Corelogic released its November San Francisco Bay Area housing market report today. Home sales dropped to the lowest level for the month of November since 2008, the result of a limited number of homes for sale, cautious buyers, a challenging mortgage market and a quirk of the calendar that resulted in a relatively low number days for recording deals. The single-digit, year-over-year rise in the median sale price was the lowest since May 2012. See below for a chart of the # of homes sold and median prices per county.
Total November Home Sales
in the San Francisco Bay Area counties
||Median Sale Prices
Click her to read the full article.
Single Family Residential Report
Values for single-family homes in Santa Cruz County continue to rise, but the number of active and pendings reached a four-year high last month. The following is a snap shot of recent market statistics covering the single family housing market in Santa Cruz County. The analysis presents a broad-brush overview of market indicators such as median sales price, month’s of inventory, and sales volume.
There have been a couple of great blog posts where appraisers have compared their appraised values of properties to zillow’s estimate. A quick summary of two of these blogs is listed below:
There can be a lot of potential issues that arise during an FHA real estate appraisal inspection. This can be a frustrating experience for a homeowner and real estate agent, as they will typically get feedback from the lender that there are certain items that must be repaired before closing. It is a good idea to be prepared in advance by correcting any of the issues mentioned below before the real estate appraiser performs an FHA inspection. The FHA Appraiser is looking for the following items:
Here is Pacific Appraisers Real Estate Market Update for the Salinas residential market:
19 active listings under $250k
121 active listings between $250k- $500K
47 active listings between $500-$750K
20 active listings between $750k-$1,000,000
16 active listings over $1 million
The Salinas market is very active in the $250,000 to $500,000 range. The number of homes for sale under $250,000 is about the same as the number of homes for sale between $750,000 to $1 million. The median home value for Salinas rose 21.38% from August of 2013 to August of 2014. The current median home value is $352,000.
In summary, the overall single family market has been strong over the last 12 months and the Salinas market is not showing any signs of slowing. It will be interesting to see what happens over the next several month. If you have any questions, please feel free to call us anytime at (831)607-3800.
Pacific Appraisers’ Ryan Whitelaw MAI and Karen Park MAI will be attending the Appraisal Institute annual fall conference in San Francisco. See below for more details:
Location: Marriott Marquis, San Francisco
Plan now to join us for the Northern California Chapter’s original award-winning signature conference. Proudly celebrating 64 years!
16 Breakout Sessions include:
Units of Comparison and Sale Price Adjustments for Small Residential Income Property
Marketing, Scaling, Non-Lender Work & Changing the Way You Do Business
The Price is Right: Cost of Entitlements
California Water: From the Sky to Ownership
Appraiser DNA: Hiring & Employee Development
Compliance: Learn it. Live it. Love it.
Complex Valuation Issues in Ad Valorem (and many other) Appraisals
Going Concerns: Mind Your Business (and Equipment)
Green Building 2014: Risks and Opportunities
Data Trends and Data Science: Statistical Methods and Analysis
Carbon, Climate and California Policy
The Appraisal of Contaminated Real Estate
Residential Market Update
Retail Market Update
Real Estate Capital Markets Outlook
Click here for more information.
See the median home price changes from last year to now in cities across California. Click here.
Ryan Whitelaw, MAI was a speaker at a seminar for real estate professionals in Santa Cruz, CA. Ryan discussed calculating equity yield rates for investment properties through discounted cash flow analysis.
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, is seeking comments on the organizations proposed standards of valuation practice. Click here for full article.
See March median home sales prices by city compared to previous year. Click her to see chart.