Category Archives: Real Estate Market

Money Monday: California Housing Affordability

Higher wages and seasonal price declines affect California housing affordability.

housing market forecast

• “Thirty-one percent of California households could afford to purchase the $511,360 median-priced home in the fourth quarter, unchanged from third-quarter 2016 and up from 30 percent in fourth-quarter 2015.” (“4th Qtr 2016 Housing Affordability”. CAR.org. 9 Feb 2017)

• “A minimum annual income of $100,800 was needed to make monthly payments of $2,520, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 3.91 percent interest rate.”

Read all about 2016’s housing marketing in the fourth quarter, in the CALIFORNIA ASSOCIATION OF REALTORS’ article here: “4th Qtr 2016 Housing Affordability“.

 

First-Time Home Buyers Have Increased

For the first time in three years, the percentage of home buyers in the real estate market has increased.

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

California Pending Home Sales Increase Moderately

Led by Southern California, state’s pending home sales trends in December.

Source: CALIFORNIA ASSOCIATION OF REALTORS®

Led by the Southern California region, California pending home sales registered gains on a month-to-month and year-to-year basis, portending a moderate increase in sales in the near term, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.housing market forecast

The modest sales growth is unlikely to be sustained, however, given the severe shortage of homes for sale and affordability concerns, as indicated in C.A.R.’s December Market Pulse Survey**, which saw fewer listing appointments and less open house traffic.

Based on signed contracts, statewide pending home sales increased in December on a seasonally adjusted basis, with the Pending Home Sales Index (PHSI)* rising 1.9 percent from 115.8 from December 2015 to 118.1 in December 2016 – even with new mortgage rules that pushed sales higher December a year ago.

  • On a monthly basis, California pending home sales were up 3.3 percent from the November index of 114.4.
  • Southern California saw the largest increase in pending sales last month, rising 7.8 percent on an annual basis and decreasing 16.1 percent on a monthly basis.
  • On the flip side, in the San Francisco Bay Area as a whole, tight housing supplies and low
    affordability contributed to a fall in pending sales of 14.2 percent compared to December 2015 and 32.5 percent from November.
  • Overall pending sales in the Central Valley improved 0.9 percent from December 2015 and were down 18.4 percent from November.
  • The share of homes selling below asking price fell from 57 percent a year ago to 43 percent in December. Conversely, the share of properties selling above asking price increased to 23 percent from 18 percent in December 2015. The remaining 34 percent sold at asking price, up from 25 percent in December 2015.
  • For homes that sold above asking price, the premium paid over asking price rose to 11 percent, up from 8.4 percent in November and 9.2 percent a year ago.
  • The 43 percent of homes that sold below asking price sold for an average of 22 percent below asking price in December, double the November figure of 11 percent, and was up from 13 percent from a year ago.

Read the full story: www.car.org/newsstand/newsreleases/2017releases/dec2016pending

Improved Affordability in California

Compared to this time last year, homes are slightly more affordable in California

  • The median price for a single-family home in California in 2016’s Q3 was $515,940.
  • 31% of households could afford to purchase a median-priced home — compared to 29% of households a year ago.
  • Least-affordable counties include: San Francisco, San Mateo, and Marin.
  • Most-affordable counties include: San Bernardino, Kings, and Kern.

CAR improved real estate affordability in California

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS

What Xers Want in a Home

Gen X home buyers want specific things from and priorities for their homes, and have different desires than perhaps other generations.

Family is a top priority among this generation, and want their house to reflect this.

what_xers_want_-_hires

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS here.

For Sale: 334 Springtree Pl, Escondido, CA & November Real Estate Stats

SUPER price, SUPER location!

