Last month, San Diego County saw its highest home-sale count for a March month since 2006 as it entered another spring home-buying season, Tuesday's numbers from DataQuick show.
A total of 3,237 homes were sold in March, up 19.5 percent from February and up nearly 6 percent from a year ago. Big percentage bumps are natural from February to March throughout Southern California, historical records show, but it appears this is the best March San Diego County has seen in six years, when a total of 4,367 homes were sold.
Related: San Diego housing inventory dips
Improvement aside, sales are still far below from pre-recession levels. The current housing cycle's peak was 6,926 transactions in June 2004.
"The year is young and lots could still change," said DataQuick John Walsh in the company's latest Southern California report. "But the results from the first big sales month of 2012 suggest the market is stuck in low gear. This remains a very gradual – not to mention fragile – recovery."
Sales saw the most oomph in the markets of single-family resales and new properties, in which tallies increased almost 10 percent and 27 percent, respectively, from a year ago. However, both submarkets saw their values in March fall from a year ago. Prices for single-family resales dropped 4.2 percent to $350,000, and almost 26 percent to $392,000 in the new-home market.
Can the county keep the sales surge alive this spring?
Clemente Casillas, a real estate broker in the South Bay, said it's too early to tell and that March's surge could be a fluke. Still, historically low mortgage rates and lower-than-normal prices in certain areas could push potential buyers off the fence, he added.
"I have a listing that hadn't gotten a call in a while," said Casillas, referring to a College Area home being offered in the $200,000 range. "(Now,) I've gotten two or three offers ... The price came down."
The median price for total sales bumped up 5.1 percent from February to $320,500, but fell 1.4 percent from a year ago. Prices fared the best among condo resales: The median price last month was $220,000, up almost 14 percent from February and up 6.3 percent from a year ago. Again, despite the improvement from a year ago, condo prices in the county are still far below their peak of $400,000 in March 2006.
The consumer demand for Southern California homes in the different price ranges continues to look disparate. Sales of homes below $300,000 increased more than 2 percent from a year ago, and sales exceeding $800,000 dipped 5.6 percent during the same time frame.
Thanks to Lily Leung for writing this piece.
Showing posts with label san diego ca home sales coastal properties why buy a home americas finest city bobby stefano. Show all posts
Showing posts with label san diego ca home sales coastal properties why buy a home americas finest city bobby stefano. Show all posts
Wednesday, April 18, 2012
Monday, August 22, 2011
Where was the highest foreclosure activity in July?
Top 10 default areas, July
| Rank | Neighborhood | ZIP code | First half MED price | July '10 | June '11 | July '11 | MOM PCT CHG | YOY PCT CHG | Per 1,000 |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Chula Vista NE | 91914 | $471,000 | 16 | 16 | 21 | 31.3% | 31.3% | 4.7 |
| 2 | Chula Vista SE | 91915 | $325,000 | 29 | 24 | 29 | 20.8% | 0.0% | 4.0 |
| 3 | San Ysidro | 92173 | $198,000 | 18 | 10 | 12 | 20.0% | -33.3% | 3.8 |
| 4 | Mission Valley | 92108 | $199,000 | 16 | 14 | 20 | 42.9% | 25.0% | 3.3 |
| 5 | Jamul | 91935 | $432,000 | 6 | 0 | 8 | n/a | 33.3% | 3.2 |
| 6 | Paradise Hills | 92139 | $210,000 | 19 | 26 | 24 | -7.7% | 26.3% | 3.0 |
| 7 | Golden Hill | 92102 | $190,000 | 13 | 9 | 14 | 55.6% | 7.7% | 3.0 |
| 8 | Alpine | 91901 | $412,500 | 13 | 12 | 13 | 8.3% | 0.0% | 2.9 |
| 9 | El Cajon | 92021 | $219,000 | 45 | 24 | 29 | 20.8% | -35.6% | 2.7 |
