California Market Promising Despite Drop in Sales

The California Association of Realtors (C.A.R.) reported Tuesday that, although pending home sales in the state fell from March to April, other statistics indicate a good start for the housing market.

C.A.R.‘s Pending Home Sales Index (PHSI) fell from a revised 138.9 in March to 128.0 in April. This index was nearly 14 points higher than the revised 114.4 index from April 2011, marking the 12th consecutive month that pending sales were higher year-over-year. Pending home sales figures are often used as an indicator of the market’s future direction.

C.A.R. speculated that the drop in pending home sales from March to April may be attributed to inventory.

“Inventory constraints could be a contributing factor to lower pending sales,” said LeFrancis Arnold, president of C.A.R. “The tight inventory we’ve been experiencing in the distressed market over the past several months is now spreading to equity properties, essentially affecting the supply conditions of both the distressed and non-distressed markets.”

The share of equity sales (non-distressed property sales) compared with total sales increased to 58 percent in April, its highest level since July 2008. This figure is up from March’s 54.5 percent and last year’s 52.3 percent.

Shares of distressed sales (composed of foreclosures and short sales) in California decreased in April to 42 percent, down from 45.5 percent in March and 47.7 percent the previous year. The share of short sales also declined from the previous month: 19.4 percent of distressed sales were short sales, a drop from 21 percent in March and slightly higher than 19.1 percent in April 2011.

The share of REO sales dropped as well, moving 22.3 percent, down from 24.1 percent in March and 28.3 percent the previous year. April’s figure for REO sales was the lowest it’s been in four years.

In other data, April’s sales came in at an annualized pace of 555,300, making it the sixth consecutive month in with an annual pace above 500,000. The statewide median home price was $308,050, up 5.7 percent from March and 1.6 percent from April 2011. It’s also the first time the median went above $300,000 since December 2010.

With prices in distressed markets staying stable, C.A.R. chief economist Leslie Appleton-Young said that, inventory scarcities aside, the market got off to a strong start in spring.

“One thing is clear, we’ve got the best start for the housing sector that we’ve seen in 5 years,” she said.

courtesy of:  http://www.dsnews.com

Posted via email from RealtorPeg

FHA May Relax Condo Rules Soon

   The Federal Housing Administration may ease restrictions on financing purchases of condominium units, which troubled an economic recovery in many markets.

To protect a struggling emergency insurance fund, the FHA put rules in place barring new loans on developments with more than 15% of the units more than 30 [days] delinquent on condo association dues. Also, at least half of the units must be owner-occupied for projects built longer than a year ago, and one investor can own no more than 10% of the units.

 "While we are evaluating potential changes to our condo requirements and expect to announce some of those soon, we cannot yet comment on specific requirements that may be included in any potential changes," a HUD spokesman said in a statement Monday.

One possible change could come on the condo association rule, which has troubled many markets. Coming out of the crisis, these associations began to suffer as foreclosures mounted. Mortgage servicers and the associations often take months to sort out past due allotments before a foreclosure can be completed, allowing the delinquency rate to rise on many developments.

"Community Associations Institute anticipates FHA will modify its standard on assessment delinquencies to allow flexibility for associations. CAI has argued the existing standard that no more than 15 percent of units may be 30 days past due on assessments is too strict. Many condominiums are immediately disqualified from FHA approval by the current standard," the trade group said in a note to its association members.

The Florida market managed to rebound from a low of 38,509 sales in 2008 to 87,581 last year, according to Florida Realtors data.

But much of that activity could be coming from new cash buyers, usually investors, as financing dried up.

The FHA insured 3,630 condo purchases in March, down nearly 15% from last year, according to its monthly report.

"You find that there are a boat load of projects with limited marketability because they exceeded the 15% delinquency threshold, and the only buyers were cash buyers," said Brent Stokes, senior vice president of Sperlonga Data & Analytics. "What we further found was that the purchase price truly suffered, because the cash buyer realizes he has leverage."

courtesy of:  http://www.housingwire.com

Posted via email from RealtorPeg

Home Prices Rise in Half of U.S. Cities as Markets Stabilize

Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized.

