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Surge in US Home Sales to foreigners

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.

Median Home Values for California

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.

Santa Cruz Market Trends Report – April 2015

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.

DQ News Reports: Bay Area Home Sales Slowest in Six Years – December 16th, 2014

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

Homes Sold Median Sale Prices
All homes Nov-13 Nov-14 Percent Change Nov-13 Nov-14 Percent Change
Alameda 1,469 1,246 -15.20% $518,500 $585,000 12.80%
Contra Costa 1,250 1,145 -8.40% $410,000 $435,500 6.20%
Marin 287 265 -7.70% $741,250 $870,000 17.40%
Napa 110 98 -10.90% $455,000 $562,750 23.70%
Santa Clara 1,517 1,450 -4.40% $667,500 $715,000 7.10%
San Francisco 544 434 -20.20% $843,000 $1,072,500 27.20%
San Mateo 581 499 -14.10% $700,000 $818,500 16.90%
Solano 430 433 0.70% $275,000 $305,250 11.00%
Sonoma 471 433 -8.10% $418,750 $447,250 6.80%
Bay Area 6,659 6,003 -9.90% $550,000 $601,000 9.30%

Click her to read the full article.

Market Update – Santa Cruz County – October 2014

Market Update – Santa Cruz County – October 2014

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.

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