homesmillbrae.com » Condos

Yes, price cuts do still happen on the San Francisco market

Tue, 25 Jun 2013 20:06:37 +0000

Share this gallery: 1 of 13

With all the news of a hot market, over-bidding, and homes being bought before they even hit the MLS, we thought a small dose of humble pie might be in order for San Francisco real estate. For instance, despite being 4 beds, 4 baths with a deck, backyard and lower level rec room, the Octavia Street home above hasn’t sold in over 25 days; not only that, it’s had to drop its price $300K in hopes of finding a buyer.

What will it ultimately sell for?

Condos

Condos have been in demand as well, but that doesn’t mean every single one flies off the market at over-asking price. This Bryant St. unit, a loft-like 1 bed, 2 bath with deeded parking, listed in early June for $649K and is now down to $599K.

Share this gallery: 1 of 8

What price do you think it might actually get, readers?

Co-ops

Co-ops too, despite the (limited) allure of exclusivity and general rarity they enjoy, have suffered recent price-cuts. This classic example on Gough St., a 4 bed, 3,5 bath in Pacific Heights, has dropped from $2,850,000 to $2,695,000.

Share this gallery: 1 of 10

How much will it finally fetch?

We’re hardly pointing out a major reversal in the market. As this infographic courtesy of Paragon Real Estate Group shows, May sales were heavily weighted toward at-or-above-asking prices.

May sales in SF sold largely at or above asking. Courtesy Paragon R.E., SF

Still, 10% of homes sold at less than asking (though not by much), proof of some (waning) buyer power still in existence.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest, and writes for SFGate and CurbedSF. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/06/25/yes-price-cuts-do-still-happen-on-the-san-francisco-market/

Parking Spot Sells For $82K In San Francisco Building

Mon, 24 Jun 2013 07:58:38 +0000

SAN FRANCISCO (CBS/AP) – It seems parking spots aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000.

The 8- by 12-foot parking space is in an enclosed garage in a condominium building just a block from ATT Park. The unidentified buyer did not respond to interview requests, but a Porsche SUV was parked in the space on Thursday.

While it may seem like a lot of money, real estate agents said parking could be a good investment. It can add as much as $100,000 to the purchase price of a property, or be rented out at rates of $400 to $450 a month — the going rate in South Beach.

Sean Sullivan, who sold the space, said the spot has an ideal location with Instagram and other tech companies nearby.

“We had a very good response right out of the gate,” said Sullivan, an agent who works for Climb Real Estate. “It was only in the market two weeks.”

Sullivan said that he’s previously sold a space for even more. In fact, he sold a parking spot in the same exact building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to the Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county Bay Area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows non-residents to own a spot.

The new owner has a deed and will be required to pay property taxes and homeowner association dues on his little slice of South Beach.

The sale was all cash.

Article source: http://sanfrancisco.cbslocal.com/2013/06/13/parking-spot-sells-for-82k-in-san-francisco-building/

Supply affects SF Bay area March home sales – U

Sun, 05 May 2013 14:23:48 +0000

LOS ANGELES ?
The real estate tracking firm DataQuick says San Francisco Bay area home sales dipped in March compared to the same period in 2012, but the median price rose on a year-over-year basis for the 12th consecutive month.

San Diego-based DataQuick said Thursday that the March results were due to demand continuing to outstrip supply in many areas.

DataQuick says 7,263 new and resale houses and condos sold in the nine-county area last month, up 34.4 percent from February but down 6 percent from March 2012.

The median price paid in March was $436,000, an increase of 7.7 percent from $405,000 in February and up 21.8 percent from $358,000 in March 2012.

DataQuick says transactions of $500,000 or greater helped push the median sale price up.

The Associated Press

Article source: http://www.utsandiego.com/news/2013/apr/18/supply-affects-sf-bay-area-march-home-sales/

Bay Area Home Sales Dip Below 2012 Level Again; Median Sale Price Rises

Sat, 20 Apr 2013 10:44:19 +0000

La Jolla, CA – April 18, 2013 – (RealEstateRama) — Bay Area home sales fell below a year earlier for the second consecutive month in March as demand continued to outstrip supply in many markets. While low-end sales fell sharply compared with March 2012, $500,000-plus transactions jumped, helping to push the median sale price up on a year-over-year basis for the 12th consecutive month, a real estate information service reported.

