Santa Clara County (SCC): 2014 is in the Book (SCC)
Real estate activity last year was very interesting.
Sales of single-family, re-sale homes were at their lowest level since 2008.
Both the median and average prices for homes hit all-time highs.
The sales price to list price ratio stayed over 100% for the third year in a row.
For the complete annual report, which includes charts and graphs for each city in the county, click on the following link:
http://goo.gl/b5EwCt You may need to cut and paste the link into your browser.
January Market Statistics
Year-Over-Year
- Median home prices increased by 10.8% year-over-year to $800,000 from $722,000.
- The average home sales price rose by 20.3% year-over-year to $1,132,060 from $941,302.
- Home sales fell by 11.3% year-over-year to 461 from 520.
- Total inventory* fell 26.1% year-over-year to 1,233 from 1,669.
- Sales price vs. list price ratio rose by 0.2% year-over-year to 102.6% from 102.3%.
- The average days on market rose by 2.9% year-over-year to 39 from 38.
Compared To Last Month
- Median home prices slipped by 5.9% to $800,000 from $849,975.
- The average home sales price rose by 4.0% to $1,132,060 from $1,088,090.
- Home sales down by 31.8% to 461 from 676.
- Total inventory* increased 22.0% to 1,233 from 1,011.
- Sales price vs. list price ratio increased by 0.3% to 102.6% from 102.3%.
- SThe average days on market increased by 17.9% to 39 from 33.
Condominiums
Year-Over-Year
- Median condo prices increased by 5.1% year-over-year to $520,000 from $495,000.
- The average condo sales price rose by 8.6% year-over-year to $576,398 from $530,896.
- Condo sales fell by 13.3% year-over-year to 208 from 240.
- Total inventory* fell 40.9% year-over-year to 370 from 626.
- Sales price vs. list price ratio rose by 0.3% year-over-year to 102.2% from 101.9%.
- The average days on market rose by 0.8% year-over-year to 32 from 32.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
Foreclosure Statistics (SCC)
Notices of default, the first step in the foreclosure process, in Santa Clara County rose for the third month in a row, a disturbing trend. They were up 9.7% in December from November. They were up 24.4% year-over-year. There were 158 notices.
Notices of sale, which set the date and time of an auction, and serve as the homeowner’s final notice before sale, were up 10.2% compared to November, but they were down 19.4% year-over-year. There were 108.
After the filing of a Notice of Trustee Sale, there are three possible outcomes. First, the sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.
Alternatively, if the property is taken to sale, the bank will place the opening bid. If a third party, typically an investor, bids more than the bank’s opening bid, the property will be sold to the third party; if not, it will go back to the bank.
Properties going back to the bank jumped 25% in December from November. Year-over-year, they were up 47.1%. Twenty-five properties went back to banks.
The total number of properties that have had a notice of default filed plunged 43.3% from November, and they were down 16.6% year-over-year.
The total number of properties scheduled for sale declined by 15.4% year-over-year.
The total number of properties owned by banks was down 6.3% year-over-year to about 552.
For further details and a city-by-city breakdown of foreclosure statistics, go to http://avi.rereport.com/market_reports.
Mortgage Rate Outlook
Mortgage Rates Mostly Flat, May Decline Anew
Jan 30, 2015 — The world’s economic and political troubles continue to provide a tempering influence on mortgage rates, helping them to fall a fair bit over the last few weeks. Pushing them the other way for the most part has an accumulation of signals of a strengthening U.S. economy in much of the fourth quarter, but of late it would appear that there has been a bit of deceleration as that period came to a close. Although rates are already pretty low, with fixed rates within shouting distance of 60-year lows, there may yet be some space for them to fall a bit more, or at least hold these levels for a while.
HSH.com’s broad-market mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found that the overall average rate for 30-year fixed-rate mortgages declined by a single basis point this week (0.01%) to ease back to 3.80%. Thirty-year fixed rates have now been at a standstill for three weeks. The FRMI’s 15-year companion rose by one one-hundredth of one percent, lifting the weekly average to 3.18%. Popular with first-time homebuyers, rates on fully-insured FHA-backed 30-year FRMs remain well below even their conforming counterpart, and a two-basis point decline left this week’s average at 3.60%. The overall 5/1 Hybrid ARM again ignored this week’s meager movements of fixed-rate mortgages, rising by six basis points (.06%) to 3.02%.
