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Orange County real estate

June 10th, 2010 · Real Estate Markets

Official seal of Anaheim Island, Orange County...
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The Orange County real estate market continued to recover throughout the most recent tracking periods, although it also showed some possible signs of weakness. According to a May 18, 2010 article in the OC Metro, “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 say that “But, the price dipped slightly from March, when the median reached $432,000. For the six-county Southern California region, which includes Orange, L.A., San Diego, Riverside, San Bernardino and Ventura, the median rose 15 percent to $285,000 in the period, compared to April 2009. The number was unchanged from March.”

Despite remaining much higher than a year ago, the average price of an Orange County home for sale declined slightly compared to the month of March. According to a May 18, 2010 article in 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 piece by Mark Mueller went on 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.”

Comparatively speaking, the Orange County real estate market remained much stronger than the rest of the other parts of Southern California. According to a May 18, 2010 article from OCLNN, “Orange County saw stronger gains in home sales and price compared to all other Southern California counties during April. The median home price in Orange County jumped 13.2 percent since April 2009, to $430,000, according to DataQuick, a San Diego-based real estate information service.”

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Auburn real estate market

June 9th, 2010 · Real Estate Markets

Statue at Auburn, CA, honoring the 10,000+ Chi...
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The Auburn real estate market, part of the larger Sacramento area market, continued to show some signs of distress in the month of April, including the foreclosure and home price levels. According to a May 11, 2010 article from all Things Considered, “Foreclosures increased 46 percent in April, compared to a year earlier with almost 1,800 homes going back to lenders or sold at auction in the Sacramento region. Foreclosures.com says Sacramento County accounted for almost half of those foreclosed homes, with Elk Grove, North Natomas and south Sacramento among the hardest-hit communities.” The piece by Ron Trujillo went on to find that “The closely-watched foreclosures report is the most recent indicator that the housing market is going through a roller-coaster ride with the still-struggling economy, with the median home price down about 35 percent – or even more in some areas – from the peak four years ago.”

A second report on All Things Considered from KXJZ News noted that the average sales price of an Auburn home for sale declined moderately in April, although the same figure for Sacramento overall increased. According to this piece, “The California Association of Realtors says the median home price – meaning half the homes sold for more, the other half for less – increased to $188,000 in April. That’s about $20,000 more than what has been considered the bottom of the market. But the figure has created a bit of an unusual situation, since only Sacramento County enjoyed higher prices compared to April 2009. El Dorado, Placer, and Yolo counties reported modest price declines in April compared to a year ago. But sales dropped 8 percent to 484,000 homes, that’s the fewest homes sold in 19 months.”

The same negative news for Auburn real estate was relayed by a May 21, 2010 article in the Sacramento Bee. This article, written by Jim Wasserman, went on to say that “Overall, 3,255 homes changed hands during April in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties, DataQuick reported. That was down slightly from March – and fewer than April 2009. Analysts attributed the slight drop to fewer repo listings for first-time buyers and people delaying escrow closings until May.”

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San Carlos Real Estate

June 2nd, 2010 · Real Estate Markets

Historical San Carlos building as seen in 2007
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A mid-sized city on the San Francisco Peninsula located about midway between San Francisco and San Jose, the city of San Carlos, California, is situated in San Mateo County and is home to a population of around 30,000 residents. It is a rather affluent community, with residents having a median annual income of $99,000, much higher than the state average, and accordingly, San Carlos real estate can be quite expensive, though there are more affordable neighborhoods as well. Its homes are among the top 10 most expensive cities in San Mateo County. Based on a viewing of the statistics of the San Carlos housing market available from the San Mateo County Association of Realtors, the market still is climbing out of the recession-fueled struggles, as both average and median prices of both homes and condos in the city have fallen year-over-year.

In the first quarter of 2010, the community saw 86 new San Carlos homes for sale in addition to its current inventory of 59 single-family homes for sale, both of which are lower figures than the first quarter of 2009, showing that inventory has begun to clear out a bit. There were 36 single-family homes sold in San Carlos in the first quarter, up by three from last year, and homes spent an average of 59 days on the market before selling in Q1, up from just 40 days in 2009′s first quarter. Prices of sold homes actually fell on an annual basis in terms of both average and median prices. The average price for a single-family home sold in the first three months of 2010 was around $913,500, down by more than $60,000 year-over year. The median price was $862,500, down by around $90,000 annually.