A total of 7,263 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 34.4 percent from 5,404 the month before, and down 6.0 percent from 7,723 in March 2012, according to San Diego-based DataQuick.

It’s normal for sales to jump between February and March, with that gain averaging 39.5 percent since 1988, when DataQuick’s statistics begin. March sales have ranged from a low of 4,898 in 2008 to a high of 12,645 in 2004. Last month’s sales were 17.1 percent lower than the March average of 8,758.

The median price paid for a home in the nine-county Bay Area last month was $436,000. That was up 7.7 percent from $405,000 in February and up 21.8 percent from $358,000 in March last year.

The median has risen on a year-over-year basis for 12 consecutive months, with double-digit year-over-year gains the last ten months, and increases above 20 percent for the past five months.

Still, last month’s median was 34.4 percent lower than the $665,000 peak in June and July of 2007. In March 2009 the median hit its post-peak low of $290,000. That trough was an almost absurdly low level for the Bay Area, reflecting both widespread price declines as well as robust sales of heavily discounted inland foreclosures at a time high-end sales were all but dormant.

It appears that well over half of the 21.8 percent year-over-year increase in March’s median sale price reflects rising home prices. It’s Economics 101: Prices go up as growing demand meets an exceptionally low supply of homes for sale. However, a portion of the March median’s year-over-year gain reflects a change in market mix – sales of low-cost distress homes have fallen sharply, while sales of pricier move-up homes have shot up.

“Higher sales in the middle and top of the housing market reflect improved consumer confidence, ultra-low mortgage rates and the unleashing of more pent-up demand than many anticipated. There’s been a shift in psychology, where more people worry prices will rise and fewer fear a decline. It’s drawn a lot of folks off the fence following a long stretch of sub-par sales, especially in the higher price ranges. In the more affordable markets, we’ve seen a big drop in foreclosures, which limits the supply of homes for sale. Then you have homeowners who still can’t sell because they owe more than their homes are worth,” said John Walsh, DataQuick president.

“The more prices rise, though, the more likely we’ll see a lot more people put their homes on the market,” Walsh added. “There’s pent-up demand among potential sellers, too, and many will try to move as soon as it makes sense. A substantial jump in inventory would at least moderate home price growth.”

Last month the number of homes that sold for less than $500,000 fell 18.9 percent compared with March 2012, while the number that sold for $500,000 or more rose 25.2 percent, DataQuick reported.

Distressed property sales – the combination of foreclosure resales and “short sales” – made up about 30 percent of the resale market in March. Last month’s figure, which was the lowest in five years, was down from about 35 percent in February and down from about 49.0 percent a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 10.7 percent of Bay Area resales last month, down from 14.0 percent in February, and down from 25.5 percent a year ago. Last month’s level was the lowest since foreclosure resales were 10.1 percent of the resale market in November 2007. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average over the past 18 years is 10.2 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 19.0 percent of Bay Area resales last month. That was down from an estimated 20.5 percent in February and down from 23.8 percent a year earlier.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 39.7 percent of last month’s purchase lending, up from 37.1 percent in February, and up from 30.7 percent a year ago. Jumbo usage dropped as low as 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.

Adjustable-rate mortgages (ARMs), another indicator of mortgage availability, accounted for 12.7 percent of the Bay Area’s home purchase loans last month. That was up from 11.0 percent in February, and up from 11.6 percent a year ago. Since 2000, ARMs have accounted for a monthly average of about 42 percent of all purchase loans. ARMs hit a low of 3.0 percent of purchase loans in January 2009.

Government-insured FHA home purchase loans, a popular, low-down-payment choice among first-time buyers, accounted for 12.3 percent of home purchase mortgages in March. That was down from 14.6 percent in February and down from 20.9 percent a year earlier. In recent months the FHA level has been the lowest since summer 2008, reflecting both tougher qualifying standards and the difficulties first-time buyers have competing with investors and other cash buyers.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 14.8 percent of the purchase loan market, Stearns Lending with 4.5 percent, and RPM Mortgage with 3.6 percent.

Last month absentee buyers – mostly investors – purchased 27.3 percent of all Bay Area homes. That was down from 28.7 percent in February, and up from 24.2 percent a year ago. Absentee buyers paid a median $324,000 in March, up 29.6 percent from $250,000 a year earlier.

