The Aptos real estate market is showing signs of a continued rally during the month of April, according to most recent indicators. According to a May 24, 2010 article in the Santa Cruz Sentinel, “Santa Cruz 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. Two years ago, the midpoint of what sold was $661,000.” The piece, written by Jondi Gumz, went on to say that “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. Las month saw 33 bank-owned sales and 17 ‘short sales,’ where the home is sold for less than the debt, compared to 56 bank-owned sales and 11 short sales a year ago.”

One of the harder hit parts of the Aptos and Silicon Valley real estate markets, Aptos homes for sale, also showed signs of strength in recent months. According to a May 26, 2010 article released by Coldwell Banker, “Silicon Valley’s high end housing market continued to rebound from its recessionary lows with both sales and the median sale price climbing once again in April, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.” The piece went on to say that “Also encouraging, high-end homes continue to sell at a faster pace. The average Silicon Valley million-dollar sale in April occurred after just 39 days on the market, down from 53 days from March sales and 51 days for April 2009 sales.”

Commercial real estate, however, was one of the weaker sectors of Aptos and Santa Cruz real estate, according to a May 3, 2010 article in the Santa Cruz Sentinel. This piece noted that “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.”

A suburban community in the greater Sacramento area, Roseville, California, lies in Placer County and is home to a population of more than 110,000. Its residents are generally solidly middle class, with a median annual household income level of around $68,000. The Roseville real estate market, as so many other markets in California, was hit by the credit crisis that infected so many real estate markets nationwide. Even at the end of 2009, the market was struggling to show many signs of encouragement, though falls in prices are at least now small in increment.

At the end of January, there were 585 Roseville homes for sale, an increase of more than 3% from three months earlier. These homes for sale included 38 bank-owned homes, 118 active short sells and 247 contingent short sales and ranged in price from $79,000 up to $1.32 million. At that time, there were 184 homes pending closed sales, a more than 10% drop from three months ago, all according to statistics from local Re/Max real estate agency. Of those pending sales, 47 are bank-owned and 57 are short sales.

In the final quarter of 2009, Roseville saw a decrease in its sales activity as just 393 homes were sold versus 452 in the third quarter, a more than 13% drop. Nonetheless, that figure represented a 1% increase year-over-year. Home prices showed slight improvement from quarter to quarter, with the median sales price up 2.5% to $300,000 and the average up 0.2% to over $311,000, but the prices were both off where they were during the fourth quarter of 2008. The median was down by 3.2% and the average was down nearly 5%.

The number of days Roseville homes spent on the market before selling in the fourth quarter was 74, down from 80 in the third quarter and 76 a year ago. At the end of the fourth quarter, the Roseville market held a 4.5 months’ inventory, up from 3.7 months’ worth in the third quarter. The average discount from the asking price in the final quarter of 2009 was 1.24%, up from 1.02% in the third quarter but down from 1.67% a year ago. http://www.placercountyhomesandland.net/2010/01/roseville-homes-for-sale-and-october—december-2009-sales-statistics.html

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.

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.

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.

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.

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

The Newport Beach real estate market continues to face conflicting signs, although it is arguably the strongest-recovering market in the entire country. According to a November 27, 2009 article from Michael Gerrity of the Real Estate Channel, “According to the California Association of Realtors (CAR), home sales increased 1 percent in October in California compared with the same period a year ago, while the median price of an existing home declined 3.2 percent. ‘Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market,’ said C.A.R. President Steve Goddard. ‘However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010.”

Newport Beach home sales, as well as those in Orange County and the rest of the Golden State, increased steadily during the month of October, according to a November 25, 2009 report released by the California Association of Realtors. The press release noted that “Closed escrow sales of existing, single-family detached homes in California totaled 562,400 in October at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 1 percent from the revised 557,050 sales pace recorded in October 2008. Sales in October 2009 increased 5.9 percent compared with the previous month.”

Perhaps the brightest news for real estate in Newport Beach came from an article written by Jon Lansner in the Orange County Register. The piece, written on November 25, 2009, found that “Housing markets in four Newport Beach ZIPs enjoyed Orange County’s biggest improvement in their Zippy market-strength rankings in the third quarter…Newport Beach 92663 had the biggest gain, up 74 spots to 4th place in the third-quarter Zippy rankings. The four Newport gainers by no means suggests that there was something magical about seaside property in the past quarter. Dana Point‘s two ZIP codes could be found among the 10 ZIPs with the biggest declines in Zippy rankings.”

The Berkeley real estate market seems to be generally recovering from the ramifications of the general economic downturn, although there are a number of weak spots in the region’s economy. According to a October 15, 2009 article in the Mercury News, there are still some problems for the Bay Area in general. The piece, which was written by Eve Mitchell and subsequently published in the Mercury News, found that “More homeowners in the Bay Area received a notice of foreclosure – the first step in the foreclosure process – in September compared with a year ago while at the same time the number of foreclosed homes that became bank-owned properties declined. Last month, 3,916 homeowners received notices of default, a  116.4 percent increase from a year ago, but 2,484 foreclosed homes became bank-owned properties, a 41.6 percent decrease from a year ago.”

An additional, often overlooked aspect of real estate in Berkeley is commercial real estate, that seems to be facing a number of challenges. According to a November 9, 2009 article published in the Contra Costa Times and the Oakland Tribune, “Two Bay Area-based banks have failed in the last 11 days – which tops the total for the prior nine years – a warning of potential woes to come for the reeling banking sector locally…’There will be several more failures, but primarily on the community bank level,’ said William Fitzpatrick, an equity analyst with Wisconsin-based Optique Capital, an investment firm. ‘Community banks are where you have a concentration of commercial real estate loans.’ ‘There is some anecdotal evidence that commercial real estate is becoming more of a problem,’ Dorway said.”

On the other hand, Oakland home sales  and home prices seem to be rallying, according to an article in the Contra Costa Times and the Mercury News. The piece, written by Eve Mitchell on October 15, 2009, stated that “The Bay Area’s September home sales and the median sales price both edged up from August to September as home buyers scrambled to take advantage of a popular federal income tax credit for first-time home buyers set to expire at the end of November.”

Real estate in Mission Viejo

According to a September 14, 2009 article in the Mercury News, home sales for a broader region – Southern California – dropped substantially in the month of August. The article, which was originally reported in the Associated Press, noted that “Home sales in the six-county Southern California region declined 10.8 percent in August compared with July, while the median price rose slightly, a real estate information service said Tuesday. San Diego-based MDA DataQuick attributed the sales dip to thinning inventory of foreclosure properties and financial uncertainty among potential buyers.” Jonathan Lansner of the Orange County Register took the news a step further, saying in a September 15, 2009 article that “Local housing’s recovery may have wilted a bit in the summer heat.”

Mission Viejo homes for sale declined slightly in terms of median home price, according to a September 25, 2009 article in the Orange County Business Journal. The article, written by Mark Mueller, stated that “The price of an existing Orange County home inched back below the $500,000 mark in August, the California Association of Realtors said on Friday. The median price for an existing stand-alone OC home sold in August was $499,440, about an $800 drop from July and a 2.3% decline from a year earlier. Last month’s modest decline reversed a rally that had seen the county’s median price increase by more than $60,000 since April.”