Livermore real estate market
May 14th
- Image by SRivera via Flickr
The Livermore real estate market, a subset of the larger Alameda County real estate market, seems to be rallying, although that prediction may be premature. According to a March 11, 2010 article in the Contra Costa Times, “The number of East Bay homeowners who received a default notice, the first step in the foreclosure process, was lower in February than a year ago, but that doesn’t necessarily mean the foreclosure problem is going away.” The piece, composed by Eve Mitchell, continued to state that “Observers point out the improved numbers shown in the monthly report due to be released today by www.realtytrac.com continue to be linked to federal government programs and state legislation designed to help homeowners avoid foreclosure. The upshot is that a true market snapshot is not emerging of local and national foreclosure activity, which includes default notices, scheduled auction sales and bank repossessions.”
In general, sales of Livermore homes for sale slipped slightly in February, according to a March 19, 2010 article by DQNews and the NuWire Investor. The article found that “Bay Area home sales were subpar again in February, dipping below the year-ago level for the second straight month as some potential buyers worried about job security, some couldn’t get financing and others found a thin inventory of homes for sale. the median price paid rose year-over-year for the fifth consecutive month, mainly because fewer low-cost foreclosures have sold and more higher-end homes have turned over this year compared with last, a real estate information service reported.” The piece continued to find that “A total of 4,987 new and resale houses and condos closed escrow in the nine-county Bay Area last month.”
Sale prices for Livermore real estate for sale, however, rallied slightly, according to a March 19, 2010 article in the Contra Costa Times. According to the piece by Eve Mitchell, “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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Scottsdale Real Estate Update
Mar 22nd
- Image via Wikipedia
The high-priced area of Scottsdale, Arizona, found itself suffering a heady blow from the effects after the bursting of the U.S. housing market bubble. Residents have seen the values of their homes fall amid the tumbling of the economy, and many have found themselves in foreclosure after being unable to make high or reset mortgage payments, leaving a larger inventory on the Scottsdale real estate market.
According to local realtor Matt Pellerin, prices are still suffering. In February, the average asking price in North Scottsdale was $690,500, a 7.8% decline from January and a 7.5% decline year-over-year. In South Scottsdale, price declines were even steeper. The asking price in February was $234,000, a decline from the prior month of almost 11% and a year-over-year change of 14%. Sale prices were down too: In South Scottsdale, the average sale price was almost $245,000, a nearly 2% decrease from January and a 3.7% drop from 2009. In North Scottsdale, the the sale price declines were steeper: The average price was around $632,000, down 6.45% from January and down more than 8% from a year prior.
Days on the market was one area where improvement was seen. In South Scottsdale, Scottsdale homes for sale spent an average of 94 days on the market before selling, basically steady with January’s figure of 92 days, and down markedly from last year’s figure of 136 days. In North Scottsdale, those figure were 175 days for February of this year, down from 185 the month prior and 192 a year earlier. There were 269 sales in North Scottsdale in February, up 50% from the previous year. South Scottsdale saw an even higher increase in activity, with 53 sales, up 96% from 2009.
The condo market showed less wild swings. In South Scottsdale, there were 74 sales, up almost 90% from 2009. The average sales price, of around $162,000, was up 3% from the previous year, while the average asking price of more than $171,000 was up 3%. North Scottsdale’s condos showed a similar surge in sales, up 140% to 96, but a further fall in prices. The average price was down almost 26% in February, to around $180,000.
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San Francisco real estate update 2009
Nov 24th
- Image via Wikipedia
San Francisco real estate has seen lackluster interest and fluctuating prices for a few years to the erratic economic conditions caused by the global recession affecting real estate markers not only in the United States but around the world. Steven Brown of the San Francisco Business Times wrote on November 11, 2009, that “more than a quarter of homes listed for sale in San Francisco have had their asking prices cut in the last year, with a whopping $66.1 million in total price reductions for the city.”
Additionally, according to Trulia, Inc., a real estate market analysis company, “28 percent of listed homes in San Francisco have had their prices cut in the last year. That puts San Francisco at No. 27 on a list of the top 50 U.S. cities ranked by percentage of homes that have been discounted.” The report also announced that “luxury homes costing $2 million or more have been the hardest hit across the country but are responsible for a quarter of the total of $28.1 billion in home price cuts.” These staggering figures spell financial hardship for many previous owners or mortgage holders who have had difficulty with their properties in one of the most expensive cities to live in.
Owners of San Francisco homes for sale are not happy at all with the latest figures released by realtor associations and RealtyTrac. As reported on November 18, 2009, via Yahoo!’s real estate portal, there were almost 2,000 homes for sale on the market at a median price of $839,000, a decrease in over six percent compared to the previous month. Foreclosed houses didn’t suffer as badly. Based on about 1,700 property foreclosures, there was only a 3.3 percent decrease in price, dropping the median to a tad over $524,000.
There is some relief, though. For buyers interested in real estate in San Francisco and who would like to help rebuild the local real estate market, the Mayor’s Office of Housing has created a down-payment assistance program to help facilitate homeownership for people with low and moderate incomes. The San Francisco Chronicle announced on November 13, 2009, that the program would be expanded to help stimulate sales in the city.
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