| 10 | City Heights | 92105 | $175,000 | 39 | 21 | 23 | 9.5% | -41.0% | 2.7 |
Source: DataQuick
Top 10 foreclosure areas, July
| Rank | Neighborhood | ZIP code | First half median | July '10 | June '11 | July '11 | MOM Pct Chg | YOY Pct Chg | Per 1,000 |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Campo | 91906 | $150,000 | 4 | 10 | 4 | -60.0% | 0.0% | 4.5 |
| 2 | Oceanside (Central) | 92058 | $197,000 | 20 | 9 | 11 | 22.2% | -45.0% | 2.3 |
| 3 | Alpine | 91901 | $412,500 | 0 | 6 | 10 | 66.7% | n/a | 2.2 |
| 4 | San Ysidro | 92173 | $198,000 | 9 | 9 | 7 | -22.2% | -22.2% | 2.2 |
| 5 | Encanto | 92114 | $220,000 | 19 | 25 | 32 | 28.0% | 68.4% | 2.2 |
| 6 | Mission Valley | 92108 | $199,000 | 9 | 9 | 13 | 44.4% | 44.4% | 2.1 |
| 7 | Downtown | 92101 | $344,250 | 22 | 16 | 23 | 43.8% | 4.5% | 2.1 |
| 8 | Jamul | 91935 | $432,000 | 3 | 1 | 5 | 400.0% | 66.7% | 2.0 |
| 9 | Chula Vista NE | 91914 | $471,000 | 12 | 10 | 9 | -10.0% | -25.0% | 2.0 |
| 10 | Fallbrook | 92028 | $346,000 | 18 | 14 | 22 | 57.1% | 22.2% | 1.8 |
Foreclosure filings and mortgage defaults in San Diego County fell in July, continuing an erratic pattern of distress, Monday's DataQuick report showed.
Related: Where was the highest foreclosure activity in July?
Last month, the county posted 1,274 notices of defaults, down 5.8 percent from June and down 23.4 percent from a year ago. Those notices mark the first step in the foreclosure process. They peaked at 3,832 in March 2009 and have for years gone through unpredictable fluctuations.DataQuick numbers show 798 San Diego homes were foreclosed on in July, down 15.9 percent from June and down 10.2 percent year-over-year. They peaked at 2004 in July 2008 and also have seen dramatic rises and falls over time.
The La Jolla company's data are based on public records for single-family homes and condos.
Please note: The rankings are sorted by the number of foreclosures and defaults in July per 1,000 homes in each neighborhood, according to Monday's Stay with us throughout the day for more coverage.
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Written by Lily Sdut...Thanks Lily!
Wednesday, May 18, 2011
Q&A: What to know about homeowners' insurance in San Diego
Q&A: What to know about homeowners' insurance
Friday, May 6, 2011 at 6:28 p.m.
Photo by John Gastaldo - Union-Tribune staff
Homes burned during the 2007 Witch Fire. Pictured is Cal Fire firefighter Walker Exstrom protecting homes in Escondido where the Witch Fire came through.
The Camp Pendleton incident happened in a remote area but the Santee brushfire came close to homes before firefighters were able to put out the blaze, news partner Channel 10 reported, raising the perennial issue of homeowner's insurance.
Ron Reitz
Reitz is the past president of the California Association of Public Insurance Adjusters and is an officer on the Board of Directors of the National Association of Public Insurance Adjusters. He's an expert on hazard claims. (Responses have been paraphrased and edited for clarity.)
Q: What do San Diego homeowners need to know to make sure they have the right insurance for their property and possessions?
A: I often tell people they need to take a look at their insurance policy on a regular basis, especially if they've made any changes or improvements, they need to revisit their coverage. People are always surprised they don't have enough coverage.
Also be sure to tell your agent about any antiques, art, jewelry, collectibles, all those types of things, any collections or valuables. They will be added to a schedule. Check to see if you are covered for building-code upgrades.
Q: What's a common pitfall with property insurance?
A: People immediately ask, 'What's the cheapest?' It's something I wouldn't skimp on - and you have to check what the policies offer.
