housing market, has recently seen a decrease in the number of foreclosures despite continued signs of trouble in many other indicators. The number of mortgage defaults in the region has actually declined over the last several months, although that decrease is less the result of an improving housing market than of a sustained backlog of distressed properties. According to statistics released by DataQuick, there were a total of 1,452 notices of default in April 2011, representing a decrease of 21 percent from month ago levels and a drop of 31 percent from April 2010. Similarly, the number of completed foreclosures in San Diego County was 946 in April 2011, marking a decline of 21.9 percent from April 2010 and a drop of 9.6 percent compared to March 2011. The number of foreclosures may be temporarily declining simply because of difficulty processing a high volume of distressed homes. It is entirely possible that once lenders find an effective way to bring all foreclosed properties to market. Additionally, the declining number of foreclosures may be an indication of the increased preponderance of short sales for preempting foreclosure auctions.

 

The number of home sales in Oceanside and San Diego has decreased substantially in recent months, matching a larger trend across the rest of Southern California. According to statistics provided by DataQuick, the median sales price of a property in the region has also declined. The quantity of home sales in San Diego County fell by one half of a percent in April 2011, while the median sales price of a property fell by just over one percent over the same period of time. Compared to year ago levels, the median price of a single family home in San Diego County declined from $325,250 in April 2010 to $321,750 in April 2011. The trends of San Diego County were actually more mild than the rest of the state, which saw a 3.3% month to month decline in sales volume and a 6.1% decrease compared to year ago levels.

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The La Costa real estate market

Posted on May 30, 2011 by admin| Leave a comment

La Costa homes for sale market, is part of the larger San Diego County and Southern California housing markets, saw a decline in both sales volume and median sales prices. According to statistics provided by DataQuick, the number of homes purchased in San Diego County over April 2011 declined by one half of one percent compared to year ago levels. This was roughly consistent with the larger trend of the state, although the rest of California experienced a sharper drop in sales volume than San Diego individually. Similarly, the median sales price of a San Diego single family home fell by just over one percent in April 2011, moving from $325,250 in April 2010 to $321,750. In short, the nascent recovery that seemed to be building in the San Diego area is having trouble gaining momentum. Figures from DataQuick indicated that this same problem has afflicted the larger Southern California region. The number of home sales throughout Southern California in April 2011 decreased by more than nine percent compared to year ago levels and was in fact the poorest April performance in three years. The median sales price for Southern California was slightly below the median figure for San Diego, clocking in at $280,000.

 

One factor that has continually depressed the median price figures for San Diego in general and La Costa in particular is the prevalence of distressed properties and foreclosures throughout the area. According to numbers released by DataQuick and reported by the San Diego Union Tribune, there were a total of 1,452 notices of default issued in April 2011. That number actually represented a decrease of twenty one percent compared to last month and a decline of more than thirty percent relative to year ago levels, but that statistic is best understood as a result of a backlog of foreclosures throughout the region. There were 946 competed foreclosures reported in April 2011, marking a decrease of twenty two percent from year ago levels and a decline of slightly less than ten percent from last month. Unfortunately, the prevalence of distressed properties in the region indicates that the number of foreclosures may well surge again at some point in the future.

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Redwood City Real Estate Market

Posted on June 11, 2010 by admin| Leave a comment
Electronic Arts, Redwood City, California, USA
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A suburban community in the San Francisco Bay area, Redwood City, California, lies in San Mateo County and has a population of more than 80,000. The community’s residents are fairly well-to-do, with a median annual household income of more than $70,000. The market for Redwood City real estate struggled initially when the recession hit the vast majority of towns in the U.S., but the beginning of 2010 has shown positive signs of improvement, especially in price, for the Redwood City market.

According to statistics from the San Mateo County Association of Realtors, in the first quarter of 2010 there were 216 new listings of Redwood City homes for sale in the first quarter of 2010, up slightly from 203 in the first quarter of 2009. Total inventory of single-family homes in the first quarter was 189 this year, down by just two from last year. Sales activity was up more than 25% in the first quarter this year, with 100 homes this year sold versus 73 last year. Homes spent an average of 74 days on the market in the first quarter this year, up from just 59 days last year’s first quarter. Most importantly, both the average and median prices have risen annually in the first quarter. The average price was almost $726,000, up more than $20,000, and the median price was $665,000, up by more than $100,000 from the same time last year.