Buyers who appear to have paid all cash – meaning no sign of a corresponding purchase loan was found in the public record – accounted for 31.1 percent of sales in March. That was down from 32.3 percent the month before and up from 29.4 percent a year earlier. The monthly average going back to 1988 is 12.9 percent. Cash buyers paid a median $325,000 in March, up 30.0 percent from $250,000 a year earlier.

San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated for Alameda and San Francisco counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,579. That was up from $1,460 in February, and up from $1,359 a year ago. Adjusted for inflation, last month’s payment was 44.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 58.7 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity is well below year-ago and peak levels reached in the last few years. Financing with multiple mortgages is low, and down payment sizes are stable, DataQuick reported.

All Homes #Sold #Sold Pct. $Median Median Pct.

Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157

Comments

No comments yet.

Bay Area May Home Sales, Median Price Inch Up From April; Fall below 2010
La Jolla, CA. – June 15, 2011 – (RealEstateRama) — The Bay Area housing market in May posted modest month-to-month gains in sales and median prices, but those same measures fell sharply from year-ago levels, which had been pumped up artificially by homebuyer tax credits. Move-up buying and new-home sales were especially weak last month, while the share of…

January California home sales, median price dip, C.A.R. reports
LOS ANGELES, CA – February 15, 2012 – (RealEstateRama) — California home sales declined from both the prior month and year in January, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price also was lower, primaril……

Bay Area June Home Sales Surge, Median Price Edges Up to 2011 High
La Jolla, CA. – July 15, 2011 – (RealEstateRama) — Bay Area home sales rose sharply last month from May to the highest level for any month since June 2010, when outgoing homebuyer tax credits gave housing demand a final boost. The median price rose slightly from May but remained below the year-ago level for the ninth consecutive month amid…

Southland Home Sales at Six-Year High; Median Price Up Again Yr/Yr
La Jolla, CA – March 14, 2013 – (RealEstateRama) — Southern California logged the highest February home sales in six years last month amid relatively strong sales of mid- to high-end properties and a record share of homes sold to absentee buyers. The ……

Vacation Home Sales Continued To Rise in 2012, With Median Sales Price Up For the First Time Since 2009, According to New Research from HomeAway and National Association of Realtors
AUSTIN, TX – April 8, 2013 – (RealEstateRama) — The market for vacation home sales in 2012 showed continued signs of strength, with a 10% increase in sales from the prior year and a 24% increase in the median sales price, the first rise in three years, according to the 2013 Investment and Vacation Home Buyers Survey by the National…

Supply Affects SF Bay Area March Home Sales

Thu, 18 Apr 2013 22:33:45 +0000

The real estate tracking firm DataQuick says San Francisco Bay area home sales dipped in March compared to the same period in 2012, but the median price rose on a year-over-year basis for the 12th consecutive month.

San Diego-based DataQuick said Thursday that the March results were due to demand continuing to outstrip supply in many areas.

DataQuick says 7,263 new and resale houses and condos sold in the nine-county area last month, up 34.4 percent from February but down 6 percent from March 2012.

The median price paid in March was $436,000, an increase of 7.7 percent from $405,000 in February and up 21.8 percent from $358,000 in March 2012.

DataQuick says transactions of $500,000 or greater helped push the median sale price up.

Copyright Associated Press

Article source: http://www.nbcbayarea.com/news/local/Supply-Affects-SF-Bay-Area-March-Home-Sales-203631541.html

Bay Area Home Sales Improve as Investors and Cash Buyers Move In

Mon, 19 Mar 2012 10:14:09 +0000

March 19, 2012 (Brian Michael)

A record amount of purchases by investors and cash buyers helped push monthly sales of new and existing homes in the Bay Area higher in February according to real estate information provider DataQuick.

A total of 5,702 new and resale homes were sold in February in the nine county Bay Area, which includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma Counties. That was 4.1 percent higher than the 5,479 home sales in January and 14.2 percent higher than the 4,991 sales posted in February of 2011. Year-over-year home sales have improved for eight consecutive months.

Home sales typically increase from January to February in the Bay area with last month’s sales still 9.0 percent below the historical average of 6,268 sales despite the help of an extra day of sales due to the leap year. February’s sales tally was still the highest for that month since 2007.