Q: What are some things condo owners need to know?
A: For condos, there are two different types of policies. One is the association's policy that covers all the common areas of the property. The other one is additional policy that covers the unit and everything inside of it, like the cabinets, wall coverings, drapes, etc. A lot of people mistakenly think that if they're covered through the association policy that it covers everything inside the unit.
Q: What are some things that threaten properties in San Diego, specifically natural disasters?
A: San Diego's biggest threats are fires. Floods naturally occur following fires, which can damage properties. Tsunamis are not very likely but it’s possible. Earthquakes are possible; a lot of people don't feel them when they happen here.
Q: How should a homeowner prepare for the next disaster?
A: Make sure you have some type of plan. Let's say we have a big fire in town...you have to decide where you will go. It's important to have more than one location. I recommend that people take inventory of all of their personal property. A good time is the beginning of the year when you typically get new stuff during the holidays.
Poway home destroyed from 1997 fire
Courtesy of Quality Claims Adjuster
10 things you need to know about homeowners insurance
Friday, May 6, 2011
It's spring! Are San Diegans buying new homes?
It's spring! Are San Diegans buying new homes?
Wednesday, April 27, 2011 at 5:57 a.m.
Photo by Charlie Neuman - Union-Tribune staff
Jaimin, left, and Nivedita Bhise tour a model home at Pulte Homes' The Pines, a 4S Ranch development, on a recent Saturday.
“It’s improved, but not great,” said Peter Dennehy, a vice president of John Burns Real Estate Consulting. “The housing market is still very challenged.”
Sales of newly built homes, which lately have made up about 6 percent of total sales, have stayed mainly flat over the last three years, figures from DataQuick Information Systems show.
The county recorded 184 in March, a 26 percent jump from what builders called a dismal February, and a 0.5 percent increase from a year ago. A little more than 200 new homes were sold in March 2009.
Despite sales apparently leveling out, they’re still far from the boom-era peak of 1,640 in September 2004, a consequence of little building in the region, competition from the market’s distressed properties and tight lending standards.
San Diego County's median price for new homes in March was $528,750, up 15.5 percent from February and up 25.1 percent one year ago. The peak was $553,500 in February 2008, DataQuick data shows.
Nationwide, March sales of new homes were up 11.1 percent from February, the worst year on record for such transactions, according to Monday’s report from the U.S. Census Bureau and the Department of Housing and Urban Development.
Still, new-home sales in March were down 21.9 percent from a year ago, when a seasonally adjusted annual rate of 384,000 homes were sold. March’s median price was $213,800, up 2.9 percent in February but down 4.8 percent from a year ago.
Photo by Charlie Neuman - Union-Tribune staff
George and Jade Shen sign the purchase-agreement papers for the home they're buying at Pulte Homes' The Pines, a 4S Ranch development. At right is sales consultant Leah Sidhu. They are upgrading from a nearby condo.
Michelle Chang and her husband, Marc Takenaga, 35, are among the upgraders.
They’re about to close on a $630,000 home in Shea’s Madeira project in Del Sur that’s about 800 square feet bigger than their current home, also in the Del Sur area.
“We wanted more entertaining space and a bigger backyard,” said the 32-year-old attorney, who’s been on a waiting list for the new home since last year.
Some job growth in the biotech and healthcare sectors also have attracted potential buyers toward the Interstate 15 corridor, where most of those jobs and new homebuilding are found.
A large share of new homes on the market in 2011 are in the North, including Carmel Valley, Rancho Santa Fe and Del Sur, mainly ranging from the $600,000s to $800,000s.
Steve Doyle, president of Brookfield Homes San Diego/Riverside division, acknowledges the year started slow, but he says it picked up some in March because of people relocating to San Diego County for well-paying jobs.
“They’re coming from the Midwest, the East Coast and North County,” Doyle said.
Dennehy, of the real estate consulting company, predicts another flat year for new homes, especially with no federal tax credit motivating consumers to buy.