The median sales price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report today. In the fourth quarter, only 29 areas had gains.

The U.S. housing market is showing signs of bottoming as improving employment and record-low mortgage rates boost demand while inventories of available properties tighten. At the end of March, 2.37 million previously owned homes were available for sale, 22 percent fewer than a year earlier, the Realtors said.

“The housing market is still depressed but it had a good quarter,” Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts, said in a telephone interview today. “We’re on the mend but it’s still something that will take two or three years before we’re back to normal.”

The national median existing single-family home price was $158,100 in the first quarter, down 0.4 percent from the first three months of 2011, according to the Realtors group.

The best-performing metro area was Cape Coral, Florida, where prices increased 28.1 percent from a year earlier. Prices rose 19 percent in Grand Rapids, Michigan; 16.9 percent in Palm Bay, Florida; and 16.6 percent in Erie, Pennsylvania.

Biggest Declines

Kingston, New York, had the biggest decline, with the median selling price tumbling 22 percent in the quarter. It was followed by Stamford, Connecticut, with an 18 percent decline; Mobile, Alabama, at 14.7 percent; and Atlanta at 12 percent.

The median selling price is influenced by the mix of homes on the market and probably was boosted by a smaller share of transactions involving distressed properties. Those homes, which sell at discounts, accounted for 32 percent of first-quarter sales, down from 38 percent a year earlier.

Prices are more volatile than normal because they are affected by the prevalence of distressed sales and “sudden upswings” in buyer interest in some areas, said Lawrence Yun, the group’s chief economist.

‘Broad Shortages’

“We have broad shortages of lower-priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges,” Yun said in the report. “This is good news for many sellers who wish to list now, or for those waiting for prices to improve.”

Sales of previously owned homes rose 5.3 percent in the first quarter from a year earlier, according to the report. Purchases climbed 11.7 percent in the Midwest, 6.6 percent in the Northeast, 4.1 percent in the South, and 1.4 percent in the West.

Fannie Mae, the nation’s biggest mortgage-finance company, today reported a $2.7 billion first-quarter profit after a $6.5 billion loss a year earlier, citing smaller declines in home prices as one of the reasons for improvement. The Washington- based company said that it won’t need Treasury Department aid to balance its books for the first time since it was seized by federal regulators in 2008.

courtesy of:  http://www.bloomberg.com

Posted via email from RealtorPeg

Six Keys to Selling Your Home in Today’s Market.

 

^[1]According to the National Association of Realtors®, more than 4.25 million homes sold in 2011. That’s a lot of real estate and such numbers raise the question: How are sellers doing it?

“Because individual homes are unique, there isn’t one single strategy that works equally well for every property,” says Wendy Forsythe, the executive vice president of a real estate company. “The real trick is understanding that today’s marketplace is cash driven, quick and highly competitive. Owners who understand their local markets and work with a knowledgeable agent are those most likely to succeed.”

San Diego Uptown Area Median Condo Prices thru Apr 2012

MED CONDO PRICES 201204 UpTown.pdf Download this file

Greetings All,

Market values in the great majority of my tracked zip codes have gone up!  Please see the “Summary” chart below.  Now for the latest in San Diego SOLD home prices through Apr, 2012.

For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:

·         Compared to 1 mo ago, 69% of zips either went up in market value or stayed essentially the same (within +/-5% median market value) over values of the prior month. The average 1 mo change over all 13 zip codes was +6%.  Most notable of these was Ocean Beach with a 61% price increase on 8 condos sold and Bay Park / Old Town with a 46% price increase on 18 condos sold in the subject month.