The condo market in San Carlos showed similar trends, with both median and average prices falling year-over-year in the first quarters. There were 23 new condos listed in the first quarter on top of the inventory of 31 condos for sale, down slightly from 2009. Sales plummeted in the first quarter of this year, with only five condos sold in the first quarter, down by nearly two-thirds from last year, when there were 14 condos sold in Q1.  The number of days condos spend on the market before selling has fallen too, to 35 days from 64, showing the inventory is not just sitting still on the market. The average sales price of a condo in San Carlos was $614,000 in the first quarter of 2010, down by around $20,000 from a year prior, while the median price stood at $545,000, down by just under $100,000 annually.

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Watsonville Real Estate

June 1st, 2010 · Real Estate Markets

Downtown Watsonville
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A mid-sized city in Santa Cruz County, Watsonville, California, lies in the northern part of the state and is a farming community of more than 50,000. It is known for growing lots of strawberries, apples, lettuce and other vegetables. The city is modest and its housing market contains some of the more affordable properties in the area. Because the Watsonville real estate market is lower priced than many of the surrounding areas, it did not get as overheated as many other markets did during the mid-2000s and therefore it has not suffered nearly as hard as these markets since the U.S. economic downturn began in 2008. Nonetheless the market still has seen drops in prices, even if they weren’t six-figure declines.

At the end of 2009, in December, the market saw a total of 54 Watsonville homes for sale as well as 25 new listings, according to statistics from the Santa Cruz Association of Realtors. This was a huge drop from a year ago, when there were 33 new listings to make the month’s total inventory 179. Many of the single-family homes that went up on the market shortly after the crisis have since sold. The month accounted for 18 sales, a decline from a year ago, when there were 25, and the average number of days home spent on the market before selling was 18, down significantly from a year ago, when that figure was 75 days. The average sales price at the end of 2009 was just over $287,000, down by around $10,000 from the 2008 figure. The median price, which stood at $277,500 at the end of the year, was down by a larger clip of more than $20,000.

The market for condos in Watsonville showed similar trends to the market for single-family homes at the end of the year 2009. In December, there were 11 new listings for a total of 32 condos on the market, a decline from a year ago by nearly half, when the inventory stood at 62. There were just five condos sold however, down from nine at the end of 2008. The number of days condos spent on the market before selling has worsened significantly. In December 2008, the figure stood at just 39 days, but in 2009, it had risen to 145 days. Condo prices have slid further over the year than home prices have: The average price in December was just over $202,000, down by more than $40,000 year-over-year, while the median price was down to $185,000, a steep drop from last year’s $260,000 median.

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Scripps Ranch Real Estate

May 30th, 2010 · Real Estate Markets

Panorama de la ciudad de San Diego
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A community in the northeastern area of San Diego, Scripps Ranch, California, is a smaller community with over 30,000 residents. The community is a highly desirable neighborhood and its residents tend to be mostly affluent — its median household income was estimated at nearly $123,000, with nearly half of the city’s households bringing in $100,000 or more annually, with only 7% of the population making less than $30,000. Thus, Scripps Ranch real estate tends to be quite high-priced, and has therefore suffered some large drops and setbacks since the economy began to slide in the U.S.

According to the San Diego Union Tribune‘s zip code chart for the month of March, Scripps Ranch saw 26 single-family homes sold in March at a median price of $287 per square foot, an increase of 6% year-over-year. In March, there were also 29 condos sold in Scripps Ranch at a median price per square foot of $291, up more than 20% annually. The year-end totals for 2009 saw Scripps Ranch homes for sale saw 288 single-family homes sold for a median price per square foot of $282, down 3% annually, according to the San Diego Union Tribune Annual Chart. Meanwhile, there were 168 Scripps Ranch condos sold in 2009 at a median price of $252, down almost 9% year-over-year.

Over the past year, the median price for single-family homes for sale has not shifted too dramatically, seeing only slight rises and falls off and on throughout the 18 months. In September 2009, the median was around $725,000, and it took a gradual downslide , hitting a low of around $660,000 in May 2009 before picking back up again. As of February, the median was around $675,000. Sales of single-family homes have taken a mostly upward-trending slope through the past 18 months, picking up around May 2009 and rising thereafter.

The median price for condos in Scripps Ranch have fluctuated a bit more than home prices over the past 18 months. In September of 2009, the median was over $350,000, and since then, the prices began to fall, hitting a low of around $300,000 in August before slowly picking back up again. As of February, the median price for condos was in the $320,000 range. Condo sales have remained at between 10 and 15 per month for most of the 18 months, and just recently hit their highest point in February.