He expects an increase in new home sales in 2012 and beyond.
Thanks to Lily Leung of the UT for providing article
Please call me if you are seeking or selling a home. I cant wait to meet you!
Bobby Stefano
Ascent Real Estate
619.325.4111
Friday, February 11, 2011
Forbes Outlook: San Diego in top 5 home markets in '11
San Diego ranked No. 5 out of 315 housing markets that Forbes.com says are poised for price increases in 2011 and in the coming years. (See The Best And Worst Cities For Home Values In 2011.)The finance publication predicts that the median home price in San Diego will rise 2 percent in the next 12 months and through the next three years, based on findings from Local Market Monitor, a research company that analyzed data from real estate markets throughout the U.S. The company also factored in the areas' unemployment and job growth rates.
(Television station NBC San Diego reported the findings on Monday.)Two other California cities - San Jose and Santa Ana - topped the list of U.S. cities where home values are likely to rise steadily over the next three years. Median home prices in both San Jose and Santa Ana are expected to rise 3 percent in the next 12 months and an average of 2 percent annually over the next three years.
While Forbes predicts California to head toward somewhat of a housing recovery, it says Florida shouldn't hold its breath. Cities in the Sunshine State dominated the list of cities in the country that are expected to fare the worst in home values: Daytona Beach, Lakeland and Orlando. (Here's Forbes slideshow of the worst cities.)
Forbes quotes Ingo Winzer, president of the Local Market Monitor, as saying, "The big difference between Florida and Southern California ... is people are moving into Southern California, but they're not moving to Florida."
Five out of eight contributors of the Union-Tribune's Econometer also believe the region will see an increase in home prices.
Cities where home values will likely go up:
- San Jose
- Santa Ana
- Bethesda, Md.
- Pittsburgh
- San Diego
Which California city from Forbes' rankings will see the most price gains in '11?
San Jose 19% 40 votes
Santa Ana 4% 9 votes
San Diego 76% 161 votes
Special Thanks to Lily Leung for the info!
California's $1 Million+ Homes in Demand
Hey Everyone! I always like to post articles regarding San Diego and California. Here is one to read. Enjoy!
02/11/11 - 01:25 PM EST
LA JOLLA, Calif. (DQNews) -- While overall California home sales declined last year, the number that sold for $1 million or more in 2010 rose for the first time in five years as certain segments of the economy improved and high-end home shoppers went bargain hunting, a real estate information service reported.
Last year 22,529 Golden State homes sold for $1 million or more. That was up 21.0% from 18,621 in 2009 and the highest since 2008, when 24,436 homes sold for $1 million-plus, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records.Million-dollar sales peaked in 2005 at 54,773, after which they declined each year through 2009.
The jump in $1 million-plus home sales in 2010 compares with a 9.0% year-over-year drop in total home sales, including all price levels. California's 418,578 total sales in 2010 were down from 460,166 in 2009. About one in 20 homes sold for a million dollars in 2010, while the year before it was one in 25, and in 2008 it was one in 16.
"Prestige home buyers respond to a different set of motivations than the rest of us. Their decisions are less dependent on jobs, prices and interest rates, and more on how their portfolio is doing. When the financial world was full of uncertainty a couple of years back, and the jumbo loan market dried up, luxury sales plummeted. As the economy started its top down recovery, some wealthy buyers went looking for a bargain," said John Walsh, DataQuick president.
"Additionally, there has always been a safe-haven component in the million-dollar market that attracts wealth," he said.
Statewide, 463 homes sold for more than $5 million last year, while 304 were in the $4-$5 million range, 782 were in the $3-$4 million range, 2,333 were in the $2-$3 million range, and the rest - nearly 79% - sold for between $1 million and $2 million.