·         Compared to 2 mos ago, the market value of 77% are still either at a higher value or stayed essentially the same (within +/-5%) over the median values of 2 months prior.  The average 2 mo change over all 13 zip codes was +23%.  Here we have our leader being Kearny Mesa / Linda Vista with an 89% increase on 13 condos sold along with Point Loma with an 84% increase on 3 condos sold. Also, over both of the past 2 mos straight, 69% of zips have shown an increase or stayed essentially the same in market value.

·         Compared to 1 year ago, we have 69% with a median market value either higher or essentially the same (within +/-5%).  The average 1 yr change over all 13 zip codes was +9%.  In this 1 yr category, with an 80% increase over market values of 1 yr ago, is Point Loma with 18 condos sold and Kearny Mesa / Linda Vista with a 62% increase on 13 condos sold.

Summary:   The below chart gives you an excellent overview of San Diego home prices by comparing the percentages of my tracked zip codes that either increased or held steady in home value:

% OF ZIPS THAT INCREASED OR HELD STEADY IN HOME VALUES
APR 2012	CONDOS	HOUSES
1 MO AGO	69%	78%
2 MO AGO	77%	89%
1 YR AGO	69%	72%

Keep in mind that my 13 zip codes for condos and 18 zip codes for houses, are only a portion of the entire San Diego picture. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a decrease in market values. This is particularly common with changes in the season such as during the winter holiday season. While prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that in that year, the rise of the "up" months is higher and thus outweighs the dips of the "down" months. The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time! 

For more info on real estate issues and concerns in San Diego, scroll down to “Home Prices to Increase Modestly by Year-End: Clear Capital” and for even more info, "Housing Crisis to End in 2012 as Banks Loosen Credit Standards”.

Cheers Again Until Next Month!  - Peg

Mary "Peg" Heying

REALTOR® - CA DRE License # 01726709

Prudential CA Realty

890 W Washington St.

San Diego, CA 92103

Cell:  (619) 301-8589

Email:  realtorpeg@yahoo.com 

Website:  http://www.realtorpeg.com

Facebook:  http://www.facebook.com/realtorpegsd

Twitter:  http://twitter.com/realtorpegsd

Posted via email from RealtorPeg

San Diego Coastal Area Median Condo Prices thru Apr 2012

MED CONDO PRICES 201204 Coast.pdf Download this file

Greetings All,

Market values in the great majority of my tracked zip codes have gone up!  Please see the “Summary” chart below.  Now for the latest in San Diego SOLD home prices through Apr, 2012.

For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:

·         Compared to 1 mo ago, 69% of zips either went up in market value or stayed essentially the same (within +/-5% median market value) over values of the prior month. The average 1 mo change over all 13 zip codes was +6%.  Most notable of these was Ocean Beach with a 61% price increase on 8 condos sold and Bay Park / Old Town with a 46% price increase on 18 condos sold in the subject month.

·         Compared to 2 mos ago, the market value of 77% are still either at a higher value or stayed essentially the same (within +/-5%) over the median values of 2 months prior.  The average 2 mo change over all 13 zip codes was +23%.  Here we have our leader being Kearny Mesa / Linda Vista with an 89% increase on 13 condos sold along with Point Loma with an 84% increase on 3 condos sold. Also, over both of the past 2 mos straight, 69% of zips have shown an increase or stayed essentially the same in market value.

·         Compared to 1 year ago, we have 69% with a median market value either higher or essentially the same (within +/-5%).  The average 1 yr change over all 13 zip codes was +9%.  In this 1 yr category, with an 80% increase over market values of 1 yr ago, is Point Loma with 18 condos sold and Kearny Mesa / Linda Vista with a 62% increase on 13 condos sold.

Summary:   The below chart gives you an excellent overview of San Diego home prices by comparing the percentages of my tracked zip codes that either increased or held steady in home value:

% OF ZIPS THAT INCREASED OR HELD STEADY IN HOME VALUES
APR 2012	CONDOS	HOUSES
1 MO AGO	69%	78%
2 MO AGO	77%	89%
1 YR AGO	69%	72%

Keep in mind that my 13 zip codes for condos and 18 zip codes for houses, are only a portion of the entire San Diego picture. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a decrease in market values. This is particularly common with changes in the season such as during the winter holiday season. While prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that in that year, the rise of the "up" months is higher and thus outweighs the dips of the "down" months. The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time! 

