Bay Area housing market sees relatively steady inventory, with just a slight decline in levels
- For Santa Clara County, here’s what we are seeing in terms of inventory levels. There are 2334 single family homes on the market and 1156 condos/townhomes for sale (3490 residences total). This is a slight decline over the fall months. We currently have about 3 months of inventory with houses and about 4 with condos/townhomes for sale. The current average days on market is about 75, and the average list price for houses in Santa Clara County under 1M is $565,437.
- Pending home sales increased in California in January, from 82.4 on the Pending Home Sales Index to 93.6. This is a forward-looking indicator. Also, foreclosure sales in California rose in January.
- Home prices in December declined around 4% compared to 4th Q of 2009 (nationwide), however, each city was different. San Diego and Washington DC showed gains near 2%. National home prices are at similar levels to what they were in 2003.
- The Conference Board Consumer Confidence Index improved to 70.4 in February (1985=100), up from 64.8 in January. “The Consumer Confidence Index is now at a three-year high, due to growing optimism about the short-term future,” said Lynn Franco, director of The Conference Board Consumer Research Center.
- USA Today reports that many builders will begin labeling their new homes with estimated monthly utility bill costs.
- Adjustable rate mortgages, which had declined in popularity and accessibility during the crash, are back on the rise. Freddie Mac predicts that they will go from 5% of all loans to 10% by the end of the year. (In 2009 they comprised about 3% of the market)
- Mortgage rates: Week ending 2/17/2011 30-yr. fixed: 5.00 Fees/points: 0.7% 15-yr. fixed: 4.27% Fees/points: 0.7% 1-yr. adjustable: 3.39% Fees/points: 0.6% (Source: Freddie Mac)
Housing Market Musings uses California Association of Realtor’s CAR Newsline and Market Matters for compilation, as well as various other news publications & Bay Area housing market statistics from Chris Alston, managing CEO at Keller Williams Cupertino.
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