Last year 3,380 of the homes that sold statewide for less than $1 million had previously sold for $1 million or more, based on a public records analysis of transactions where necessary information was available for both sales. The median date of the prior sale was April 2006; the median price decline between the 2010 sale and the prior sale was $416,500, translating into a median price drop of 34.6%.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The million-dollar transactions include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, sales where no price or loan amount was available, teardowns, and large farm or ranch properties. Sales to companies and trusts were included.
The most expensive confirmed purchase last year, based on public records, was a 35,378-square-foot, 15-bedroom, 7-bathroom Bel Air (Los Angeles) house built in 2007 which sold for $50,000,000 in June. Set on about 2.2 acres, it was the state's largest million-dollar home sold last year.
Among the communities where the vast majority of home sales were $1 million-plus last year: San Marino in Los Angeles County, Los Altos in Santa Clara County, Atherton and Hillsborough in San Mateo County, and Rancho Santa Fe in San Diego County.
Newly-built homes accounted for 5.9% of last year's $1 million-plus sales, down from 6.5% in 2009. Condo sales made up 8.0% of the million-dollar category last year, down slightly from 8.3% the year before. Most $1 million-plus condos were sold in Los Angeles, San Francisco and San Diego counties.
The median-sized million-dollar home was 2,840 sq.ft., with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all million-dollar homes in 2010 was $601, down 0.6% from $605 in 2009. For the overall market, the square-foot median was $164 last year, up 10.1% from $149 in 2009, DataQuick reported.
In 2010, 29.4% of the $1 million-plus buyers paid cash, up from 28.9% in 2009 and the highest for any year since 1994, when 32.3% of $1 million-plus sales were cash. In the over-$5 million category, 62.2% of the purchases were cash. Among those who did finance their purchase last year, the median down payment was 40.1% of the purchase price. The lending institutions most willing to provide mortgage financing for $1 million-plus homes were Wells Fargo(WFC), Bank of America (BAC) andUnion Bank(UNB).
Mirroring a market-wide trend, mortgage defaults eased in many million-dollar neighborhoods in 2010. The number of notices of default filed by lenders fell nearly 32% last year compared with 2009 among defaulting homeowners who had original loan balances of $800,000 or more. Many of those homeowners would have paid at least $1 million for their homes.
Last year saw a 14% increase from 2009 in the number of cases where the homeowner owed at least $1 million (including the outstanding mortgage balance and any fees) at the time the home was lost to foreclosure. The increase reflects higher mortgage default levels back in 2009, which translated into more foreclosures in 2010.
There are about 8.6 million houses and condos in California. Of those, 233,006 are assessed for a million dollars or more by county assessor offices, down 3.5% from 241,456 in 2009, DataQuick reported.
California ZIP codes ranked by 2010 $1 million-plus sales:
Zip Community Sales High Price
90266 Manhattan Beach 326 $6.30 mill.
94010 Hillsborough 323 $8.25 mill.
90049 Brentwood 289 $14.20 mill.
95014 Cupertino 282 $3.10 mill.
95070 Saratoga 282 $5.00 mill.
90272 Pacific Palisades 263 $26.08 mill.
90210 Beverly Hills 256 $29.82 mill.
92660 Newport Beach 254 $5.46 mill.
94025 Menlo Park 254 $5.30 mill.
92037 La Jolla 252 $10.00 mill.
90274 Rolling Hills Estates 245 $5.50 mill.
92651 Laguna Beach 244 $16.75 mill.
94024 Los Altos 243 $4.75 mill.
94022 Los Altos 218 $6.15 mill.
91302 Calabasas 196 $13.00 mill.
92130 Del Mar 188 $5.10 mill.
92657 Newport Beach 185 $14.50 mill.
94539 Fremont 182 $2.60 mill.
94306 Palo Alto 181 $2.97 mill.
95120 San Jose 179 $3.50 mill.
94941 Mill Valley 170 $5.50 mill.
90265 Malibu 167 $36.97 mill.
92625 Corona Del Mar 166 $34.12 mill.
90275 Rancho Palos Verdes 164 $4.85 mill.
94566 Pleasanton 163 $3.90 mill.
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