The market for condos in Redwood City showed similar trends, mostly encouraging signs that the market is improving. In the first quarter of 2010, there were 22 new condos listed for sale, and inventory stood at 21, up from inventory in 2009 of just 12. Condo sales activity during the quarter actually fell compared with 2009, as there were only eight condos sold in Redwood City in the first quarter of this year, versus 14 last year.  The number of days condos are spending on the market has remained consistent, at 40 days now versus 39 days last year. However, both the median and average prices of condos sold in Redwood City have risen. The average price in the first quarter of 2010 was $467,250, up more than $60,000 from last year at the same time, while the median price was $482,500, up by more than $75,000 from the same period a year earlier.

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San Diego real estate market

Posted on June 10, 2010 by admin| Leave a comment
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The distress of the San Diego real estate market seems to be easing, as most indicators are rallying despite some signs of continued fragility. According to a May 25, 2010 article from San Diego 6 News, “San Diego has logged 11 consecutive months of increasing home prices, while much of the nation’s housing market continues to decline. The Standard & Poor’s/Case-Shiller Home Price Indices for San Diego rose 1.5 percent from February to March and was up 10.8 percent year-over-year.” The piece went on to say that “Nationally, the S&P index of 20 major cities fell 3.2 percent in the first quarter of 2010, but was 2 percent higher from the same period last year. The index was down .5 percent from February to March. Prices in 13 of the 20 metropolitan areas tracked by the index declined from February to March.”

This same basic news – that the average price of a San Diego home for sale rallied once again in March – was mentioned in a May 25, 2010 article in the San Diego Union-Tribune. This piece found that “With 11 consecutive months of growth, San Diego County is leading the nation’s largest metro areas in home-price appreciation, the widely watched Standard & Poor’s/Case-Shiller Home Price Index showed Tuesday. In March, the index of San Diego prices was up 10.8 percent from the previous year, the biggest increase since the heady days of mid-2005.” The piece by Roger Showley continued to say that “By contrast, prices in the 20 metro areas that comprise the index declined by 0.5 percent from February to March, the sixth straight decline. They were up 2.4 percent year over year.”

Foreclosure rates, one of the usual indicators of distress in the San Diego real estate market, eased considerably in the most recent tracking period. According to a May 24, 2010 article also in the Union-Tribune, “Mortgage defaults dipped in San Diego County last month to their lowest level since January, as distressed-property owners found alternatives to foreclosures, MDA DataQuick reported Monday. Other signs of distress seemed [to] be easing, as delinquencies stopped growing, banks acted on their foreclosure backlogs, more homes were listed for sale and there were more building permits.”

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San Jose real estate market

Posted on June 9, 2010 by admin| Leave a comment
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The San Jose real estate market, a subsidiary of the larger Silicon Valley real estate market, continued to make progress during the most recent months of the fiscal year. According to a May 20, 2010 article in the Mercury News, “Santa Clara County posted only a slight gain in home sales last month compared with April 2009, but the median home price jumped 26 percent. The median price of previously owned single-family houses sold last month was $550,000, up 26.4 percent from $435,000 in April 2009, and flat from March 2010, according to a report Thursday from MDA DataQuick.” The piece by Sue McAllister went on to say that “In San Mateo County, the median price of houses sold in April was $638,000, up 16 percent from a year earlier and down 9 percent from March…The number of houses sold in San Mateo County rose 21 percent from April 2009, with 442 houses changing hands.”

The average value of a San Jose home for sale declined sharply in the most recent assessment, according to a May 20, 2010 article in the Mercury News. This piece noted that “The crash in once high-flying Silicon Valley home prices came into sharper focus Thursday when county officials announced a new record in the number of properties that have dropped in assessed value.” The article by John Woolfolk went on to say that “All told, 118,400 houses, condominiums, duplexes and commercial properties will see their assessed values lowered by a total of nearly $21.4 billion. To put that in perspective, just 4,442 properties in 2006 saw assessed values drop, with losses totaling less than $3 billion. Assessor Larry Stone called the numbers ‘historically off the charts.’ This year’s figures top last year’s record reductions in value by $2 billion and 20,000 properties.”

The Bay Area communities surrounding the San Jose real estate market also faced some setbacks in the month of April, according to a May 20, 2010 article. This article from the Silicon Valley/San Jose Business Journal found that “Bay Area home sales fell slightly below the year-ago level and remained well below average in April, according to a report Thursday by MDA DataQuick.”