Cash buyers accounted for a record 32.0 percent of the homes sold for the month, up from a revised 29.9 percent in January, paying a median price of $247,000 for their purchases. The previous record for cash purchases was 30.5 percent, reached in February of 2011.

Absentee buyers, usually investors and vacation home buyers, accounted for a record 26.0 percent of all sales, up from a revised 25.2 percent in January, paying a median price of $230,000 for the homes they purchased.

The median sales price for new and resale homes and condos in February fell 0.3 percent to $325,500, down from $326,000 in January. The median price was 3.6 percent lower than in February of 2011, when the median price stood at $337,250. It was the 17th consecutive month that home prices have declined year-over-year.

By comparison, the lowest median price posted during the current real estate cycle was $290,000 in March 2009, while the peak median price was $665,000 in June/July 2007.

Transactions below $300,000, where most cash buyers and investors make their purchases, posted the largest increase in sales activity, up 16.8 percent from a year ago.

John Walsh, president of DataQuick, stated, “The market is still strange, just a little less strange than it was. We also need to keep in mind that, when it comes to statistical trends, February is the least typical month of the year. Over the winter you’re left with a higher concentration of investors and people who must buy or sell because of a major life event. In the spring, when many traditional buyers return, we’ll get a much better read on the market. Meanwhile, many potential buyers are still waiting for the lending spigot to open more. Drum-tight credit conditions continue to undermine housing, along with negative equity and the various uncertainties plaguing would-be buyers.”

Distressed home sales accounted for 50.5 percent of the Bay Area’s re-sale market last month, down from a revised 50.7 percent in January. Foreclosure re-sales accounted for 27.4 percent of all existing home sales in February, up from a revised 27.2 percent in January, while short sales made up about 23.1 percent of the Bay Area’s existing homes sales last month, down from a revised 23.5 percent in January.

Foreclosure re-sales peaked at 52.0 percent in February 2009 while the rate of foreclosure re-sales has been about ten percent over the last 15 years.

Tags: Bay Area, DataQuick, home sales, home prices, spring selling season, median sales price, new homes, re-sale homes

Source:
Dataquick

Article source: http://loanrateupdate.com/mortgages/bay-area-home-sales-improve-as-investors-and-cash-buyers-move-in

Investors Help Push Bay Area Sales Higher, Prices Lower

Sat, 21 Jan 2012 11:53:20 +0000

January 20, 2012 (Brian Michael)

Just like their brethren to the south, monthly sales of new and existing homes in the Bay area surged in December, fueled by a record percentage of sales to investors according to real estate information provider DataQuick, but the lower prices they paid for their purchases helped push overall prices down.

A total of 7,494 new and resale homes were sold in December in the nine county Bay Area, which includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma Counties. That was 18.6 percent higher than the 6,317 home sales in November and 4.4 percent higher than the 7,178 sales posted in December of 2010.

Home sales typically increase 9.9 percent from November to December in the Bay area with sales varying from a low of 5,065 in 2007 to a high of 12,349 in 2003 with a monthly average of 8,643 sales.

John Walsh, president of DataQuick, stated, “We’ll remember 2011 as much for what didn’t happen as for what did. People put discretionary buying and selling on hold, except at the very top of the market. The spectacular gains in affordability, based on the combination of lower prices and ultra-low interest rates, was largely theoretical for many people because it was so hard to get a mortgage. That, combined with negative equity and economic uncertainty, kept people away.”

The median sales price for new and resale homes and condos in December fell 3.5 percent to $351,500, down from $363,500 in November. The median price was 6.3 percent lower than in December of 2010, when the median price stood at $375,000. It was the 15th consecutive month that home prices have declined year-over-year.

By comparison, the lowest median price posted during the current real estate cycle was $290,000 in March 2009, while the peak median price was $665,000 in June/July 2007.

Distressed home sales accounted for 49.6 percent of the Bay Area’s re-sale market last month, up from 45.9 percent in November. Foreclosure re-sales accounted for 28.6 percent of all existing home sales in December, up from 26.5 percent in November, while short sales made up about 21.0 percent of the Bay Area’s existing homes sales last month, down from 21.3 percent in November.

