What's Happening in our Local Markets?



 



 Don Morton

Empire Realty
Office: (925)217-5000
Ext: 3123
Direct:(925) 217-3123
Mobile: (925) 330-1846

dmorton@empirera.com

DRE #00862226

 

 

 


 

 


February, 2012

Picking Up Steam:
Closed Sales and Pending Sales Up Locally

Our local real estate markets show improving numbers for both closed sales and new pending sales. In January, 2012, pending sales (homes going into escrow) increased 267% in Alamo compared with January of 2011. San Ramon went up 81%, Lafayette up 33%, and Danville up 6%.

Looking at the charts below showing sales activity for the past 3 years, it is evident we are in an upturn in terms of market activity. However, closed sales prices are still softening in many areas. Bank related properties are still pulling prices down and represented about 30% of closed sales in the 4th quarter 2011.

Selected Communities
3 Year Comparison
(Alamo, Blackhawk, Clayton, Concord, Danville, Diablo, Lafayette, Martinez,
Moraga, Orinda, Pleasant Hill, Rossmoor, San Ramon, Walnut Creek)


#closed sales




# pending sales

 

median closed sales prices



Prices are right, BUT Can I get a Mortgage?

Here's the outlook on mortgages according to one of our local lenders.
.Loans are available and lenders are funding many loans every month for borrowers who can fully qualify
.Loans can be difficult and require complete documentation (verificaton of income, savings, employment, etc.)
.Interest rates remain at historically low levels
.The Affordability Index is the best in years
.Loan turnaround times can be about 30 days, refi's up to 60 days
.Appraisals can still be an issue, especially on refinances

TIP: Speak with an experienced, local lender at the beginning of the home search process. This will enable you to be well prepared and knowledgeable about financing options for you and what requirements you will encounter. Lenders do weigh countless factors when approving or denying mortgage applications. Learning in advance what a lender might require can often help overcome approval hurdles.


_____

More recent real estate info
from the California Association of Realtors®

BEYOND THE HEADLINES
including
.A reprieve for unemployed borrowers
.Sales stir hope for housing market
.Fed: interest rates should stay low until late 2014
.Housing inventory ends year down 22 percent
. And more



Local Community Snapshot:

Please note that AVERAGE CLOSED SALES PRICES and MEDIAN prices early in the year
can be quite misleading because of the limited number of sales that are reported.
All figures are for single-family, detached homes and reflect year to date calculations.
Some sales prices were not reported or were reported as $0.
Those are not included. There may be some inaccuracies.

Alamo (year to date)
Average Closed Sales Price: $1,109,727
Median Closed Sales Price: $910,000
Average Closed Sales Days on Market: 69
Total Closed Sales YTD: 11
Number YTD Closed Sales Under $1M: 7
Number YTD Closed Sales Over $1M: 4

 

Blackhawk (year to date)
Average Closed Sales Price: $1,289,600
Median Closed Sales Price: $1,185,000
Average Closed Sales Days on Market: 84
Total Closed Sales YTD: 5
Number YTD Closed Sales Under $1M: 2
Number YTD Closed Sales Over $1M: 3

 

Danville (year to date)
Average Closed Sales Price: $ 825,305
Median Closed Sales Price: $ 825,000
Average Closed Sales Days on Market: 28
Total Closed Sales YTD: 18
Number YTD Closed Sales Under $1M: 14
Number YTD Closed Sales Over $1M: 4


San Ramon (year to date)
Average Closed Sales Price: $721,525
Median Closed Sales Price: $740,000
Average Closed Sales Days on Market: 44
Total Closed Sales YTD: 29
Number YTD Closed Sales Under $1M: 28
Number YTD Closed Sales Over $1M: 1

 

Walnut Creek (year to date)
Average Closed Sales Price: $661,280
Median Closed Sales Price: $595,000
Average Closed Sales Days on Market:61
Total Closed Sales YTD:25
Number YTD Closed Sales Under $1M: 23
Number YTD Closed Sales Over $1M: 2


Pleasanton (year to date)
Average Closed Sales Price: $724,536
Median Closed Sales Price: $634,000
Average Closed Sales Days on Market:57
Total Closed Sales YTD:27
Number YTD Closed Sales Under $1M: 23
Number YTD Closed Sales Over $1M: 4


Dublin (year to date)
Average Closed Sales Price: $608,078
Median Closed Sales Price: $575,000
Average Closed Sales Days on Market: 43
Total Closed Sales YTD: 17
Number YTD Closed Sales Under $1M: 16
Number YTD Closed Sales Over $1M: 1

 

Livermore (year to date)
Average Closed Sales Price: $453,824
Median Closed Sales Price: $380,000
Average Closed Sales Days on Market: 28
Total Closed Sales YTD: 61
Number YTD Closed Sales Under $1M: 60
Number YTD Closed Sales Over $1M: 1



(Sales History Archive: Compare this year with recent past)
Sold prices since 2003, market price peaks, numbers of closed sales, days on the market

Data above copyright© Contra Costa Association of Realtors®, 2012. Information is thought to be accurate but is not guaranteed and is intended only as a general market snapshot. MLS data is fluid and changes daily as new data is input. MLS data sometimes has reporting errors and there may be some inaccuracies in calculations both from MLS and in preparing this report. Sales NOT reported to our Multiple Listing Service are not included. The accuracy of information on any linked web sites has not been verified and is not guaranteed. This market compilation copyright© www.ourremarket.com, 2012. All rights reserved. No reproduction without permission.