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Sacramento real estate market

Posted on June 7, 2010 by admin| Leave a comment
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The Sacramento real estate market is showing signs of improvement, although the number of home sales did decline slightly in the latest period. According to a May 20, 2010 article in the Sacramento Bee, “For once California’s economy looks good compared to that of some other states. A foreclosure crisis that has dimmed the state’s golden glow with images of financial ruin and broken government is beginning to wane, says a leading trade group for the U.S. mortgage industry.” The article by Jim Wasserman went on to say that “The new data confirmed improvements in California and the Sacramento area recently cited by researched MDA DataQuick. Last month the firm said mortgage defaults have fallen for a year straight in the state and region, with foreclosures dropping now as well. In hard-hit Sacramento suburbs such as Natomas, Lincoln and Elk Grove, residents see dwindling evidence of the crisis.”

After remaining quite low for some time, the average price of a Sacramento home for sale rallied slightly in the month of April. According to a May 24, 2010 article in the Sacramento Business Journal, “Sacramento-area home prices are climbing off the mat, increasing 12.4 percent from the bottom reached in April 2009, according to a report released Monday.” The piece, written by Ron Trujillo, continued to note that “The fourth-county region – arguably one of the hardest hit, with an abundance of foreclosures and 35 percent-plus home price declines – had a median-home price of $188,100 in April, compared to the so-called ‘trough’ price of $167,340 a year ago, according to the California Association of Realtors.”

Home sales in the Sacramento real estate market decreased somewhat in the most recent tracking period, according to a May 20, 2010 article in the Sacramento Business Journal. The piece by Michael Shaw said that “Home sales in the four-county Sacramento region were slightly lower in April than the same month last year, according to figures released Thursday from real estate information company MDA DataQuick. There were 2,873 home sales of all types, including new homes, and existing homes and condos, in April compared with 3,036 sales a year ago, the company reported.”

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Hawaii real estate market update

Posted on June 6, 2010 by admin| Leave a comment
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The Hawaii real estate market is extremely hard to predict, with different indicators often pointing towards different potential paths for the future. According to a May 7, 2010 article in the Honolulu Star Bulletin, “Real estate markets are usually defined in terms of whether they are good for buyers or sellers. But what emerged last month on Oahu during the waning days of the federal homebuyers tax credit was more of a transitional market.” The piece by Allison Schaefers continued to state that “Sometimes it was good for buyers, sometimes it was good for sellers and sometimes it was not good at all, according to Oahu’s real estate watchers. ‘It’s a more difficult market to predict,’ said Chason Ishii, president and chief executive officer of Coldwell Banker Pacific Properties. On the one hand, Oahu residential real estate sales posted a double-digit rise in April, according to results released yesterday by the Honolulu Board of Realtors.”

Oahu homes for sale, which represent the largest component of Hawaii homes for sale, are also showing signs of indecision. According to a May 26, 2010 article from the Honolulu Advertiser, “A federal report suggests that O’ahu home values aren’t as positive as indicated by local sales data, though the market appears to be on a path of improvement. The Federal Housing Finance Agency yesterday reported that O’ahu single-family home values in the first quarter were down 4.5 percent compared with the same quarter last year.” The article by Andrew Gomes went on to say that “The figure compares with a 4.4 percent rise in the median price for O’ahu single-family  homes sold in the first quarter as reported by the Honolulu Board of Realtors. It’s debatable which assessment is more accurate.”

Although the economy overall was recovering in the month of April, the rate of foreclosures in the Hawaii real estate market continued to increase during the same time period. According to a May 13, 2010 article from the Honolulu Advertiser, “Real estate in Hawaii’s foreclosure pipeline hit a high for the year last month, signaling that homeowners continue to struggle with mortgage payments even as the economy and real estate market are showing signs of a slow recovery.”

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Newport Coast real estate market

Posted on June 6, 2010 by admin| 2 Comments
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The Newport Coast real estate market, which is quite closely connected to the larger trends of the Newport Beach and Orange County real estate markets, seemed to be relatively healthy despite retreating slightly from some earlier gains. According to a May 18, 2010 article from the Orange County Business Journal, “Orange County’s median home price edged down $2,000 in April from March, but still stands $50,000 higher than the prices seen here a year ago. The median price of a home sold here in April was $430,000, a less than 1% drop from a month earlier, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.” The article by Mark Mueller continued to say that “Median home prices are now about 13% higher than they were a year ago, but still are off nearly 33% from their highest level, seen in mid-2007.”

