Tag Archives: home sales

Nevada County Housing Market December 2009 Compared to December 2010

Scott's Flat Lake January 28, 2011
Scott's Flat Lake January 28, 2011

Another year in the Real estate market in Nevada County saw a drop of 11 percent in home prices from December 09 to December 10.

In December 2009, the median price of homes in Nevada County for sale was $339,900 and there were 1009 listing for sale.  In December 2010 the median price of homes was $303,500 or a difference of -$36,400. In December 2010 there were 1,026 listings and 81 homes sold in that month.

Foreclosures seems to have slowed down somewhat, which may be due to the problems which the banks and Wall Street created during the height of the housing bubble. As you may or may not know, most of the problems were created when banks started lowering their lending standards. They allowed stated income loans (now known as liar loans) and negative amortization loans, where the buyer could pay any amount of the loan that they wanted to. Of course in a couple of years the terms changed and the home owner could not possibly make payments on their mortgage.

The banks then sold the mortgages to Wall Street, who packaged them into bonds. The rating companies gave these bonds a rating based on the overall FICO score, not knowing what kind of mortgages they were giving a high credit rating to.  In other words, the bond may consist of 25 percent or more of subprime loans, but have an overall FICO high enough to call the bond triple A. Included in these loans there might be loans to clients with good credit ratings but have a loan that was bound to fail such as the negative amortization loans.

In order to get FICO scores by Wall Street, loans were made to recent immigrants who might have been here for only a few years but because they made their payments on t

All of these bonds became worthless when the home owners started defaulting.  Wall Street’s haste to create these bonds and sell them worldwide resulted in sloppy book keeping and the mortgage notes in many cases became lost.

Thus we have the “robo signing” or more illegal works by our illustrious banks.  This has created a brief slowing down of foreclosures and I think that maybe the banks are concerned about all of the mortgage bonds they created and in some cases still hold.

By John J. O’Dell
Real Estate Broker
For all your real estate needs call
(530) 263-1091

Dre# 00669941

November Home Sales Rose in State, Sacramento


California home sales rose in November compared with October, but were down from the previous year, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).  The statewide median price declined from both the previous month and previous year.

  • The median price of an existing, single-family detached home sold in California fell below the $300,000 mark for the first time since February.  The November 2010 median price was $296,820, down 2.4 percent from October’s $304,220 median price and down 2.5 percent from the revised $304,550 median price recorded for the same period a year ago.  It was the first year-over-year price decline in a year.
  • November’s sales were up 9.2 percent from October’s revised pace of 449,480 but were down 8.6 percent from the revised 536,940 sales pace recorded in November 2009.  The statewide sales figure represents what would be the total number of homes sold during 2010 if sales maintained the November pace throughout the year.
  • “Unsold inventory declined slightly in November, as the number of active listings fell from October, particularly for homes priced above $500,000,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “The decline in listings was reflective of seasonal factors and the foreclosure moratorium that took place in October.”
  • For more about the California housing market, watch a video of Ms. Appleton-Young as she discusses highlights of the November sales and price report.

Read the full story

For all your real estate needs Call
John J. O’Dell
Real Estate Broker
(530) 263-1091

DRE#00669941

Home Sales Slow in September Due to Foreclosure Moratoriums

U.S. pending home sales slipped for the first time in three months in September as foreclosure moratoriums  slowed sales.

The National Association of Realtors’ index for pending sales of existing homes fell 1.8% to 80.9, the industry group said Friday. Economists surveyed by Dow Jones Newswires had expected pending home sales would increase by 3% in September.

Year over year, the pending-home-sales index is 24.9% below its level of 107.8 in September 2009. The NAR on Friday also revised its August index upward slightly to 82.4 from the previously estimated 82.3.

The NAR index is based on pending sales of existing homes, including single-family homes and condominiums. A home sale is pending when the contract has been signed but the transaction hasn’t closed. Pending sales typically close within one or two months of signing.

Pending home sales plummeted in May after the expiration of a government tax credit program but had been on the rise in July and August as rock-bottom mortgage rates and distressed property sales enticed buyers.

Source: Wall Street Journal

California Home Sales Drop in August Compared with Last Year


The median home price of an existing, single-family home in California rose 1.2 percent compared with July and 8.6 percent from a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week.  Following two months of consecutive month-over-month declines, California home sales edged up 1.8 percent in August compared with July, but were down 14.9 percent compared with August 2009.

  • According to C.A.R. President Steve Goddard, home buyers who are waiting on the sidelines should consider the opportunities available in today’s market.  Favorable home prices and interest rates at or near historic lows make housing affordability the best in recent years.  Anyone who is in a position to buy a home should do so before either of these key factors rise.
  • The statewide median home price posted its 10th consecutive year-over-year gain in August, according to C.A.R.’s report. The median price of an existing, single-family detached home sold in California during August 2010 was $318,660, an 8.6 percent increase from the revised $293,400 median price recorded in August 2009. The August 2010 median price was up 1.2 percent compared with July’s $314,850 median price.
  • C.A.R. Chief Economist Leslie Appleton-Young says California’s housing market is transitioning from the conclusion of the federal home buyer tax credit and that home sales are strongest in the higher-price range.  The strength in the upper-end market combined with inventory levels that are higher, but still lean by average, has led to home prices holding steady.
  • To hear more from Ms. Appleton-Young, please visit http://videos.car.org/mediavault.html?menuID=1&flvID=10.

New Home Sales Spike 27% in March

Sales of new homes soared in March, breaking a 4-month losing streak, according to a government report released Friday, as buyers snatched up properties ahead of the tax credit expiration.