Foreclosure re-sales peaked at 52.0 percent in February 2009 while the rate of foreclosure re-sales has been about ten percent over the last 15 years.

Cash buyers accounted for 27.4 percent of the homes sold for the month, up from 27.1 percent in November, paying a median price of $215,000 for their purchases.

Absentee buyers, usually investors and vacation home buyers, accounted for a record 23.8 percent of all sales, up from 21.7 percent in November, paying a median price of $225,000 for the homes they purchased which was down from $250,000 in November. Sales of homes priced under $300,000, the primary market for investors, were 15.2 percent higher than they were a year ago.

Tags: Bay Area, DataQuick, home sales, home prices, spring selling season, median sales price, new homes, re-sale homes

Source:
Dataquick

Article source: http://loanrateupdate.com/mortgages/investors-help-push-bay-area-sales-higher-prices-lower

Bay Area home sales rise, but prices fall

Thu, 15 Dec 2011 14:39:15 +0000

Bay Area home sales and prices remain lackluster, especially at the high end of the market, according to a real estate report released on Wednesday.

“Sales are subpar, prices mainly flat and I don’t anticipate much change,” said Andrew LePage, an analyst with San Diego’s DataQuick, which produced the report. “Lots of people are stacked up on the sidelines, waiting for a better time to buy or sell when things are more certain.”

The median price for all homes – resale, new and condos – sold across the nine Bay Area counties in November was $363,500, down 4.3 percent from a year ago.

The total number of properties changing hands edged up 3.4 percent to 6,317, compared with last year.

Not much inventory

Low inventory remains an issue as many people are reluctant to sell, said Rick Turley, president of Coldwell Banker’s Bay Area region.

“The home seller who becomes a move-up buyer is almost like a missing generation,” he said. “We have some people out there with an appetite (to buy) who have a down payment and can qualify, but because of the ho-hum market, there isn’t inventory for them.”

Turley said he sees about 4 1/2 months’ worth of inventory for high-end homes and just a few weeks’ worth on the low end.

Cindi Hagley, managing broker at Prudential California Realty in San Ramon, observed similar dynamics.

“We have multiple offers on almost everything we sell for under $400,000,” she said.

But at the other end, “People who could theoretically afford to buy bigger homes are hunkering down a bit,” Hagley said. “People are downsizing” rather than moving up.

High-end sales are also taking a hit from a change in the conforming loan limit, which eliminates most government-backed mortgages between $625,501 and $729,750. Lawmakers restored FHA loans in that bracket, but Fannie Mae and Freddie Mac mortgages are no longer available.

“We don’t know yet to what extent FHA and the private mortgage market can fill that void,” LePage said.

The tighter financing for high-end homes is reflected in declining sales volume.

Low-price purchases

For instance, in Santa Clara County, November sales of homes over $800,000 were down 18.2 percent from a year earlier, while sales of homes under $300,000 rose 22.3 percent compared with November 2010, LePage said.

Throughout the real estate downturn, sales of higher-end homes have declined dramatically. Mortgages above $417,000 accounted for about 29.7 percent of November’s purchase lending, DataQuick said. Before 2007, such “jumbo” mortgages represented almost 60 percent of local purchase loans.

Distressed sales – foreclosures and short sales sold for less than is owed on the mortgage – remain a potent force, accounting for almost half of all resales in the Bay Area in November.

Investor activity remains high, with absentee buyers snapping up 22.6 of all homes sold last month compared with a regular monthly average of 13.9 percent since 2000. All-cash buyers represented 27.9 percent of November sales.

Other national reports out this week underscored the market’s continued malaise:

– Real estate service Zillow.com said values nationwide were down 5.1 percent in October compared with a year earlier. In the San Francisco metropolitan area, it said, values fell 6.3 percent and are now 33.8 percent off their peak.

– Foreclosure service RealtyTrac said November foreclosure filings nationwide were down 14 percent compared with a year ago. But the company said that despite that seasonal slowdown, numbers suggest a new surge of foreclosures in coming months.

California foreclosure auctions hit a 10-month high in November and the state had the nation’s second-highest foreclosure rate (after Nevada) with 1 in every 211 properties receiving a foreclosure filing in the month. Bucking the national trend, California foreclosure filings rose 11 percent in November compared with 2010.

