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Posts Tagged ‘Counties’

The San Clemente housing market

June 25th, 2010

: Image via Wikipedia

The San Clemente housing market, found in the midst of the Orange County real estate market in Southern California, is currently showing signs of growth despite the impending threat of a ‘double-dip’ recession. According to a June 15, 2010 article in the OC Metro, “Orange County’s median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick. The median home price rose to $450,000 in the county, up about 10 percent from the same time last year.” The piece, composed by Kristen Schott, went on to note that “It’s the ninth consecutive year-over-year gain, according to the real estate information service. The price also increased from April when it hit $430,000…However, the May numbers were driven by government incentives, and he said the market will have to ‘stand on its own again’ in the latter half of the year.”

However, one economist is suggesting that the recovery for San Clemente real estate and other aspects of the Orange County economy is only temporary. Christopher Cagan of First American said in an interview with the Orange County Register that, “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. I have already seen asking prices reduced 5% or so in May from April.” The June 11, 2010 interview of Cagan went on to note that “But I don’t expect a catastrophic drop. To a great extent, prices and mortgage rates are now governed by the authorities – Fed, government, etc.”

According to Steve Thomas of Altera Real Estate, there is still a strong distressed homes market in San Clemente real estate and the rest of the County. He noted that “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase.”

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Posted in Real Estate

Tags: Counties Orange County Orange County California Orange County Register Real Estate Real estate pricing Southern California United States

The Mission Beach housing market

June 22nd, 2010

: Image via Wikipedia

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 11^th 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 13^th month in a row, indicating that the county will continue to grow moderately through the end of the year…”

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Posted in Real Estate

Tags: California Counties San Diego San Diego County San Diego County California United States

San Jose Real Estate

March 10th, 2010

: Image by the_tahoe_guy via Flickr

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.