There is a new trend emerging. Foreign investors have increased the percentage of residential real estate purchases by 49% from the previous year. See full article here.
As appraisers we have seen the trend of high investor purchases over the last 8 years but did not have great data as to what extent foreign investors played in this role. It is clear that over the last year they have played a much bigger role than in previous years.
Zillow came out with their median home values over the last year as well as their prediction for what home values will be over the next year. See below:
The median home value in California is $490,100. California home values have gone up 6.9% over the past year and Zillow predicts they will rise 1.5% within the next year. The median list price per square foot in California is $281. The median price of homes currently listed in California is $473,900. The median rent price in California is $2,500. Click here to read the full zillow article.
Bay Area home prices jumped 11% compared to a year earlier. With little supply and high demand the housing market continues its robust price gains. Click on the link to read the full article: http://www.bizjournals.com/sanfrancisco/news/2017/03/24/bay-area-home-prices-pop-oakland-houses-sell-fast.html
The median home price in Santa Cruz County was $775,000 in March of 2015. This us up a whopping 15.7% from a year earlier. The number of sales in March were 123 which is 7% higher than a year earlier. There are currently 255 active listings which is down 35.6% from a year earlier (where is that inventory of homes????). We are still in a sellers market and until we get more inventory it should stay that way.
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.