– Move.com, the nation’s largest online collection of for-sale listings, with data from all of the country’s 900-plus multiple listing services, showed national inventory down 21.3 percent in November compared with a year ago and median list prices up 4.05 percent.

In the counties of San Francisco, San Mateo and Marin, Move.com showed median list prices basically flat compared with a year ago and inventory down significantly. Homes in those counties sold much faster than those elsewhere in the country, with an average inventory age of 76 days versus 114 days nationwide.

E-mail Carolyn Said at csaid@sfchronicle.com.

This article appeared on page D – 1 of the San Francisco Chronicle

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/12/15/BU6K1MCHQJ.DTL

Supply of Tampa Bay area homes for sale shrinks to 5-year low

Wed, 26 Oct 2011 01:40:58 +0000

By Mark Puente, Times Staff Writer

In Print: Wednesday, October 26, 2011

Click here for reuse options!

Story Tools

Comments

Contact the editor

Email Newsletters

By the numbers

8,316 Homes and condos listed for sale in Pinellas County

9,981 Homes and condos listed in Hillsborough County

1,638 Listings for homes at $140,000 to $159,000 in Pinellas and Hillsborough counties

37% Decrease from a year ago in those moderately priced homes.

The amount of Tampa Bay area real estate for sale has fallen to levels not seen for almost six years.

“I think this one stat is a bright spot in an otherwise uncertain market,” said Tim Wilmath, director of valuation for the Hillsborough property appraiser.

Pinellas County listings for homes and condos fell last month to 8,316, a level last seen in December 2005. In Hillsborough County, the 9,981 listings were the lowest total seen since January 2006.

Real estate experts say a healthy inventory supply is six months, meaning it would take about six months to sell all the inventory that is currently on the market. The lower the supply, the stronger the market.

Hillsborough’s supply peaked at 25 months in January 2008; Pinellas at 18 months in March 2007. Today, Hillsborough’s supply is 5.8 months; Pinellas, 7.1 months.

In normal times, declining inventory would have homeowners rushing to drive “For Sale” signs in their lawns to snatch rising prices and multiple offers. But these days, even with mortgage rates at record lows, many homeowners have seen comparable properties in their neighborhoods go for a song and are hesitant to battle with the discounted prices of foreclosed and short-sale houses.

“I’m not replacing my listing inventory,” said Craig Beggins, owner of Century 21 Beggins Enterprises in Apollo Beach. “The only people selling right now are the ones who have to sell.”

The inventory decline is statewide.

Miami listings are down 49 percent from one year ago. Fort Myers, 42 percent; Orlando, 46 percent; Sarasota-Bradenton, 32 percent. That compares to the 33 percent drop in Tampa Bay.

But the good news may not last.

Some experts predict that lenders will start putting more homes on the market from the shadow inventory. These are homes that have already been seized by a lender but not listed for sale. The shadow inventory could further depress prices if banks put at lot of homes up for sale at once.

John Tucillo, chief economist at Florida Realtors, said the inventory of less expensive homes has shrunk, but the market is still saturated with higher-priced homes. “You’re almost getting a bifurcated market,” he said. “We’re seeing shortages in some price ranges.”

Moderately priced homes are disappearing from the market.

Listings decreased 37 percent in the $140,000 to $159,000 price range in Hillsborough and Pinellas ounties. The figure fell from 2,587 in September 2010 to 1,638 last month, according to data from the Greater Tampa Association of Realtors and Pinellas Realtor Organization.

Tony Delgado, an agent with Homeward Real Estate in South Tampa, said it’s becoming harder to find homes priced around $150,000. He said one of his clients took nine months to find a home on a deal closing this week.

“People are just giving up on selling their homes,” he said.

The dwindling supply in Tampa Bay area has not done much to raise sales or median prices of single-family homes. But the gaps are closing when compared year-over-year.

Sales were higher in six of nine months this year compared to the same months in 2010. A federal tax credit artificially inflated the figures in the three higher months in 2010.

In January, the median price was $110,000, 16 percent lower than the $130,500 media price in January 2010. In September, the gap closed by going from $130,100 in 2010 to $126,900 last month.

And a sliver of good news emerged last week about the Sunshine State’s housing market.

Florida, among the hardest-hit when the housing market imploded, appears to be stabilizing, according to a report from the real-estate website Realtor.com.

