Entries from September 2008
September 29, 2008 · 1 Comment
| County |
Unemployment rate
(Aug 2008) |
Unemployment rate
(2002 Annual Average) |
| Alameda |
6.90%
|
6.70%
|
| Contra Costa |
6.70%
|
5.70%
|
| Marin |
4.90%
|
4.90%
|
| Napa |
5.30%
|
4.60%
|
| San Francisco |
5.90%
|
6.90%
|
| San Mateo |
5.20%
|
5.70%
|
| Santa Clara |
6.50%
|
8.40%
|
| Solano |
7.40%
|
5.80%
|
| Sonoma |
6.10%
|
5.10%
|
Data source: California Employment Development Department
The statewide unemployment rate is 7.6%. Comparing the data in Santa Clara, San Mateo and San Francisco between now and 2002, the current condition is better than the dot.com crash. I believe one of the reason is that tech firms are thriving; social netowrking companies are doing good, green energy and bio-tech are still creating job opportunity in the Bay Area.
Categories: Economic Data · Market Data
“Federal Reserve Chairman Ben S. Bernanke said the U.S. is facing ‘grave threats’ to financial stability and warned that the credit crisis has started to damage household and business spending. ‘Economic activity appears to have decelerated broadly,’ Bernanke said today to a congressional Joint Economic Committee hearing, downgrading the assessment of Fed officials when they met on Sept. 16.”
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aHmtQYUlxHlg&refer=home
Categories: Real Estate News
La Jolla, CA.—-The pace of Bay Area home sales reversed its July uptick and dropped again last month, marking a return to the long-running waiting game that many potential buyers and sellers have been playing for more than a year. Parts of the East Bay are bucking the trend with active bottom-feeding in foreclosure-stressed neighborhoods, a real estate information service reported.
To read the full story, please click here:
http://www.dqnews.com/News/California/Bay-Area/RRBay080918.aspx
Categories: Real Estate News
This mainly keeps track of the entry level SFR in Belmont
Inventory: min. 3 bedroom / 1 bath with 1000 sq ft and above, under $1M
Sale data in the last 3 months in Belmont as of 09/18/2008
|
Sale Date
|
no. of sale
|
min. price
|
max. price
|
avg. pr/sq ft
|
|
Sept-07
|
5
|
$705,000
|
$980,000
|
$528.82
|
|
Oct-07
|
9
|
$650,000
|
$932,000
|
$604.76
|
|
Nov-07
|
4
|
$710,000
|
$865,000
|
$648.68
|
|
Dec-07
|
4
|
$707,000
|
$855,000
|
$619.09
|
|
Jan-08
|
2
|
$615,000
|
$725,000
|
$551.05
|
|
Feb-08
|
5
|
$910,000
|
$969,000
|
$602.98
|
|
Mar-08
|
16
|
$610,000
|
$1,000,000
|
$551.50
|
|
Apr-08
|
6
|
$590,000
|
$1,000,000
|
$471.82
|
|
May-08
|
11
|
$599,888
|
$979,000
|
$549.85
|
|
Jun-08
|
16
|
$660,000
|
$955,000
|
$578.79
|
The Belmont market has become active since March 2008. The inventory level remains low, please check out Market Condition in Bay Area – 9/16/2008. Overall residents in Belmont are wealthy, not much short sale or REO listings. People in Belmont can wait till the market come back, they are not in a rush to sell, so the price doesn’t go down by that much. The average price / sq ft is fluctuating.
Categories: Belmont · Market Data
Per Jimmy’s request:
Market condition in San Jose - 9/18/2008
This mainly keeps track of the entry level SFR in San Jose
Inventory: min. 3 bedroom / 1 bath with 1000 sq ft and above
| Zipcode |
max. price |
active |
pending |
inventory level
(months) |
|
95111
|
<$400,000 |
123
|
81
|
14.19
|
|
95116
|
<$400,000 |
93
|
40
|
14.68
|
|
95122
|
<$400,000 |
203
|
111
|
13.84
|
|
95127
|
<$400,000 |
136
|
79
|
14.07
|
Categories: Market Data
This mainly keeps track of the entry level SFR in San Mateo
Inventory: min. 3 bedroom / 1 bath with 1000 sq ft and above, under $700k
Sale data in the last 3 months in San Mateo as of 09/17/2008
| Month |
no. of sale |
min. price |
max. price |
avg. pr/sq ft |
|
Sep-07
|
2
|
$625,000
|
$690,000
|
$565.67
|
|
Oct-07
|
6
|
$570,000
|
$650,000
|
$536.55
|
|
Nov-07
|
5
|
$545,000
|
$680,000
|
$546.77
|
|
Dec-07
|
3
|
$588,000
|
$700,000
|
$491.11
|
|
Jan-08
|
4
|
$615,000
|
$690,000
|
$414.33
|
|
Feb-08
|
3
|
$548,500
|
$650,000
|
$417.93
|
|
Mar-08
|
14
|
$492,000
|
$700,000
|
$514.75
|
|
Apr-08
|
13
|
$450,000
|
$693,000
|
$463.70
|
|
May-08
|
12
|
$505,000
|
$675,000
|
$442.10
|
|
Jun-08
|
14
|
$458,000
|
$665,000
|
$461.74
|
The majority of the entry level inventory are located on the east side of 101. The number of sales has increated since March, 2008. The average price / sq ft value is trending down, the lowest sale price is fluctuating.