334 Springtree Place, Escondido, CA 92026
exterior front | 334 Springtree Pl, Escondido, CA 92026 - listed by John A Silva, Realtor

Offered at $519,900 | View virtual tour

Cul de sac, Great schools nearby, single story gem with refreshing pool & hot tub! Light and bright inside with extra living space, elegant style kitchen: black granite counter tops and white cabinets. Remodeled master bedroom bath with new flooring, vanity & mirrors plus double sinks and walk in closet. Newer beautiful laminate flooring in family room with cozy fireplace, all house fan, energy efficient pool pump & heater for hot tub, plus solar in past year. NO MELLO ROOS/HOA! More details here.

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Contact me today for more information or to view this home!

John A Silva | (619) 890-3648 | Email


Current stats for past month of November

These are for $500K-$599K price range (HOT price range right now) single family homes only in the zip code 92026:

Average sales price: $544,000
Average Days on the Market: 49
Total solds: 14
Average Percentage of Sold Price to list price: 94%
Total current active listings: 23

Click Here to View Listings

Money Monday: California sales and prices up in October

California home sales and median price post higher in October

Source: C.A.R.

marketBolstered by healthy sales activity in Southern California and the Central Valley, California existing home sales and median price gained ground in October on a month-to-month and year-over-year basis, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 442,970 units in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The October figure was up 4.1 percent from the revised 425,680 level in September and up 8
percent compared with home sales in October 2015 of a revised 410,310. Home sales remained
above the 400,000 pace for the seventh straight month, and were up year-over-year for the second consecutive month. The year-over-year increase was the largest since January, and October’s sales level was the highest since July 2013.

“With prices continuing to increase amid a low supply of homes for sale on the market, especially in the San Francisco Bay Area and coastal regions, home buyers are migrating toward lowerpriced homes in more affordable inland areas,” said C.A.R. President Geoff McIntosh. “As a
result, home prices at the lower end of the market have risen significantly in the past year,
challenging an already depressed homeownership rate.”

The statewide median price remained above the $500,000 mark for the seventh straight month,
with little signs of slowing down. The median price of an existing, single-family detached
California home was up 1.2 percent in October to $513,520 from a revised $507,260 in
September. Since 2010, prices typically have declined from September to October. The monthly
price gain is an indication that demand remains unseasonably strong.

“While this month’s sales and price gains are encouraging, the market continues to experience a
supply issue that won’t abate any time soon,” said C.A.R. Vice President and Chief Economist
Leslie Appleton-Young. “A shortage of new listings remains a threat to home sales in the short
run, and with available inventory below normal levels, the dearth of listings suggests that the
market will remain tight over the near term.”

Full Story: www.car.org/newsstand/newsreleases/2016releases/oct2016sales

Money Monday: Home sales up in California

California home sales register nominal annual increase in September

Source: C.A.R.

urban real estate prices, most live in suburbsCalifornia existing home sales ticked up in September on a year-over-year basis for the first time in seven months as a shortage of homes available for sale continues to hold back the market, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Making sense of the story

  • Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 425,680 units in September, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
  • The September figure was up 1.3 percent from the revised 420,360 level in August and up 0.8 percent compared with home sales in September 2015 of a revised 422,360. Home sales remained above the 400,000 pace for the sixth straight month, and the year-over-year increase was the first since January.
  • “While higher sales both on a monthly and an annual basis is a glimmer of good news, with most of the home-buying season behind us for 2016, it’s not enough to tip the scales for an increase above 2015’s sales pace,” said C.A.R. President Pat “Ziggy” Zicarelli. “With listings continuing to decline and demand still strong, especially at the lower end of the market, affordability will remain a challenge for would-be buyers.”
  • The statewide median price remained above the $500,000 mark for the sixth straight month, with minimal signs of cooling down outside of a few select markets. The median price of an existing, single-family detached California home was down 2.3 percent in September to $514,320 from $526,580 in August. September’s median price increased 6.1 percent from the revised $484,670 recorded in September 2015. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values. The monthly price decline is primarily due to seasonal factors.

Full story: www.car.org/newsstand/newsreleases/2016releases/september2016sales