March 2010

The inventory of active single family detached homes on the market in San Ramon has increased over the last few weeks. Additionally we are seeing the inventory absorption rate creep up from .3 months to .56 months.

The absorption rate is still indicative of a strong sellers market but we are started to see the seasonality of real estate markets come into play. We expect to have inventory increase through the spring and summer months. This should provide more opportunity for thosebuyers who have been shut out of the home market due to low inventory. We are also having good success working with the banks to process short sales. I recommend giving us a call if you are considering your options for an “Underwater” mortgage.

The current statistics for San Ramon real estate are:

There are 95 active listings of single family detached homes in San Ramon. The average list price for these listings is at $861,743 with the highest priced listing at $3,500,000 and the lowest at $394,000. The average days on market is at 56 days and the average price per square foot is at $365. There are 168 pending sales in San Ramon with the average list price of $795,396. The highest priced pending sale is listed at $1,850,000 and the lowest at $328,000. The average days on market is at 29 and the average price per square foot is at $287. During the month of March we have had 26 closed sales. The average sales price is $817,192 with the highest priced sold at $1,750, 000 and the lowest at $365,000. The average days on market for these closed sales was 29 days and the average price per square foot was at $308.

Here we ago again, yet another First Time Home Buyer Tax Credit. This state credit will provide up to $10,000 for first time home buyers of new or existing construction. The following Contra Costa Times article provides details about the credit itself. The credit will be applied throughout the state and is limited to $100,000,000 for purchases of new homes and $100,000,000 for purchasers of existing construction. I see this as a sign that both the federal and state governments realize that we are not “Out of the Woods” yet in terms of the economy and are trying  to provide incentives to the housing industry.  The nice thing is that this can be utilized with the purchase of short sales and foreclosures.

Schwarzenegger signs homebuyer tax bill – ContraCostaTimes.com.

The Danville real estate market continues to blast ahead with sales leveling off, Pending Sales increasing, and inventory trending slightly down again.

The inventory absorption rate of single family detached homes in Danville has dropped to less than a month. In most instances this is an indicator of a strong seller’s market. The wild card is, as it has for awhile, what will happen with all of those mortgages currently in distress? At this point it is anyone’s guess but we are seeing some signs from Congress and the banks which point to an improved short sale process as a alternative to foreclosure or Deed In Lieu. I personally believe that this is a good idea if enacted because it allows homes to be sold in a more “Normal” manner and will reduce the amount of vacant homes and help keep prices from a free fall. It is also a deterant to vandalism.

The current statistics for Danville Real Estate are:

The are 110 active single family homes on the market in Danville with an average list price of $1,263,378. The highest priced listing is at $3,995,000 and the lowest at $520,000. The average days on market is 66 and the average price per square foot is at $413. There are 118 Pending sales with an average list price of $947,790. The highest priced pending sale was listed at $3,498,000 and the lowest at $466,900. The average days on market for these pending sales is 52 and the average price per square foot is at $349. Since March 1 there have been 32 closed sales of single family detached homes. The average sales price for these homes was $851,515 with the highest priced sale at $1,450,000 and the lowest at $450,000. The average days on market for these sales was 51 days and the average price per square foot was at $348

The following link is to an article published in the Making Homes Affordable Website. It outlines a program called HAMP (Home Affordable Foreclosure Alternative) which provides guidelines and incentives for lenders to process short sales in a more expeditious manner. The program also offers homeowners relocation assistance. Please take a look at the following link and give us a call at (925) 984-3992 with any questions or for a more detailed ‘No Obligation‘ discussion.

HMPadmin: Foreclosure Alternatives.

The following article from the Contra Costa times describes a condition where some homeowners are receiving a tax bill from the state when they have either short saled their home or have had their home taken back via foreclosure. There are some specific conditions that can result in a tax bill being sent by the state (give us a call and we can discuss with you). So when considering a short sale, Deed in Lieu, or Foreclosure on Danville Real Estate, or any real estate for that matter, you really need to understand the ramifications of your decisions.

Distressed homeowners canceled debt still subject to California taxes – ContraCostaTimes.com.