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Investors Help Push Bay Area Sales Higher, Prices Lower
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You're Now Reading:
Investors Help Push Bay Area Sales Higher, Prices Lower
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Investors Help Push Bay Area Sales Higher, Prices Lower
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January 20, 2012 (Jeff Alan)

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

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ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Tips
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Tips
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Calculator
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Rates

January 20, 2012 (Jeff Alan)

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

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 20, 2012 (Jeff Alan)

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

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.