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Mission Viejo Real Estate

May 29th, 2010 · Real Estate Markets

Saddleback Mountain unusually covered in snow ...
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A large city in the southern portion of Orange County, the city of Mission Viejo, California, lies in the Saddleback Valley and is one of the largest master-planned communities ever constructed via a single project nationwide. In 2009, the city was home to a population of more than 100,000 and it is mostly a suburban, residential community, with mostly single-family homes but also a number of condos. The city has a high median household income level, measured at more than $93,000 in 2008, and Mission Viejo real estate prices are correspondingly high, though they are considered in the low to mid range compared with other Orange County cities.

At the end of last year, the median price for homes sold in Mission Viejo was $425,000 in one zip code and slightly higher at $463,500 in its second zip code. These figures were both down annually from the medians at the end of 2008 by 9.5% and 9.1%, respectively. However, sales levels were up in both areas as homebuyers moved in to snatch up the many deals on Mission Viejo homes for sale available. There were 567 homes sold in the city’s first zip code, an increase year-over-year of 4.4%, and 610 home sold in the second zip code, an 18.4% yearly increase.

More recently, the Orange County Register’s monthly chart for March showed more positive signs in the Mission Viejo market. The median prices for homes sold in the month was $475,000 in one zip code, a 30% increase yearly, and $440,000 in the other zip code, a 5.5% rise. Meanwhile, sales continued to stay strong, with 50 and 53 in each zip code, rises of 10.4% and 4%, respectively, in Mission Viejo during March.

That trend continued for one zip code but fell back for another more recently. According to the OC Register’s real estate blog, statistics for the most recent three-week period ended April 27 showed the median prices at $440,000 and $410,000, a rise of 24% in the first case but a decline in 2.4% in the latter. Sales are continuing to surge, with 44 and 57 homes, rises of 42% and 21% annually, respectively.

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Cincinnati real estate market

May 5th, 2010 · Real Estate Markets

Cincinnati Enquirer headquarters building at 3...
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The Cincinnati real estate market is starting to make a recovery, at least according to some of the most important indicators of economic health in the real estate sector. According to an April 22, 1010 article in the Business Courier of Cincinnati, “Home sales in Greater Cincinnati and Northern Kentucky set an energetic pace in March, helped along by an extended federal tax credit for buyers. The Cincinnati Area Board of Realtors reported 1,583 closings in March, up almost 14 percent from 1,389 in March 2009. Gross volume improved 26 percent, to $241.1 million from $191.2 million, and the average sale price grew almost 11 percent, to $152,287 from $137,648.” The piece continued to note that “…gross volume is up 12 percent, to $510.4 million from $455.2 million, and the average sale price rose 14 percent, to $150,999 from $132,300.”

This same good news for Cincinnati homes for sale was reported by an April 22, 2010 article in the Cincinnati Enquirer. This piece found that “Home sales rose across the region in March – jumping nearly 14 percent in Southwest Ohio and roughly 3 percent in Northern Kentucky, according to reports out today. All told, 1,583 homes were sold in March, up 13.9 percent compared to the same month last year, according to the Cincinnati Area Board of Realtors. In Northern Kentucky, sales climbed 3.2 percent with 388 sales compared to 376 sales in March 2009.” The article, written by Lisa Bernard-Kuhn, continued to state that “Realtors credit the boost in March to federal tax credits for first-time buyers worth up to $8,000 and up to $6,500 for repeat buyers.”

Foreclosures in the Cincinnati real estate market are less of a problem recently, thanks to a series of local, community, and government efforts, according to another article in the Enquirer by Gregory Korte. This piece, released on April 19, 2010, found that “The city is also helping to buy and fix up homes in the neighborhoods of Avondale, Bond Hill, College Hill, Madisonville, Northside and Westwood. In South Fairmount, the federal money is tearing down blighted homes, and in Evanston it’s being used to build affordable housing.”

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Pasatiempo, California Real Estate

April 10th, 2010 · Real Estate Markets

Alicante: Santa Cruz
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An unincorporated community in the Santa Cruz Valley, Pasatiempo, California, is located between Scotts Valley and Santa Cruz. It is home to the Pasatiempo Golf Club, a Top 100 Golf Club, and its residential real estate consists of many luxurious homes on the course. Like so many neighborhoods in California, the Pasatiempo real estate market has suffered in recent years as it tries to deal with the effects of the struggling U.S. economy.

