Oct 222010
 

The Maui market, which contains a number of individual communities and towns, is itself a subset of the larger Hawaii housing market. The Maui housing market has shown an increase in the number of sales, but not in median prices. According to an October12, 2010 article in the Honolulu Star Advertiser, “Home sales on Maui continued to show volume gains in September over the same month last year, but a rebound has yet to be established for median prices. The number of Maui home sales rose significantly last month, but median prices were close to flat, according to a Realtors Association of Maui report counting completed sales of both new and previously owned homes. Sales of single-family homes rose 17 percent to 63 last month from 54 a year ago. But the median price remained unchanged at $440,000. For the first nine months of the year, the number of single-family home sales is up 33 percent to 616, while the median price is down 8 percent to $461,750. In Maui’s condominium market the number of sales last month rose 52 percent to 96 from 63 a year earlier. The median price, however, moved only slightly in the same period, rising 3 percent to $315,635 from $307,500. For the first nine months of the year, the number of condo sales is up 49 percent to 913, while the median price is down 21 percent to $394,000.”

According to an October 12, 2010 report from the Maui News, the overall trend for Maui homes for sale is upwards. The piece by Harry Eagar noted that “Real estate sales and prices are moving back up on Maui. Closings of single-family homes through the first three quarters of this year, as reported by the Multiple Listings Service of the Realtors Association of Maui, were up to 616 in Maui County, compared with 462 from January to September 2009. Average prices were up 10 percent to $779,769. Yet cheaper properties can be found. Jeffery Griffin of Kama’aina Properties, who said he hasn’t missed a Maui foreclosure auction in two years, wrote on his blog two weeks ago about an auction of a unit at the Harbor Lights Condominium where the default amount was $4,373 and there were no bids.”

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 Posted by at 4:15 am
Oct 222010
 
The Balboa Pier as seen from land. Newport Bea...
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The Newport Coast real estate market, found in the larger Newport Beach and Orange County housing markets, continued to remain one of the most expensive regions of the country despite the withdrawal of some sellers from the market. According to a September 22, 2010 report from the Orange County Business Journal, “Newport Beach is the nation’s most expensive housing market, according to a report by Coldwell Banker Real Estate LLC. A four-bedroom, two-bathroom home in Newport Beach averages $1.8 million, according to the Parsippany, N.J.-based real estate agency. Newport Beach edged out several other pricey California cities on the list, including No. 2 Palo Alto at $1.5 million, No. 4 San Francisco at $1.3 million and No. 5 La Jolla at $1.2 million. The study looked at 18,000 four-bedroom, two-bathroom homes listed on ColdwellBanker.com from February and August in nearly 300 markets. The average listing price of the homes studied was $353,000. An average Newport Beach home was $1.7 million more expensive than the cheapest city on the list, Detroit at an average of $68,000. The most affordable California city was Lancaster at $141,116.”

Fewer Newport Coast homes for sale were kept on the market in the most recent tracking period, according to an October 17, 2010 report from the Orange County Register. According to the article by Jonathan Lansner, “The latest Orange County home inventory report from Steve Thomas Altera Real Estate shows Orange County homeowners continuing to pull their homes off the market. In the two weeks ended Oct. 14, the listing inventory dropped by 3%, after a 1% drop in the previous two weeks. The inventory drop seems not tied to lenders pulling distressed properties off the market as foreclosure moratoriums grow. Active distressed inventory dropped by only 9 homes over the past two weeks to 4,030. All told, inventory of residences for sale totals totals 11,493 homes — still 3,570 more than a year ago. “This is the time of the year when fewer homes are placed on the market and unsuccessful sellers throw in the towel and pull their homes off the market,” Thomas says.”

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 Posted by at 4:12 am
Jun 012010
 
Buena Park Sign, Orange County, California, USA
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A large city in the northwestern part of Orange County, Buena Park, California, is home to more than 72,000 residents and is just 12 miles northwest of Santa Ana. It is notable as being home to several amusement parks. The city’s residents are modest, with a median annual household income of just over $50,000, and Buena Park real estate is some of the county‘s more affordable. Even though the market isn’t one of the high-priced luxury markets, it nonetheless has suffered setbacks in the past couple of years, and prices ended last year down from a year earlier.

According to the Orange County Register‘s Annual Zip Code Chart, at the end of the year, the total median price for Buena Park homes for sale was $365,000 in one zip code, a 5% decline, and $330,000 in the city’s other zip code, a more than 15% decrease. Sales activity was up in both zip codes for the year, however, with 459 sales in one zip code, a 3% rise, and 238 sales in the other zip code, a 5% increase.

This year has shown some improvement in prices in Buena Park, suggesting maybe the worst of the down market is over for the city. The median price in March was $377,500 in one zip code, an 8% increase, with 28 homes sold, a fall of 32% according to the Orange County Register’s monthly sales chart. The city’s other zip code saw a median price of $395,000, a full 34% increase year-over-year in price. The area saw 27 homes sold in March, also an increase, of 29%.

More recently, in a three-week period that ended April 14, Buena Park again saw rises in median prices, suggesting it is a true trend and not just a one-month change due to luck. The price in the city’s first zip code was $377,500, up more than 10%, and in the second zip code it was $390,000, up 23.5% annually. In the latter zip code sales, too, showed vast improvement with 25 properties sold an improvement from the same period one year ago by 56%.

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Mar 162010
 
Kaufmann House, Palm Springs, CA
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The trends of the Palm Springs inland desert area’s real estate market mirror many of the trends in the larger national real estate market. The region’s home prices crashed with the onset of the U.S., and later world, recession, and have seen subsequent rises and falls in price throughout the period. Foreclosures rose and sales activity also has fallen.

Recent available statistics from the California Desert Association of Realtors showed the median price of single-family homes in December 2009 to be $172,320. That figure was up slightly from November’s price, and up 1.5% from a year earlier. The December median price of Palm Springs homes for sale was about $6,000 lower than the U.S. median price.

Palm Springs real estate still has much lower prices than the California average as well. The December median sales price for the state was almost $309,000, up from $304,500 in November.  There were 6,244 sales completed in January 2010, the most recent month for which figures are available. That figure was up 21% from December’s sales of 6,015 and it represented the highest monthly figure since June 2009.

Listings show that were were 469 homes for sale in December at or below the median price. In the association’s report, C.A.R. Vice President and Chief Economist Leslie Appleton-Young said, “Home sales were unusually strong in December and were more consistent with peak season trends. Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for home buyers have resulted in California’s housing market experiencing non-seasonal variations.”

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