Local Market Statistics
Local Market Statistics (Woodland inc. Wildwings Subdivision)
4th Quarter, 2009
October, November, December # Sales = 144
Median sales price $225,000.
Average days on the market 55
# of closed sales, Year 2009 624
# of closed sales, Year 2008 635
According to the Metrolist MLS Services the median sales price of single family homes in 2009 was $220,000, showing a 14% decrease from the medium sales price of $225,000 for 2008.
Posted at 03:08PM May 26, 2010 by Lupe Springer-Hodges in General | Comments[0]
How's the Market from Lupe's Desk
As I reflect on the last year, the largest change I have noticed in the real estate industry is how quickly things change! Interest rates, banking regulations, standard forms, prices, market trends all change at a far more rapid pace than ever before. I receive market updates daily and my colleagues in the lending industry receive pages & pages of new lending requirements each day.
You may have noticed the 14% decrease in the sales prices of 2009 vs. 2008. This is due to the fact that the majority of sales were short sales or foreclosures. Short sales & foreclosures sell for low prices to encourage buyers to take them "as is" and wait for months and months for a short sale approval. There were also fewer higher priced homes that sold and that is reflected in the median sales prices, as well.
Demand is high, prices are low, interest rates are low but appraisers are not reflecting this in their appraisals. While many of our listings are receiving very good offers, the appraisals can come in low-causing the sale to be cancelled or the Seller to accept a lower sales price in order to close the sale.
"Shadow Inventory" is our buzzword right now. Shadow inventory are homes that have been foreclosed on, but have not been listed for sale yet. Shadow inventory also includes homes that are in the foreclosure process and homes that appear to be in immediate risk of foreclosure. It is estimated that we have over a year's supply of homes that could flood the market and increase supply dramatically. Right now that sounds pretty good to me! If you have been working with me to find a home-you know how little there is for sale.
Hanson Ranch, the semi-custom neighborhood off Pioneer, is almost sold out. There are only 3 homes left to build & sell. It really is turning out to be a beautiful neighborhood. I am usually there on Sunday afternoon (open house) and would love to have you stop by and say Hello.
Posted at 10:16AM May 24, 2010 by Lupe Springer-Hodges in Real Estate | Comments[0]
C.A.R. launches Mortgage Protection Program
To help provide first-time home buyers with peace of mind when purchasing a home, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) Housing Affordability Fund is offering a new mortgage protection program to first-time home buyers.
Through the C.A.R. Housing Affordability Fund's Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.
For more information including eligibility requirements and information on applying for the C.A.R.H.A.F. Mortgage Protection Program, please visit: www.car.org/aboutus/hafmainpage/carhafmortgageprotection/
Posted at 01:25PM Jun 30, 2009 by Lupe Springer-Hodges in General | Comments[0]
Local Market Statistics
Local Market Statistics (Woodland inc. Wildwings Subdivision)
1st Quarter, 2009
January, February, March Total Sales = 142 YTD = 142
Median sales price $195,000.
Average days on the market 67
# of closed sales, Year 2008 635
# of closed sales, Year 2007 343
According to the Metrolist MLS Services the local median sales price of single family homes year-to-date in 2008 was $282,000. The median sales price year-to-date in 2009 was $216,000 - an apporx. 24% decrease in median sales price in one year.
Posted at 11:41AM Feb 05, 2009 by Lupe Springer-Hodges in General | Comments[0]
