Posts Tagged ‘California’

The Coronado real estate market

June 24th, 2010
Willowood Townhomes in Salinas, California. Wi...
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The Coronado real estate market, a small portion of the larger San Diego County housing market, continued to show a strong rally in the latest tracking period. According to a June 15, 2010 article in the San Diego Union-Tribune, “The California economy is headed for a two-track recovery, with San Diego and the coastal regions coming out of the recession far ahead of the rest of the state, according to a report released Monday by UCLA’s Anderson Forecast.” The piece, composed by Dean Calbreath, went on to state that “Overall, the state’s economy is already on the mend, the report said. The jobless rate – which averaged 12.6 percent during the first quarter – has most likely hit its peak and will decline steadily through at least early 2012, when it finally will drop below the 10 percent mark, the report said. Job growth – while anemic by historic standards – gradually will pick up steam until it finally reaches normalcy in mid-2011.”

The average median price of a Coronado home for sale increased substantially along the rest of the San Diego County housing market. According to a May 25, 2010 article from the Voice of San Diego, “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 been headed up.” The piece by Kelly Bennett went on to note 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.”

This same pattern in Coronado real estate was reflected in the larger Southern California region. According to a June 15, 2010 report from the Associated Press, “The median home price in Southern California last month rose 22.5 percent from a year earlier and topped $300,000 for the first time in 20 months, as sales continued shifting from low-priced inland areas to higher-end coastal regions, a tracking firm reported Tuesday.”

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The Dana Point real estate market

June 23rd, 2010
Aerial view of Orange County, California, the ...
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The Dana Point real estate market, a smaller portion of the larger Orange County housing market, showed signs of a possible ‘double-dip’ recession despite continually rising home prices. According to a June 11, 2010 interview in the Orange County Register, “In the short to near term, I expect a double dip. This is the logical aftermath of the sugar shot from the Federal first time buyer tax credit. It borrowed buyers from the future, and we are now going into that future. Also we are not too far from the end of the traditional SoCal buying season.” The piece, which questioned economist Christopher Cagan, continued to state that “But I don’t expect a catastrophic drop. To a great extend, prices and mortgage rates are now governed by the authorities – Fed, government, etc.”

The average price of communities such as Dana Point increased in the majority of Orange County communities. According to a June 12, 2010 article in the Orange County Register, “For the 22 business days ending May 25 – DataQuick’s freshest stats – Orange County homebuying patterns showed: 57 of O.C.’s 83 ZIP codes had gains in their respective median selling price. Overall, prices were +9.9% vs. a year ago. Taking sales volume in consideration, home pricing is up in ZIPs representing 73% of the Orange County market.” The piece went on to state that “6 of 83 O.C. ZIPs had median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007…56 of 83 O.C. ZIPs had year-over-year sales gains in the period. Overall, countywide sales were +14.6% vs. a year ago.”

The median sales price fell relative to March but increased compared to last year, indicating a possible decline in the future. According to a May 24, 2010 article in the OC Metro, “Orange County’s median home price popped 13.7 percent in April, compared to the same time last year, according to a new report from the California Association of Realtors. The number rose to $491,120, up from $432,110 in the same month last year. However, the median fell 0.4 percent from March, when the number hit $493,120.”

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The Mission Beach housing market

June 22nd, 2010
Panorama de la ciudad de San Diego
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The Mission Beach housing market, along with the rest of the San Diego County real estate market, continued to make strong strides towards recovery in the most recent tracking periods. According to a June 14, 2010 article in the San Diego Union-Tribune, “San Diego County home prices rose to a median $340,000 in May, the highest since August 2008, as the proportion of foreclosure sales dropped below the 30 percent level for the first time in 2 ½ years, MDA DataQuick reported Monday.” The piece, composed by Roger Showley, continued to note that “The year-over-year price change was 15.3%, the fourth straight month of such an increase, suggesting that the market is broadening to include more higher-priced sales rather than being concentrated at the low end as it has been for three years. The increase from April’s $325,250 was 4.5 percent, the second highest month-to-month change in nearly a year.”

