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Equal Opportunity Housing |
Posted: Nov 30, 2011, 1:05pm PST
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Equal Opportunity Housing |
Posted: Nov 30, 2011, 1:05pm PST
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City | Carmel, CA |
Dates Analyzed | November 1 – November 30, 2011 |
Property Type | Single-Family Residential |
# of Homes For Sale | 162 |
Avg List Price | $ 1,991,111 |
Median List Price | $ 1,279,000 |
# of Homes Sold | 20 |
Sale Price to List Price Ratio | 94% |
Median Sales Price | $ 1,137,533 |
Avg Days on Market | 128 |
City | Seaside |
Dates Analyzed | June 24th through July 1st, 2011 |
Property Type | Single-Family Residential |
# of Homes For Sale | 56 |
# of Homes Sold | 9 |
Avg Asking Price | $ 269,611 |
Avg Sales Price | $ 263,761 |
Achievement Rate | 98% |
Median Sales Price | $ 270,000 |
Avg Days on Market | 60 |
Notes | Seaside, CA Homes for sale – this market is very active. I believe that it’s due to the lower price point and investment opportunities that abound in Seaside real estate. |
See what rental rates around the country are doing. It’s a great indicator of what is going on locally in our market. Are you interested in purchasing rental property, learning how to analyze a property to see if it’s a good investment, do you know anyone who has the same interests? Now is the time! If you’re in a conversation with someone who needs my help, please take out your cell phone and call me to discuss how we can be in touch.
Single-family residential Real Estate statistics for the Monterey Peninsula, May 2011 (see more at www.ZachGoldman.com)
# of Sales | Avg Sales Price | Median Sales Price | Avg Days on Market | |
Carmel | 12 | $1,083,492 | $790,000 | 159 |
Monterey | 16 | $608,563 | $506,000 | 178 |
Pacific Grove | 7 | $623,286 | $554,000 | 93 |
Pebble Beach | 2 | $1,282,500 | $1,282,500 | 259 |
Seaside | 22 | $273,564 | $235,000 | 82 |
Washington, DC, May 24, 2011
The improving economy and job creation mean growing demand for commercial real estate, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said job creation will be the biggest factor moving forward. “Job growth creates demand for commercial space, and the economy should be adding between 1.5 million and 2 million jobs annually both this year and in 2012, with the unemployment rate falling to 8.0 percent by the end of next year,” he said. “Given the minimal new supply in recent years, the rising demand means vacancy rates will be trending down in the commercial real estate sectors. Individual markets are now stabilizing and in some cases rising.”
Fast Facts
Calif. median home price: April 2011: $293,570 (Source: C.A.R.)
Calif. highest median home price by region/county April 2011: Marin $726,060 (Source: C.A.R.)
Calif. lowest median home price by region/county April 2011: Merced $103,890 (Source: C.A.R.)
Calif. Pending Home Sales Index: March 2011: 128.7 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index: Fourth quarter 2010: 69 percent (Source: C.A.R.)
Mortgage rates: Week ending 5/12/2011 30-yr. fixed: 4.63 fees/points: 0.7% 15-yr. fixed: 3.82 fees/points: 0.7% 1-yr. adjustable: 3.11% Fees/points: 0.5% (Source: Freddie Mac)
Tell Congress 20 percent down payments put homeownership out of reach
NAR today issued a Call for Action (CFA) asking REALTORS® and their clients to contact Congress and tell them to make it clear to regulators that a proposed 20 percent down payment requirement was not their legislative intent. Instead, a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan should be implemented.
NAR believes Congress intended to create a broad QRM exemption, and evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk, not high down payments.
According to NAR research, 60 percent of recent home buyers made less than a 20 percent down payment, and it would take 14 years for a typical person to save up a 20 percent down payment to buy a median-priced home.
Proposals that require high down payments will drive more borrowers to FHA, increase costs for borrowers by raising interest rates and fees, and effectively price many eligible borrowers out of the housing market.
Click here for more information on how to contact Congress.
85 properties have closed escrow in Carmel since the beginning of the year. The average sales price is $1,253,145, 8% below the average asking price of $1,357,687.
The median sales price for these homes sold in Carmel is $1,011,500. They were on the market for an average of 139 days before they sold.
There are currently 186 active listings in Carmel. With approximately 20 homes selling per month in Carmel and 186 active listings, we have just over 9 months of inventory. This, and the fact that homes are selling for about 8% less than their asking price, are indicators that we’re still in a buyers market.
Interest rates remain low (Interest Rate Information), seller motivation is typically high because there are other real estate opportunities waiting for their money, and Carmel remains and will always be one of the best places to own a home on the planet.
~ Zach
average sales price, median sales price, avg DOM, months of inventory
What each part does in escrow:
The Buyer:
The Lender (if applicable)
The Escrow Holder:
I hope you had a wonderful Cinco De Mayo. The weather has been truly impeccable on the Monterey Peninsula over the past 5 days. It looks like the fog has finally arrived, but that’s no reason not to come see my new listing at 2 Fairway Drive in Seaside, CA. This beautiful new high-performance home is located in a gated community, on the 9th fairway of Bayonet Golf Course.
Be among the first to tour the home this weekend, May 7th, anytime between 10am and 2pm.
Seaside, CA Real Estate – There are currently 40 single-family residential homes listed for sale in Seaside. The average list price is $328,916. 84 homes in Seaside have sold since the beginning of the year. That’s an average of 21 per month. This means that there is only 2 months of inventory in Seaside. That is extremely low and shows us how the low-end market is moving quickly. I believe that there are a number of bank-owned homes that are being held back, and expect to see them released over the Summer when more serious buyers are out and about. The average sales price of home in Seaside since the beginning of the year is $299,549 and they were on the market for an average of 81 days before selling.
Have a wonderful Friday and I look forward to seeing you at 2 Fairway Drive, the new home on the 9th fairway of Bayonet Golf Course, on Saturday.
~ Zach