Market News 
Coastal Sales Mostly Exempt from Distress
Thursday, May 5th, 2011 at 6:36pm. 233 Views, 0 Comments.
The coastal market in Santa Cruz County has been mostly exempt from short sales and bank-owned sales, as the graph below demonstrates. From January through April of 2011, there were a total of 11 distressed sales in the coastal area of the county, and 53 non-distressed sales. Furthermore, none of the distressed sales exceeded $900,000, while there were 20 sales over $900,000 that were non-distressed.
Visualize 2011 Sales
Thursday, May 5th, 2011 at 6:36pm. 246 Views, 0 Comments.
Check out the following visualization of sales from January through April 2011. One interesting thing to note is that there are virtually no distressed sales in the coastal corridor.
Are Prices Going Up?
Tuesday, April 5th, 2011 at 12:56pm. 240 Views, 0 Comments.
One of the key measures of market activity shifted dramatically into seller's market territory last month, signaling a possible increase in home prices as demand outpaces supply. The Months of Inventory indicator, which shows the ratio of homes for sale (supply) to homes sold (demand) fell to four months of inventory in March from seven months in February. (See the market statistics page for details.)
What's really surprising is the number of homes for sale has declined month over month since October; inventory traditionally increases monthly after the first of the year as we approach the spring and summer selling seasons.
An even more current measure of market activity is to compare the number of properties for sale to the number currently in contract…
Silicon Valley's increasing dominance in tech sector bodes well for housing
Monday, March 21st, 2011 at 4:32pm. 283 Views, 0 Comments.
Most of us in the Bay Area realize how important Silicon Valley is to the region’s health and wellbeing. The Valley has spawned many successful startups over the years, attracting highly skilled, highly paid workers, venture capital, and strong demand for housing. But just how dominant Silicon Valley is in the tech sector is surprising even the experts. And it bodes well for the long-term future of our Bay Area housing market.
Entrepreneur and former MIT research director Branko Gerovac examined the S&P Technology 1500 – the largest public technology companies in America – that have been created over the past 20 years to find out where and when they were launched. What he discovered was that every year, the Bay Area and…
High End Coastal Sales Shoot Up
Thursday, March 3rd, 2011 at 7:23pm. 241 Views, 0 Comments.
Sales of homes over $900,000 in Santa Cruz County increased more than 70% in February over the previous month, signaling the high end will rebound in 2011. Year-over-year, sales over $1.5M increased from zero in 2010 to eight in 2011. (See the market statistics page for details.)
Coastal sales in particular are on the upswing, accounting for six of the eight sales over $1.5M.
More and more, I'm hearing buyers say they believe prices bottomed out last year and they're eager to get in before prices start to increase.
The second-home market was hit particularly hard last year as discretionary buyers sat on their hands watching for signs of the bottom. Solid gains in the stock market have given those buyers more buying power, as well as more bargaining…
Pending Home Sales Increase 13.6%
Wednesday, February 23rd, 2011 at 9:07pm. 179 Views, 0 Comments.
Pending home sales in California increased in January, according to California Association of Realtor's Pending Home Sales Index (PHSI). The index was 93.6 in January, rising 13.6 percent from December’s index of 82.4, based on contracts signed in January. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“Pending sales typically rise in January from a seasonally slow November and December,” said C.A.R. President Beth L. Peerce. “January’s pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season.”
New Design District Rules Could Keep Pleasure Point "Weird"
Tuesday, May 11th, 2010 at 3:46pm. 331 Views, 0 Comments.
The California Coastal Commission has given its initial nod of support to a set of new building rules that will attempt to protect Pleasure Point’s local identity and deter the building of large homes that some feel are too big and out-of-place.
The proposed regulations are a mix of new restrictions and new leniency that will hopefully find middle-ground between those in favor of protecting Pleasure Point’s image and those who are opposed to limiting the rights of home- and land-owners.
Read the whole story: santacruzsentinel.com
Fed Sees Hope For Economy; Keeps Rates Low
Tuesday, May 11th, 2010 at 3:45pm. 246 Views, 0 Comments.
An “extended period” is the timeframe the Federal Reserve Board has agreed to when it comes to the record-low interest rates were currently seeing. The 9-1 vote will keep energizing an economy that has been seeing some recent signs of life.
The Fed has given recent upbeat views of the economy, upgrading its view of the job market from “stabilizing” in March to its latest view of “beginning to improve.” While there’s still a long road to recovery, the current low rates are helping those in a position to take on new debt such as second mortgages.
Read the whole story: mercurynews.com
Latest Signs of Life in Silicon Valley Encouraging
Tuesday, May 11th, 2010 at 3:42pm. 220 Views, 0 Comments.
If you’re looking for signs from the Valley that the future looks bright, you can look to a few recent business notes that point toward growth, despite the regions’ 12 percent unemployment rate.
The fact is, companies are still in the business of doing business. With Hewlett-Packard’s announcement of it’s Palm acquisition, Tesla Motors’ anticipated IPO and Zong’s additional funding, you could say the future looks bright.
In fact, according to the Mercury News’ latest SV150 report, earnings for public companies in the valley had a much-needed rebound in 2009.
Read the whole story: mercurynews.com
Bay Area House and Condo Sales Jump 44% in December
Thursday, April 8th, 2010 at 12:26pm. 347 Views, 0 Comments.
Federal tax credits, increased foreclosures during the year, and an army of investors looking to buy homes and second homes in and around San Francisco Bay, led to a 44% December increase in sales of houses and condominiums. The sales activity was the highest since 2006 and helped to raise the median value of homes in the area, with most communities coming in with an average of roughly $550,000.
The housing bubble which burst in 2009 has been worked through and home values can now begin to rise again. The inventory supply of homes is low right now after a buying frenzy that saw most of the foreclosed properties bought out by investors and private parties looking to get into their first home for an affordable price. In the month of December alone, 1,266…
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