Residents have lost jobs and seen their assets and investments fall in value, some have been forced into foreclosure and most have seen their home values fall. Sales volume was up in 2009 versus 2008 as many buyers looked to take advantage of low-priced foreclosed Pasatiempo homes for sale while others simply wanted to buy at a good time, while the government was offering tax rebate incentives of up to $8,000 for qualified homebuyers.

Trends of the Santa Cruz city market can be viewed to get an idea of Pasatiempo’s market, since the community is not incorporated and is thus considered a part of Santa Cruz. In February, the median price for homes sold in Santa Cruz was $500,000, an increase from January when it was just $480,000, and an increase from one year ago, when it was just $425,000. There were 92 homes sold in February in Santa Cruz versus 94 homes in January and versus only 87 one year ago.
The Pasatiempo neighborhood will be better off than many other Santa Cruz neighborhoods because it has something most communities don’t: a world-class golf course, and that fact will continue to draw interest and buyers despite tightened credit

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Lawrence Real Estate Market

April 1st, 2010 · Real Estate Markets

Downtown Indianapolis from the air.
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Lawrence, a suburban community located just northeast of Indianapolis, the state’s capital, is located in Marion County, the same county as the capital, and is one of the county’s four “excluded cities,”  that is, not considered part of Indianapolis. It is home to a population of around 40,000. Though the Indianapolis area real estate sector didn’t see pre-crisis price rices on the same level that many overinflated real estate markets across the country did, nonetheless the Lawrence real estate has been affected by the downturn in the economy and has seen values of homes fall and inventory and foreclosures rise.

Statistics available from the Metropolitan Indianapolis Board of Realtors show that the greater region has seen mostly improvement in the market in the period ending Feb. 28. Sales volume were down slightly over three months, but up 10% over six months and down just 1% for the year. Pending units were up in each time interval, up 19% in three months, 17% in six and 6% year-over-year. Even median sales prices in the region seemed to be stabilizing: The price was up 11% in three months, up 8% over six months and flat over the year.

Marion County, specifically, shows mixed signals. The number of homes sold was down over three months 8%, from 2,172 to 1,990. It was up 6% over six months though, and down 3% for the year. Average sale prices in Marion County, unlike many city across the nations, saw rises over the past year. The three-month average was up 18% to more than $101,000 from around $86,000; the six-month average was up 10% to more than $104,000, and the one-year average was at more than $105,500, 2% higher than in 2009.

The amount of Lawrence homes for sale still has increased only slightly. At the end of February, Marion County had a 10.3-months‘ supply worth of homes for sale, up slightly from 2009′s 8.8 months’ and 2008′s 9.6 months’. The homes with the longest durations on the market, unsurprisingly, are those in the upper ends. There are 56 months’ worth of supply of homes priced at $750,000 to $1 million, while those more than one million have a 54.5 months’ supply.

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Boulder Creek Real Estate

March 26th, 2010 · Real Estate Markets

Downtown of San Jose, California, USA. View fr...
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Boulder Creek is a smaller community nestled in the Santa Cruz Mountains near San Jose in Northern California in the San Lorenzo Valley. The area has seen the U.S. financial crisis and recession take a toll on its economy, including the Boulder Creek real estate market, which has seen prices adversely affected. Despite the troubles, the market has been slowly crawling back and 2010 may be the year it stabilizes.

According to Boulder Creek realtors Jessica Wallace, the Boulder Creek market saw prices decline seven times in 2009 and rise five times, making following the market last year a bit like taking a ride on a roller coaster: lots of unpredictable ups and downs. The overall median price for the year was $320,000, down from 2008′s median of $428,000, and monthly prices ranged from as high as about $430,000 in March to as low as about $230,000 in April.

However, as prices of homes fell, sales activity picked up considerably in 2009 as buyers who previously thought themselves unable to afford Boulder Creek homes for sale found themselves able to take advantage of the lower prices. Many buyers were also encouraged by stimulating government policies offering hefty tax rebates for home buyers who met specific qualifications.  There were 104 homes sold in Boulder Creek in 2009, versus just 76 in 2008.

According to fellow local realtor Mary Wold, the median price in Boulder Creek in February 2010 was $400,000, up more than 30% from figures from a year ago, when the price was just over $306,000. The average price was just under $382,000, up from over $308,000 a year ago. These figures were based on the seven homes sold in February. In February, there were 23 pending sales and 36 active listings, which were spending an average of 123 days on the market, an increase of more than 23% from a year ago, when that average was just 100 days.

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