A May 18, 2010 article in the OC Metro provided a different perspective on the same set of statistics, pointing towards increases in the pending volume of Newport Coast homes for sale. According to this piece, “Orange County saw gains in its median home price and sales activity in April, compared to the same time last year, according to a new report from MDA DataQuick. The county’s median home price hit $430,000 last month, up 13 percent from $380,000 in April 2009.” The article by Kristen Schott continued to state that “Sales rose 11.6 percent in Orange County in April, compared to 2009. Buyers snapped up 2,669 homes in the period, up from about 2,391 at the same time last year. The number also rose slightly from March.”

Another indication of rising strength for the Newport Coast and Orange County real estate markets was mentioned in a May 24, 2010 article in the Orange County Register. This piece, composed by Jon Lansner, said that “Appraisers found price strength in central Orange County (+3.4%, year-over-year for April) and in southern and beach communities (+2.8%). Northern O.C. values were down 1.8% by the RERCSC math…Orange County was one of three SoCal counties showing year-over-year price gains, albeit small ones.”

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Boston homes for sale

Posted on May 24, 2010 by admin| Leave a comment
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The average price of Boston homes for sale increased slightly in recent months, although some evidence suggests that increase is only a function of the soon-to-expire federal tax credit.  According to an April 27, 2010 article in the Boston Globe, “Home values in the Boston-area increased 1.8 percent in February compared to the same month in 2009 but were down 1 percent from January, according to new data released today by the S&P/Case-Shiller Home Prices Indices. Boston’s housing numbers  are in line with the rest of the country.” The article, written by Jennifer McKim, continued to say that “In Boston, meanwhile, the Case-Shiller numbers suggest the housing market is see-sawing. For example, over the recent six consecutive months prices have dropped 2.9 percent. Yet home values are higher than a year ago because of an earlier surge in prices dating back to April 2009.”

Boston homes for sale still may not have rallied fully, even with the assistance of a season with traditionally higher sales and a tax credit.  According to a May 10, 2010 article from Boston Real Estate Now, “There are so many competing sets of housing numbers floating around out there it’s hard to keep score these days. The home buyer tax credit may have sparked a surge in sales before it expired on April 30th. But in the first quarter, Greater Boston home values continued a slide that began last fall, Zillow.com contends in its latest quarterly report.” The piece, composed by Scott Van Voorhis, also said that “And if present trends continue, local home values could sink below their 2009 low point, the report suggests. And, as I note below, that moment may come faster than you think.”

An April 23, 2010 article in the Boston Globe highlighted another problem for Boston real estate, saying that “The number of foreclosures in Massachusetts increased dramatically last month as more homeowners fell behind on mortgage payments or lost homes to lenders – a sign the housing market’s recovery remains tenuous, real estate specialists say.” The piece, written by Jennifer B. McKim, continued to say that “Petitions, the first phase of a foreclosure process, rose in number to 2,581 in March, a 21.6 percent increase from February…”

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Santa Cruz real estate market

Posted on May 23, 2010 by admin| Leave a comment
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The Santa Cruz real estate market, along with the rest of the Silicon Valley, continues to face a number of challenges and hopeful indicators during the first half of 2010. Commercial real estate is very close to rock bottom, while housing affordability is mixed and home sales are starting to rise. According to a May 10, 2010 article in the Mercury News, “Pending home sales were up again in March, pointing to an upswing in home sales for the spring home-buying season, according to the National Association of Realtors. The Pending Home Sales Index is a forward-looking indicator of the housing sector based on pending sales of existing homes.” The piece, composed by Rose Meily, went on to say that “Contracts signed in March rose 3.5 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85; this follows an 8.3 percent increase in February.”

Although it may not directly affect Santa Cruz homes for sale, the commercial real estate market in the region is in serious distress. According to a May 3, 2010 article in the Santa Cruz Sentinel, “The county’s once hot commercial real estate market has cooled considerably, with nearly a million square feet of office space empty at the start of the year and asking rates dropping compared to a year ago. The market hasn’t hit the 1 million mark since 2004, according to Cassidy Turley BT Commercial, which reviews the data for Santa Cruz County quarterly.” The piece, written by Jondi Gumz, continued to say that “Industrial vacancies rose to 7.3 percent from 3.3 percent in the same time frame, with the asking rate dropping 11 percent to 85 cents per square foot triple net…In the city of Santa Cruz, office vacancies edged up from 14.7 percent to 15.2 percent. Asking rates were $1.88 per square foot, off by just 4 cents.”

The affordability of Santa Cruz real estate is mixed, according to a May 13, 2010 article in the San Jose Business Journal. This piece found that “An index of the affordability of homes for first-time buyers rose between the last three months of 2009 and the first three months of 2010. But it was down from last year’s first quarter.”

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