Categories: Market Data · San Mateo
September 16, 2008 · 1 Comment
Market condition in Bay Area – 9/16/2008
This mainly keeps track of the entry level SFR in selected cities
Inventory: min. 3 bedroom / 1 bath with 1000 sq ft and above
| |
max. price |
Active |
Pending |
Inventory Level
(months) |
| Belmont |
< $1,000,000 |
18
|
9
|
3.18
|
| Burlingame |
< $1,250,000 |
6
|
6
|
1.64
|
| Campbell |
< $750,000 |
28
|
38
|
4.94
|
| Daly City |
< $550,000 |
54
|
41
|
3.52
|
| East Palo Alto |
< $360,000 |
32
|
37
|
5.05
|
| Foster City |
< $1,000,000 |
5
|
6
|
3.75
|
| Los Gatos |
< $1,000,000 |
21
|
7
|
9.00
|
| Millbrae |
< $1,150,000 |
25
|
10
|
5.00
|
| Milpitas |
< $550,000 |
61
|
39
|
9.63
|
| Mountain View |
< $900,000 |
17
|
11
|
4.25
|
| Pacifica |
< $580,000 |
13
|
21
|
3.90
|
| Palo Alto |
< $1,200,000 |
8
|
6
|
4.80
|
| Redwood City |
< $600,000 |
25
|
6
|
10.71
|
| Redwood Shores |
< $1,150,000 |
3
|
4
|
0.82
|
| San Carlos |
< $1,200,000 |
23
|
18
|
2.38
|
| San Mateo |
< $700,000 |
45
|
33
|
6.75
|
| San Jose |
< $400,000 |
611
|
359
|
13.68
|
| Santa Clara |
< $650,000 |
89
|
48
|
8.61
|
| South San Francisco |
< $600,000 |
32
|
30
|
5.33
|
| Sunnyvale |
< $750,000 |
60
|
47
|
7.20
|
Categories: Market Data
|
month
|
no. of closing
|
avg. price
|
avg. pr/sq ft
|
min. price
|
max. price
|
|
Dec-07
|
2
|
$392,000
|
$373
|
$389,000
|
$395,000
|
|
Jan-08
|
7
|
$379,008
|
$320
|
$335,000
|
$400,000
|
|
Feb-08
|
19
|
$379,949
|
$319
|
$340,000
|
$400,000
|
|
Mar-08
|
21
|
$363,500
|
$298
|
$305,000
|
$400,000
|
|
Apr-08
|
38
|
$363,273
|
$313
|
$276,000
|
$400,000
|
|
May-08
|
59
|
$368,512
|
$295
|
$249,900
|
$400,000
|
|
Jun-08
|
57
|
$358,719
|
$301
|
$249,900
|
$400,000
|
This is to keep track the entry level SFR in San Jose area: min. 3 bedroom / 1 bath with 1000 sq ft and above. < $400,000
You can see from the data that the lenders let the flood gate open in May 2008. The number of closing increased drastically from 38 in April to 59 in May. The average price is also trending down gradually, however the average price / sq feet should be a more accurate reading. I want to point out that there is a supporting level at $300,000, the price / sq feet number indicates that. For the month of Apr, May and June, the lowest price SFR sold were all under $300,000, those properties are either very beat up or has fire damaged, which require lots of work, if those transactions are removed, the lowest price is very close to $300,000.
Any properties in decent conditions listed under $300,000 in San Jose always get multiple offers.
* There are 15 transactions under $300,000 from Dec 2007 to Aug 2008, the July and Aug data in the table are missing since there are still pending transactions in those months, those will be shown in up coming post.
Categories: Market Data
Foreclosure rental scam warning!
Combination lock used in the REO properties
Foreclosure Rental Scam Strikes Bay Area
http://cbs5.com/local/foreclosure.rental.scam.2.774727.html
Most bank owned properties has a combination lock on it when listed on the market, the crooks somehow get access to that code and target potential tenants and steal rents from them.
The notice in the picture says:
“This property is for SALE not for RENT. If you contacted someone regarding an ad on CRAIGSLIST stating that this property is for rent, that person is part of a SCAM. They are trying to take your money. This property is NOT FOR RENT. Please call XXX-XXX-XXXX and give full details to an office representaative stating the name of the person and their contact information from the Craigslist ad.”
Categories: Real Estate News