This increase in the median price of a Mission Beach real estate was the continuation of an eleven-month streak, according to a May 25, 2010 article from the Voice of San Diego. This piece noted that “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 been headed up.” The article by Kelly Bennett went on to note 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 overall economy of the San Diego region, including the Mission Beach housing market, showed considerable growth for more than a year straight. According to a May 27, 2010 article by Dean Calbreath in the San Diego Union-Tribune, “A strengthening job marked pushed San Diego County’s leading economic indicators higher for the 13th month in a row, indicating that the county will continue to grow moderately through the end of the year…”

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Pleasanton, a major suburb of the San Francisco Bay Area

May 13th, 2010
City of Pleasanton, California
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Pleasanton, a major suburb of the San Francisco Bay Area, depends heavily on the larger economy of that region. Pleasanton real estate has been facing mixed signals over the last few months, according to a March 11, 2010 article in ABC News 7, “For the first time in a long time, some of the Bay Area’s hardest hit counties are seeing their foreclosure numbers drop compared with last year…At least temporarily, fewer bank-owned properties are coming on the market. In some areas of Contra Costa County, there is intense competition for them among buyers.” The piece, composed by Laura Anthony, continued to say that “Still, there are many Bay Area communities where foreclosure activity is on the rise, including San Mateo County, up 51 percent in the last year and San Francisco, up 58 percent. Counselors say many of the struggling homeowners they see now have lost their jobs.”

One negative piece of news for Pleasanton homes for sale was a decrease in the number of sales, according to a March 19, 2010 article in The Reporter. This piece found that “Solano County home sales, like those in several other Bay Area counties, were sub-par again in February, dipping below the year-ago level for the second straight month as some potential buyers worried about three things: 1) job security; 2) inability to obtain financing; and 3) thin inventories of homes for sale.” According to John Walsh, the President of MDA DataQuick, “The sales and price data remain choppy, with more ups and downs and inconsistencies than we’d typically see. It’s partly the season – January and February are often atypical and don’t serve as good barometers…There’s still relatively little lending going on in the upper price ranges, and little adjustable-rate financing, which had been vital to the Bay Area.”

The conflicted nature of Pleasanton real estate for sale was further illustrated by a March 18, 2010 article in the Contra Costa Times, which noted that “Bay Area home sale prices rose for the fifth-straight month while the number of homes sold fell for the second-consecutive month on a year-to-year basis as some buyers are finding it harder to get into a home due to worries about job security, a lack of inventory and difficulty getting financing.”

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San Jose Real Estate

March 10th, 2010
Downtown San Jose from Sierra Azul open space ...
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Though many markets in California are still showing sluggish signs of improvement in their residential real estate sectors, the San Jose real estate market, after falling during much of 2009 after the financial crisis, seems to show signs of marked improvement into the beginning of 2010.

Statistics from February 2010 as provided by the Santa Clara County Association of Realtors show that the median price of a home sold in San Jose during the month was $485,000, up slightly from January’s median price of $481,100 and an improvement of February 2009’s price of just $406,500. The average price was $553,393, up from around $519,000 in January and $463,792 from a year ago.

The average number San Jose homes for sale are spending on the market has remained consistent. In February 2010, it was 64, compared with 65 and 63 in January 2010 and February 2009, respectively. Condos in San Jose were up to a median price of $285,000 in February of this year, up from $270,000 the previous month and $239,900 a year earlier.

As for sales volume, there were 387 single-family homes sold in February, up from 356 in January and 388 a year earlier. Condo sales volume was at 123 sold, down from 155 in January but up from a year earlier’s 113. Though all these statistics show signs for optimism in the market, according to the San Jose Mercury News, in the first month of 2010, foreclosures were on the rise in Santa Clara County, in which San Jose is located, an indication that the market is not out of the woods yet.

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