Unexpectedly low and falling mortgage rates at the end of 2014 provided a lift to new home sales. Sales of brand-new construction rose by 11.6% in December over November, and are about 9% above year-ago levels. The lift in sales will likely spur more construction as inventory levels remain tight with just 5.5 months of supply available; at present, there are some 219,000 built and ready for sale units, a 5,000 increase over November and part of a steady buildup toward more normal levels since a nadir of 143,000 units a couple of years ago. Prices of new homes are usually erratic and can be trendless, but eased by 0.3% on a month-to-month basis.
With equity markets hitting a rather a sour note this week, the pressure on interest rates is again downward. The 10-year Treasury shed about 20 basis points this week, but not all of that will translate into mortgage rates — differing risk profiles and more keep Treasuries and MBS from working in absolute lockstep — but the influence is there, regardless. Seems likely that we’ll see a 5-8 basis point dip next week, perhaps more if the fresh economic data suggests more slowing is happening.
Investors Corner
Home Price Gains Continue to Slow According to
the S&P/Case Shiller Home Price Indices
New York, January 27, 2015 -S&P Dow Jones Indices today released the latest results for the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices. Data released today for November 2014 shows a continued slowdown in home prices nationwide, but with price increases in nine cities.
More than 27 years of history for these data series is available, and can be accessed in full by going to http://goo.gl/FbyNd2
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San Mateo County (SMC): 2014 is in the Book
Real estate activity last year was very interesting.
Sales of single-family, re-sale homes were at their lowest level since 2011.
Both the median and average prices for homes hit all-time highs, with the median price going over $1,000,000.
The sales price to list price ratio stayed over 100% for the third year in a row.
For the complete annual report, which includes charts and graphs for each city in the county, click on the following link: http://goo.gl/b5EwCt
You may need to cut and paste the link into your browser.
January Market Statistics
Year-Over-Year
- Median home prices increased by 5.3% year-over-year to $1,000,000 from $949,900.
- The average home sales price rose by 8.1% year-over-year to $1,486,730 from $1,375,110.
- Home sales fell by 36% year-over-year to 167 from 261.
- Total inventory* fell 39.3% year-over-year to 413 from 680.
- Sales price vs. list price ratio fell by 1% year-over-year to 102.9% from 103.9%.
- The average days on market fell by 18.2% year-over-year to 33 from 40.
Compared To Last Month
- Median home prices improved by 4.2% to $1,000,000 from $960,000.
- The average home sales price rose by 4.0% to $1,486,730 from $1,429,870.
- Home sales down by 41.6% to 167 from 286.
- Total inventory* increased 20.1% to 413 from 344.
- Sales price vs. list price ratio dropped by 1.8% to 102.9% from 104.8%.
- The average days on market increased by 14.4% to 33 from 28.
Condominiums
Year-Over-Year
- Median condo prices increased by 39.1% year-over-year to $667,500 from $480,000.
- The average condo sales price rose by 20.7% year-over-year to $685,325 from $567,952.
- Condo sales fell by 17.1% year-over-year to 68 from 82.
- Total inventory* fell 41.2% year-over-year to 130 from 221.
- Sales price vs. list price ratio rose by 1.7% year-over-year to 103.3% from 101.5%.
- The average days on market fell by 10.2% year-over-year to 32 from 35.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
Foreclosure statistics (SMC)
Notices of default, the first step in the foreclosure process, in San Mateo County jumped 53.5% in December from November. Year-over-year, notices were up 11.9%. There were 66 notices
Notices of sale, which set the date and time of an auction, and serve as the homeowner’s final notice before sale, rose 7.9% from November, but they were down 39.7% year-over-year. There were 41 notices
After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be cancelled for reasons including: successful short sale or loan modification, a filing error, or a legal requirement to re-file the notice after extended postponements.
Alternatively, if the property is taken to sale, the bank will place the opening bid. If a third party, typically an investor, bids more than the bank’s opening bid, the property will be sold to the third party; if not, it will go back to the bank.
In December, cancellations rose 39.4% from November, but they were down 48.9% year-over-year.
Properties going back to the bank fell 33.3% in December from November. Year-over-year, properties going back to the bank were up 33.3%. Four properties went back to the banks.
The total number of properties that have had a notice of default filed fell 41.7% from November, and they were down 71.4% compared to December 2013.
The total number of properties scheduled for sale declined 30.3% year-over-year.
The total number of properties owned by banks was down 11.1% year-over-year. The banks now own approximately 527 properties in the county.
For further details and a city-by-city breakdown of foreclosure statistics, go to http://avi.rereport.com/market_reports.
