Real Estate Market Statistics & Summary
Good Morning Readers!
The number of Active listings is higher than the previous three years at this time. However, the trend line seems to be flattening out and the number of actives is somewhat lower than last week. I have not verified this, but “my gut” tells me this is typical for this time of the season. Typically the listing inventory slows down in November and December. It will be interesting to see if the “shadow inventory” (next round of foreclosures) will impact these communities and the number of active listings during those months. For the most part, these communities have been relatively insulated from foreclosures, but not short-sales.
The encouraging news continues to be the trend line for the Pending sales, as that number is up significantly. While I believe the majority of this increase is due to improved market conditions (tax credit, lower prices, and favorable interest rates), some home sales are remaining in the Pending status for longer periods of time for a variety of reasons and mostly are lender-related. Short Sales sometimes take months to get approved, but must be reported as a Pending Sale once the Seller executes the contract. Because of all the new regulations imposed upon lenders, longer loan contingency periods are necessary to accommodate the process and thereby incease the time periods to close escrow. Buyers, in their frantic attempts to get the best deal, not only on the price of the home, but also on their interest rates keep shopping around during the contingency period and switch lenders at the last minute, requiring an extension of the loan contingency. This one is a problem because many sellers are reluctant to provide the extension. The asset managers handling the REO properties typically put a “per diem” charge in the contract for any delays caused by the Buyer. All that being said, we are seeing some improvements in time requirements on the lenders side, both short sales and buyer loan approvals.
The number of Closed Sales are now moving up above the previous three years. I think that is partly attributable to the improvement in the lending segment mentioned above.
One thing that surprises me is the amount of cash available in these communities. Many of the REO and Short Sales, primarily in the entry levels of these markets are all cash transactions or very, very low Loan-To-Value Ratio’s.
Prices: While the median price is really no indication of where the values are, they are all over the map in each community. It would be safe to say that no community was immune from a decline in their value. The difference in the decline of values depends on the community and the price ranges for those communities.
Enjoy the Statistics & Have a great week!
Cypress Inn at Miramar Beach in Half Moon Bay!
My favorite weekend getaway is the Cypress Inn at Miramar Beach. My husband and I like to go their to get away but still be close to home. We book an ocean view room and like to sit on the balcony and enjoy the
sound of the ocean. We walk along the ocean to the miramar restaurant for dinner. The Cypress Inn has unique rooms and a wonderful staff. They have a lovely gourmet breakfast and an evening wine and cheese. Here is a little description from their web site below: Check out their very cool rooms at www.cypressinn.com
The feeling of the interior design in the main building is to bring the outside in with a palette of nature’s colors from the Sea, Sky, and Earth. Mexican folk art and hand carved wooden animals add to the colorful celebration of nature. Rooms are privately tucked away from the lobby area and breakfast room. The Main Building is where you first enter the Cypress Inn, as tradition with B&B’s you ring the bell and the Innkeeper comes to warmly great you!
Monday Real Estate Market Report – Things Are Looking Up!
Good Morning Everyone;
As usual the real estate chart (at the bottom of the post) tells the story pretty well. The the number of Pending sales are climbing since 2007. The number Closed sales are slightly higher than the previous three years. There is a an increase in the number of active listings, but not like we were seeing when the market first showed signs of slowing down. And we didn’t have the big glut of inventory like other markets. Still don’t.
Both the number of Pending Sales and Closed escrow went up this week. That hints to me that the escrow process might be loosening up a little bit. There was more real estate moving from Pending to Sold than those going into Pending. And the Pending Sales are higher than the past two years at this time. So our local real estate market is picking up. We are also encouraged to see that high end real estate in Hillsborough is selling. A six million plus home moved to both Pending and Sold statuses.
Follow-Up To Yesterday’s Video
Hello Again Everyone,
Here is a follow-up to yesterday’s video! Do you want to know if I got the listing…? You will have to watch to find out!
TeamTapper.com’s First Video – Tap Goes To A Listing Presentation
Hey Folks,
So here it is Team Tapper’s first video. Yesterday on my way to a listing presentation, I had my little Flip Mino video camera next to me in the car, so I thought there is never a better time like the present. So here it is – forgive the quality & poor editing, it will only get better with time.
So, if for some reason the video isn’t working for you. The premise behind the video is that homes shouldn’t be priced by how much the Sellers want or need for the home. It’s based off comparable home sales to determine a price closest to market value.
I hope you enjoyed the video! Stay tuned for many more videos from Team Tapper at www.TeamTapper.com!