Across the country, the largest year-over-year increase in September’s median list prices occurred in five Florida markets: Fort Myers, Miami, Naples, Sarasota-Bradenton and Punta Gorda, the report said.

Still, Delgado, an agent for 22 years, fears the inventory will eventually rise again as banks put more distressed properties on the market, driving prices down again.

He added: “That’s going to have a negative impact and drive more people into foreclosure.”

Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459. Follow him at Twitter at twitter.com/markpuente.

[Last modified: Oct 25, 2011 09:13 PM]

Click here to post a comment

You must enable javascript to view and add comments.

Join the discussion: Click to view comments, add yours

#simplemodal-container a.modalCloseImg{ background:none; right:-16px; width: 30px; height: 30px; filter: progid:DXImageTransform.Microsoft.AlphaImageLoader(src=”/universal/images/modal-close.png”, sizingMethod=’scale’); }

Article source: http://www.tampabay.com/news/business/realestate/supply-of-tampa-bay-area-homes-for-sale-shrinks-to-5-year-low/1198524

Bay Area Home Sales Rebound in August but Prices Fall

Tue, 20 Sep 2011 11:50:25 +0000

September 19, 2011 (Brian Michael)

Bay Area home sales rebounded in August after a surprise drop in July but still remained far below historic levels according to data collected by real estate information provider DataQuick.

A total of 7,513 new and resale homes were sold in August in the nine county Bay Area, which includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma Counties. That was a gain of 9.1 percent from July’s 6,887 sales and also a gain of 12.2 percent from the 6,698 sales posted in August of 2010.

The Bay Area historically sees a sales increase of 3.4 percent between July and August. Home sales in the Bay Area were 22.4 percent below the historic August average of 9,682 homes sold. The lowest amount of homes sold in the Bay Area in August since 1988 was 6,688 in 1992, while the highest amount of homes sold was 13,940 in 2004.

However, because August had 23 business days in which home sales could be recorded compared to 20 days in July, the average number of homes sold per day in August was actually five percent lower than in July but were still 7.3 percent higher than in August 2010.

“The sliver of positive news here is that, no matter how you look at it, last month’s sales beat the year-ago numbers, which were pretty lousy. Lower prices and mortgage rates lured some homebuyers off the sidelines last month, but too many others lacked the confidence to step into the game. They worried about their job, or about prices falling more. Others couldn’t get a loan because credit remains drum-tight, or they couldn’t move because they’re underwater,” said John Walsh, DataQuick president.

The median price for new and resale homes and condos declined 1.1 percent to $370,000 in August compared to $374,000 in July. The median price was down 3.9 percent from $385,000 in August of 2010, the eleventh straight month that year-over-year home prices have dropped.

By comparison, the lowest median price posted during the current real estate cycle was $290,000 in March 2009, while the peak median price was $665,000 in July/August 2007.

Distressed home sales made up 45.0 percent of the Bay Area’s resale market last month, with foreclosure re-sales accounting for 26.4 percent of re-sales in August, up from 25.9 percent in July, while short sales made up about 18.6 percent of Bay Area’s sales last month, down from 18.8 percent in July.

Foreclosure re-sales peaked at 52.0 percent in February 2009 while the historic rate of foreclosure re-sales is about nine percent.

Tags: Bay Area, DataQuick, home sales, home prices, spring selling season, median sales price, new homes, re-sale homes

Source:
Dataquick

Article source: http://loanrateupdate.com/mortgages/bay-area-home-sales-rebound-in-august-but-prices-fall

homesmillbrae.com » Condos

Yes, price cuts do still happen on the San Francisco market

Parking Spot Sells For $82K In San Francisco Building

Supply affects SF Bay area March home sales – U

Bay Area Home Sales Dip Below 2012 Level Again; Median Sale Price Rises

Comments

Leave a comment

Related posts:

Recent Posts

Popular Posts

Supply Affects SF Bay Area March Home Sales

Copyright Associated Press

Bay Area Home Sales Improve as Investors and Cash Buyers Move In

Investors Help Push Bay Area Sales Higher, Prices Lower

Bay Area home sales rise, but prices fall

Not much inventory

Low-price purchases

Supply of Tampa Bay area homes for sale shrinks to 5-year low

Bay Area Home Sales Rebound in August but Prices Fall