Inventories Down, Price Up in Tricites CA Real Estate

As 2012 winds down, signs of a housing recovery and confidence toward the housing market exist at all levels. Recent national, state and local statistics reveal significant increases in prices and pending sales and dramatic declines in inventory.
 
 
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Feb. 21, 2013 - PRLog -- United States

The National Association of REALTORS® reported pending sales in the U.S. in October were at the highest level since March 2007. On a year-over-year basis, pending home sales have risen 18 consecutive months. Home prices also continued to rise in the U.S., rising 1.1 percent in the third quarter compared with the second quarter, according to the Federal Housing Finance Agency, which relies on price information from Fannie Mae and Freddie Mac mortgages. Based on the S&P/Case Shiller Home Price Indices, the average home prices in their 10- and 20-City Composites were each up in September compared with August and both Composites posted better annual returns in September than in August.

California

In California, pending home sales arose both from the previous month and year in October for the first time in seven months and equity sales (non-distressed sales) were at a four year high, due to a short supply of bank-owned properties. The median price in October was $341,370, up 23 percent from $277,450 in October 2011, marking the eighth consecutive month of annual price increases and the fourth consecutive month of double-digit annual gains. The year to year increase was the largest since May 2010. As you may recall, the 2010 increase was driven primarily by the government tax credits. Housing inventory of existing single family detached homes tightened in October to 3.1 months, down from 3.7 months in September and 5.5 months in October 2011. A six to seven month supply is considered normal.

Tri-City

Locally, the total number of pending sales in the Tri-City area is more than 4 times the number of active listings.  As of December 3, 2012, our numbers looked like this:

City     Active Listings          Pending Sales

Fremont        91          302

Newark         17          92

Union City     23          149

Based on the total number of closed sales for the last 12 months, our unsold inventory is half a month! The last time we saw inventories this low was December 2004. Home prices have also increased significantly. From October 2011 to October 2012, the median sales price of detached single family homes increased as follows:

City Median Sales Price 10/11 Median Sales Price 10/12  %

Change


Fremont    $472,500          $656,000          38.84%

Newark       $365,000          $405,000          10.96%

Union City  $417,000          $507,750          22.00%

KW Fremont

Due to local market conditions, multiple offers are the norm. Our training and experience with this facet of the market have given us the ability to help our clients successfully navigate through the home selling and buying process. Here are just some of the negotiations we have encountered recently:

City  Property Type   List Price Sales Price    No. of Offers

Fremont 1BR Condo        $150,000     $202,000          25

Hayward 3 Homes/1 Lot $175,000     $276,000          22

Fremont  Single Family Home  $320,000 $435,000    82          

Union City Single Family Home   $385,000  $450,000  65

Union City Single Family Home   $499,888 $540,000    14          

As you can see, there is a tremendous demand for homes in our area and as a result, we are experiencing an acute housing shortage. Those sellers who are taking advantage of the opportunity are reaping huge benefits. Your home is worth more than you can imagine. If you or someone you know is thinking of selling now or in the future, give me a call today.

         Keller Williams Benchmark Properties ~ 39465 Paseo Padre Parkway #1500 Fremont, CA 94538
End
Source:Keller Williams Benchmark Properties
Email:***@kw.com Email Verified
Phone:510-673-6043
Zip:94538
Tags:Real Estate, Local Market Analysis, Home Buyers, Home Sellers
Industry:Real Estate, Investment
Location:Fremont - California - United States
Subject:Reports
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