New-home sales rose 26.9% to a seasonally adjusted rate of 411,000 last month, compared to a upwardly revised annual rate of 324,000 in February, the Census Bureau said.

A consensus of economists surveyed by Briefing.com expected February sales to rise to an annual rate of 330,000.

New home sales jumped 23.8% from March 2009.

Source:  CNN Money

Nevada County Home Sales January 2009 Compared to January 2010

By John J. O’Dell

The median sales price for homes in Nevada County dropped 25 percent from January 2009 compared to January 2010. Median price in January of homes sold was $320,000. In January of this year, the median price was $240,000.

Inventory dropped this January to 968 homes compared to 1,094 in January 2009. Interesting is the fact that the median price for new listings in January of this year was $329,000, indicating that perhaps some listings are being put on the market at a listing price that is too high.

Number of homes sold this January were 55 compared to 47 last January.

The median price of expired listings was $349,000 last January, maybe indicating that the listing price were too high also.  However, the homes under contract in January 2010 have a median price of $291,250.

Housing inventory dropped in January of this year compared to January 2009.  Last year we had 15.6 months of housing inventory. This year in January 2010 we had a 12.9 month inventory of homes which is an improvement.

Where’s the market going from here? Buyers are still coming into the market. Remember, although we may have an unemployment rate of around 10 percent that means that 90 percent of the people are still working.  Prices are so low in the housing market that many more people can afford to buy a house.

Data source  BrokerMetrica®

John J. O’Dell
Real Estate Broker
General Contractor
Here to help you buy or sell real estate

Home Sales Increase, Home Building Rebounds

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Home building rose 8.9 percent in November to an annualized rate of 574,000, the U.S. Commerce Department announced Wednesday.

The rate was still 12.4 percent below what it was in November 2008, but the increases were nationwide, with the Northeast leading the trend with housing starts rising 16.4 percent. Housing starts rose 12.3 percent in the South, 3 percent in the Midwest and 1.9 percent in the West.

Analysts attributed the increase to the extension and expansion of the home buyer’s tax credit. David Crowe, chief economist at the National Association of Home Builders, is cautiously optimistic. “The new credit will have an impact as we move into 2010 and consumers plan for that credit availability, and builders begin to answer expected demand in the spring,” he says.

In another measurement of the industry’s strength, the National Association of Realtors said pending home sales, a forward-looking indicator based on contracts signed, have risen for nine consecutive months. Pending home sales were up 3.7% in October compared to September, and up 31.8% compared with October 2008.
Congress recently extended a tax credit for home buyers, giving first-time buyers until April to claim an $8,000 tax credit. Those who have owned a home for five consecutive years can claim a $6,500 credit for a new home purchase.

“The tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future,” said Lawrence Yun, the association’s chief economist.

Realty World, O’Dell Realty Group is Now John O’Dell Realty

Bridgeport Covered Bridge, Nevada County, CA

 

I’m pleased to announce that we are no longer a part of the Realty World, Northern California franchise.  No longer being part of the corporate world, we are back to being your home town real estate company, locally owned and operated. We are also using our original name, O’Dell Realty. Please go to our website John ODell Realty   There you can search for all the  MLS listings, foreclosures or put yourself on a free mailing list of homes with your own criteria to find exactly the home or land that you are looking for.

With the advent of the world wide web, there is no need for being a part of a corporate franchise. Along with our own web site, we can provide you with large exposure on many other websites, such as Realtor.com, Trulia and others, to mention just a few. Of course your property is also listed  on the Nevada County Multiple Listing service.  We also have direct access to all of the Bay Area  MLS’s and beyond, along with most of the Northern California MLS’s. Currently we are working with clients buying property in the Bay Area, along with our clients here in Nevada County.

We want to thank our clients that has helped us to be successful for these many years.

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

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C.A.R.’s Predicts Home Prices to Increase in 2010

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The median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to C.A.R.’s “2010 California Housing Market Forecast,” presented today at CALIFORNIA REALTOR® EXPO 2009 in San Jose. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.

“California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said C.A.R. President James Liptak.  “This follows two years of double-digit sales declines in 2006 and 2007.  Looking ahead, we expect sales to moderate to a more sustainable pace.”

“After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” Liptak added.  “2010 will mark the beginning of the ‘new normal’ for California’s housing market.  This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.”

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“With distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season,” said C.A.R. and Vice President Leslie Appleton-Young.  “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer.  For the year as a whole, home prices are forecast to reach $280,000. The wild cards for 2010 include foreclosures, loan resets, the labor market, and the California budget crisis, as well as the actions of the federal government.”

Residential Home Sales, May 2009, Nevada County

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In general, I track daily sales on from the Nevada County Multiple Listing Service (MLS) and there is a definite increase in sales lately. This is a good sign that people are buying, both investors and first time home buyers. Interest rates are very attractive now, and along with the bargains, the market seems to be shifting upwards. The market dynamics of Nevada County home sales from Terradatum are as follows:

Median prices of homes in Nevada County in May 2009 were $300,000 compared to the median price in May 2008 of $365,000 or a further decline in price of 18 percent.   

May 2009 sales decreased somewhat from April of 2009, with 59 closed sales in May versus 79 closed sales in April. However, sales from January 2009 to May 2009 were 272 closings compared to sales from January 2008 to May 2008 of 219 closings or a 24 percent increase in sales.

At the present time, there are 1,200 residential properties for sale or a 17.6 months inventory of homes.  If you have any questions, please e-mail me and I will glad to help you.

By the way, look on the left side of this page and you will see the daily postings of MLS stats under “What I’m Doing”. These stats include all sales, land, commercial, residential and multi-family for Western Nevada County.  They may include some sales from out of the area.