What's Happening in our Local Markets?
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DRE# 00991991
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Could this be THE turnaround year in local real estate? Another positive real estate forecast has just been released. Clear Capital, a California real estate valuations company, issued the following nationwide forecast on January 9, 2012: "While year-over-year prices notched down in 2011, prices are expected to see a slight uptick in 2012, the first time in positive territory since 2006." |
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Trends? In the chart above, prices were UP in 3 communities in December. Note the significant increase in Under Contract properties above compared with last December in 10 of the 15 surveyed communities. Prices seem to be luring buyers to come off the fence. December is usually a very slow month because of the holidays.
Distressed Property Sales
DataQuick, a real estate information service, reported in December that, "Bay Area home sales were ahead of 2010 for the fifth month in a row in November, despite limited mortgage availability and sluggish high-end sales. The median sale price fell again on a year-over-year basis, partly because of the slowdown in sales above the mid point for prices." They also reported on distress sales in the Bay Area: "Last month [Nov.] distressed property sales – the combination of foreclosure resales and short sales – made up 47.8 percent of the resale market. That was up from 45.2 percent in October and 46.7 percent a year ago...Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last three years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported." Looking for a bargain? It's not too late!
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More recent real estate info
from the California Association of Realtors®
BEYOND THE HEADLINES
including
°Five issues for housing in 2012
°Increase in short sales gives market a little breathing room
°Low mortgage rates likely to continue through 2012
°What you should know
°And more
Local Community Snapshot:
Sales Data for 2011
1/1/11 to 12/31/11
As you can see, real estate is local. There are significant differences between
the various local communities and the price ranges within the communities.
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.
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(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, 2011. All rights reserved. No reproduction without permission.