Archive for June, 2009
The attached PDF has charts that track year to date sales by property type and neighborhood by number of sales; low, high and median sales price; average days on market (how long it took the home to be designated “pending sale”); and average sales price to original list price (that percentage of original list price buyers ended up paying). N/A means either the data wasn’t available or wasn’t trustworthy. An asterisk signifies a confidential sale — thus the price shown is the final asking price and not the actual sales price.
A surge in home sales that started in some of California’s more affordable inland areas has begun to spread to several more expensive coastal areas, another indicator that the state’s real estate market may be in recovery mode.
MAKING SENSE OF THE STORY FOR CONSUMERS
Many homes in the lower end of the market are receiving multiple offers, with some prospective buyers bidding well above asking prices. Inventory levels for homes priced under $500,000 stood at 3.2 months in May 2009, compared with 9.4 months in May 2008.
Some buyers, especially those in historically higher-priced markets such as the San Francisco Bay Area, are newly optimistic about buying homes and are realizing that the combination of low interest rates, favorable home prices, and first-time home buyer tax credits may not realign for many years.
This week’s list of our upcoming listings, pocket listings and price reductions.
$2,995,000 //St. Francis Wood // Santa Ana Avenue BR/BA: 5/6 PKG: 2+ Brief Description: Spectacular Colonial Ocean View Home with great attention to details. Available to show after Friday, June 27 First Open – Sunday, 6/28 from 2-4, Twilight Showing, Tuesday 6/30 from 5:30- 7pm
$1,250,000 // Inner Mission // 22nd Street BR/BA: 2 units PKG: 1 Brief Description: Beautifully renovated units in vibrant Mission location close to everything. Potential for 2 car garage, bonus in-law. Also available as >TICs
The Largest Free Jazz Festival on the West Coast
Every summer, the Fillmore Jazz Festival welcomes more than 90,000 enthusiastic guests, who gather to celebrate a prosperous tradition of jazz, culture and cuisine against the picturesque backdrop of Fillmore Street.
July 4th and 5th
10 a.m. to 6 p.m.
Fillmore Street, between Jackson and Eddy in San Francisco.
New Listings: 354 – stable, up a little from June 5, down a little from May 1st
Back on Market: 98 – up from 78: the number of deals falling through is still very high
Price Reductions: 236 – down from 252, but still very high
Went Contingent: 225 – up from 198: market continues to strengthen
Went Pending Sale: 238 – up from 193: market continues to strengthen
Sold: 187 – up from 157: market continues to strengthen
First-time home buyers wanting to take advantage of the state’s $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to entice home buyers into the market. However, there only is approximately 20 percent of the program’s funding remaining.
Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a “90-day moratorium” and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs as defined by the Act.
Under pre-existing law, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extending that time frame by another 90 days may not have much practical impact. For more information on the new law, go to C.A.R.’s legal article “Housing Stimulus Laws for 2009” at http://www.car.org/legal/2009-qa/housing-stimulus-laws-2009/.