San Diego-based DataQuick Information Systems, in an article dated April 14 noted:
Bay Area home sales last month logged the best March in four years, barely, as prices slipped back a notch. A variety of indicators – including investor and cash purchase levels and adjustable-rate loan use – pointed toward a more normal market, though suggested that it’s still a ways off-------"
However, the chart at the bottom of the page shows Marin County leading the entire Bay Area in both numbers of sales (up 10.7% for March, year over year) and appreciation in the median selling price (+4.4% for March compared to the year-ago figure).
(Full text of the article available at http://www.dqnews.com/Articles/2011/News/California/Bay-Area/RRBay110414.aspx )
The Wall Street Journal, in an April 21 article titled Mortgage Rates Fall; 30-Year Fixed at 4.8% remarked
"Mortgage rates fell in the latest week for the first time in more than a month, with the average rate on 30-year fixed-rate mortgages falling to 4.8%, according to Freddie Mac's weekly survey of mortgage rates. ", adding " 'Low inflation is keeping mortgage rates at bay', said Freddie Chief Economist Frank Nothaft",
http://online.wsj.com/article/SB10001424052748703983704576277083168337572.html
So there is some happy news for buyers and sellers, and, theoretically, some incentive for buyers sitting on the proverbial fence to finally take advantage of a great opportunity while it lasts!
Marin County percentage in contract just a shade lower in all categories of both Single Family Residences (SFR) and Condominiums with the notable exception of the SFR $2million to $2.99 million price range, which went up, from 17.11% in contract at last report to 21.43% on April 19. Percentage in contract of all other price ranges for both SFR and Condo's down slightly, probably at least partially attributable to a recent increase in listings that had not yet been absorbed.
Local real estate offices very busy, with many deals going into contract. Significant numbers of multiple offers--- though still not going very far over asking price in most cases. Many agents cautiously upbeat about the prospects for the rest of the year, but aware that adverse news events and financial bumps in the road on the national and international scene can still trigger exaggerated effects on local real estate because they affect buyers' sense of security and willingness to make long-term financial commitments.
Banks still imposing strict standards on borrowers and not infrequently adding additional hoops for buyers to jump through as transactions progress. Not usually a problem for well-qualified borrowers. Buyers advised not to do anything to change their financial status during the escrow period--- includes making large credit card purchases, buying cars, boats, other big ticket items---- even furniture. If in doubt, check in with lender or mortgage broker beforehand!
More next time.
Until then, best wishes to all,
Fred
p.s. for access to spreadsheets please see
http://www.fredanlyan.com
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