For more info on real estate issues and concerns in San Diego, scroll down to “Home Prices to Increase Modestly by Year-End: Clear Capital” and for even more info, "Housing Crisis to End in 2012 as Banks Loosen Credit Standards”.

Cheers Again Until Next Month!  - Peg

Mary "Peg" Heying

REALTOR® - CA DRE License # 01726709

Prudential CA Realty

890 W Washington St.

San Diego, CA 92103

Cell:  (619) 301-8589

Email:  realtorpeg@yahoo.com 

Website:  http://www.realtorpeg.com

Facebook:  http://www.facebook.com/realtorpegsd

Twitter:  http://twitter.com/realtorpegsd

Posted via email from RealtorPeg

San Diego Clairemont Area Median Condo Prices thru Apr 2012

MED CONDO PRICES 201204 Clrmt.pdf Download this file

Greetings All,

Market values in the great majority of my tracked zip codes have gone up!  Please see the “Summary” chart below.  Now for the latest in San Diego SOLD home prices through Apr, 2012.

For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:

·         Compared to 1 mo ago, 69% of zips either went up in market value or stayed essentially the same (within +/-5% median market value) over values of the prior month. The average 1 mo change over all 13 zip codes was +6%.  Most notable of these was Ocean Beach with a 61% price increase on 8 condos sold and Bay Park / Old Town with a 46% price increase on 18 condos sold in the subject month.

·         Compared to 2 mos ago, the market value of 77% are still either at a higher value or stayed essentially the same (within +/-5%) over the median values of 2 months prior.  The average 2 mo change over all 13 zip codes was +23%.  Here we have our leader being Kearny Mesa / Linda Vista with an 89% increase on 13 condos sold along with Point Loma with an 84% increase on 3 condos sold. Also, over both of the past 2 mos straight, 69% of zips have shown an increase or stayed essentially the same in market value.

·         Compared to 1 year ago, we have 69% with a median market value either higher or essentially the same (within +/-5%).  The average 1 yr change over all 13 zip codes was +9%.  In this 1 yr category, with an 80% increase over market values of 1 yr ago, is Point Loma with 18 condos sold and Kearny Mesa / Linda Vista with a 62% increase on 13 condos sold.

Summary:   The below chart gives you an excellent overview of San Diego home prices by comparing the percentages of my tracked zip codes that either increased or held steady in home value:

% OF ZIPS THAT INCREASED OR HELD STEADY IN HOME VALUES
APR 2012	CONDOS	HOUSES
1 MO AGO	69%	78%
2 MO AGO	77%	89%
1 YR AGO	69%	72%

Keep in mind that my 13 zip codes for condos and 18 zip codes for houses, are only a portion of the entire San Diego picture. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a decrease in market values. This is particularly common with changes in the season such as during the winter holiday season. While prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that in that year, the rise of the "up" months is higher and thus outweighs the dips of the "down" months. The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time! 

For more info on real estate issues and concerns in San Diego, scroll down to “Home Prices to Increase Modestly by Year-End: Clear Capital” and for even more info, "Housing Crisis to End in 2012 as Banks Loosen Credit Standards”.

Cheers Again Until Next Month!  - Peg

Mary "Peg" Heying

REALTOR® - CA DRE License # 01726709

Prudential CA Realty

890 W Washington St.

San Diego, CA 92103

Cell:  (619) 301-8589

Email:  realtorpeg@yahoo.com 

Website:  http://www.realtorpeg.com

Facebook:  http://www.facebook.com/realtorpegsd

Twitter:  http://twitter.com/realtorpegsd

Posted via email from RealtorPeg