| Sonnek Market Report
INVENTORY (For Sale) (Homes with an “Active” status in the Multiple Listing Service (M.L.S.) in South Orange County, excluding Laguna Woods):
2/01/2012 - 2,135 *30% Less Homes For Sale versus 1 Year Ago*
1/01/2012 - 2,184 *Lowest Number of Homes For Sale since in 2011*
12/01/2011 - 2,270
11/01/2011 - 2,973
10/01/2011 - 2,960
9/01/2011 - 3,095
8/01/2011 - 3,234
7/01/2011 - 3,268
6/01/2011 - 3,329 *Homes For Sale Inventory Peak in 2011*
5/01/2011 - 3,293
4/01/2011 - 3,187
3/01/2011 - 3,140
2/01/2011 - 3,062
1/03/2011 - 2,866
SHORT SALES INVENTORY (For Sale) (Homes in the Current Inventory above with a “Short Sale” notation):
2/1/2012 - 648 *40% Less Short Sale Homes For Sale versu 1 Year Ago*
1/1/2012 - 720 *Lowest Inventory of Short Sales For Sale in 2011*
12/1/2011 - 727
11/1/2011 - 918
10/1/2011 - 903
9/1/2011 - 893
8/1/2011 - 903
7/1/2011 - 951
6/1/2011 - 973
5/1/2011 - 964
4/1/2011 - 985
3/1/2011 - 964
2/1/2011 - 1,080
1/3/2011 - 1,088 *Short Sale Homes For Sale Inventory Peak in 2011*
Bank Owned (REO) Properties (Homes in the Current Inventory above with a “REO” or “HUD” notation):
2/1/2012 - 149 *37% Less REO Homes For Sale versus 1 Year Ago*
01/1/2012 - 167
12/1/2011 - 150 *Lowest Inventory of REOs For Sale in 2011*
11/1/2011 - 193
10/1/2011 - 206
9/1/2011 - 201
8/1/2011 - 209
7/1/2011 - 204
6/1/2011 - 198
5/1/2011 - 214
4/1/2011 - 203
3/1/2011 - 211
2/1/2011 - 237
1/3/2011 - 243 *REO Homes For Sale Inventory Peak in 2011*
PENDING HOME SALES (Homes with a “Back-Up Offer” or “Pending” status in the M.L.S.):
2/1/2012 - 1,739 *24% More Pending Sales versus 1 Year Ago*
01/1/2011 - 1,530 *36% More Pending Sales versus 1 Year Ago*
12/1/2011 - 1,471
11/1/2011 - 1,660
10/1/2011 - 1,620
9/1/2011 - 1,658
8/1/2011 - 1,714
7/1/2011 - 1,725
6/1/2011 - 1,787 *Highest Level of Pending Home Sales in 2011*
5/1/2011 - 1,770
4/1/2011 - 1,667
3/1/2011 - 1,585
2/1/2011 - 1,397
1/1/2011 - 979 *Lowest Level of Pending Home Sales for 2011*
CLOSED SALES (Homes that closed escrow in the M.L.S. in South Orange County):
January 2012 - 416 *12% Less Closed Sale versus 1 Year Ago*
December 2011 - 590
November 2011 - 553
October 2011 - 526
September 2011 - 564
August 2011 - 671
July 2011 - 633
June 2011 - 699
May 2011 - 638
April 2011 - 597
March 2011 - 642
February 2011 - 436 *Lowest Level of Closed Sales for 2011*
January 2011 - 474
December 2010 - 580
South Orange County’s residential Original List Price to Sales Price ratio (OLP/SP) for closed sales since 1/1/2011 is 92%.
*Barry Sonnek’s Average - 95%*
South Orange County’s residential Last List Price to Sales Price ratio (LLP/SP) for closed sales since 1/1/2011 is 98%.
*Barry Sonnek’s Average – 99%*
South Orange County’s residential Average Number of Days on Market (DOM) for closed sales since 1/1/2011 is 119 Days.
*Barry Sonnek’s Average – 82*
On January 3, 2012, in Breaking News, Economics, by Robert Freedman
NAR released its latest pending home sales index figure last week and for the second month in a row the index is up. But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus. NAR Chief Economist Lawrence Yun is upbeat about 2012 because in a number of areas indicators are pointing upward. Not only are home sales up but new housing starts are up and home prices are stabilizing in many markets and heading up in some. In areas where they’re still down, the declines aren’t that great. More fundamentally, broader U.S. economic signs are looking positive, including the all-important jobs picture. About 100,000 job are being created a month, and that could rise to 150,000—still not a quick enough pace to get us back to where we were before the downturn but the headwinds are in the right direction.
California Home Sales Continue Rise
LOS ANGELES (Jan. 17) – California home sales rose for the third consecutive month in December, marking the highest level since January 2011, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Sales also were up from a year ago, marking the sixth consecutive annual increase. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,940 in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. December’s sales were up 3.3 percent from November’s revised pace of 504,420 and were up 0.1 percent from the revised 520,330 sales pace recorded in December 2010. The statewide median price of an existing, single-family detached home posted its second consecutive monthly gain, increasing 1.8 percent to $285,920 in December, up from a revised $280,960 in November. The median price was down 6.2 percent from the revised $304,770 median price recorded in December 2010. For 2011 as a whole, sales reached a preliminary 497,860 homes sold statewide, up 1.1 percent from the 492,290 homes sold in 2010. The statewide median price declined 6.3 percent for the year, to reach a preliminary $285,950, down from the revised $305,010 recorded in 2010. Housing inventory remains tight throughout California, with the Unsold Inventory Index for existing, single-family detached homes declining to 4.2 months in December, down from 5.0 months in November and down from a 5.0-month supply in December 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current supply of homes on the market at the current sales rate.
December Existing-Home Sales Up and Inventory Down Nationally
Daily Real Estate News | Friday, January 20, 2012
Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above where they were a year ago, according to the National Association of REALTORS®. The latest monthly data shows total existing-home sales rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.
Total housing inventory at the end of December dropped 9.2 percent to 2.38 million existing homes available for sale, which represents a 6.2-month supply at the current sales pace, down from a 7.2-month supply in November. Available inventory has trended down since setting a record of 4.04 million in July 2007, and is at the lowest level since March 2005 when there were 2.30 million homes on the market.
Source: NAR
California Building Permits, Housing Starts Rise in December
Building permits for single-family homes rose 1.8 percent in December to a rate of 444,000 units compared with November, according to a joint release by the U.S. Census Bureau and the Dept. of Housing and Urban Development. Single-family housing starts rose 4.1 percent to a seasonally adjusted annual rate of 657,000. An estimated 611,900 housing units were authorized by building permits in 2011. This is 1.2 percent above the 2010 figure of 604,600. Approximately 606,900 housing units were started in 2011. This is 3.4 percent above the 2010 figure of 586,900.
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Mortgage Rates Rise After Posting Record Lows
Daily Real Estate News | Friday, January 27, 2012
Mortgage rates started to edge higher this week, after a series of recent positive reports showing the housing market on the mend, Freddie Mac reported in its weekly mortgage market survey.
The 30-year fixed-rate mortgage after posting all-time record lows for the past three weeks reversed course this week and ticked up to 3.98 percent. Still, this is the eighth consecutive week that 30-year fixed-rate mortgages have remained below 4 percent, Freddie Mac reported.
"Fixed mortgage rates ticked up this week as the housing market ended 2011 on a high note,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement. Existing-home sales increased 5 percent in December, the largest amount since May 2010.
Here’s a closer look at mortgage rates for the week ending Jan. 26:
- 30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.7 point, up from last week’s low of 3.88 percent. A year ago at this time, 30-year rates averaged 4.80 percent.
- 15-year fixed-rate mortgages: averaged 3.24 percent, with an average 0.8 point, inching up after last week’s 3.17 percent average. Last year at this time, 15-year rates averaged 4.09 percent.
- 5-year adjustable-rate mortgages: averaged 2.85 percent, with an average 0.7 point, also up from last week’s 2.82 average. Last year at this time, 5-year ARMs averaged 3.70 percent.
- 1-year ARMs: averaged 2.74 percent this week, with an average 0.6 point--holding at last week’s 2.74 percent average. A year ago at this time, 1-year ARMs averaged 3.26 percent.
Source: Freddie Mac
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