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A resource for all Real Estate news about Santa Cruz County and the Monterey Bay area.
Thursday, May 30, 2013
New Pending!
Friday, May 17, 2013
Open Houses This Weekend!
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Wednesday, May 15, 2013
New Listing!
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Thursday, May 09, 2013
May Newsletter
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Mother’s Day is Sunday May 12th
May 2013 Market Update
As the national housing market
recovers we are seeing considerable increases in demand, resulting in a
strong seller's market across the country.
Currently, there is more demand than there is supply available, but "the good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels," states NAR Chief Economist Lawrence Yun. "Homes are selling much faster," says NAR President Gary Thomas. "Multiple bidding is becoming more common, and more homes are selling above the asking prices, so buyers need to move quickly." With historically low interest rates and rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a home.
Home sales decreased slightly by
0.6% from last month to 4.92 million units. Sales are up 10.3% from year-ago
levels, making this month the 21st consecutive month of year-over-year sales
unit increases. Distressed homes (which include short sales and foreclosures
that traditionally sell for 15%-20% less on average compared to nondistressed
homes) accounted for 21% of sales, which is down from 25% the previous month,
and down from 29% in 2012. Regardless of the decrease in distressed sales
from last year, these properties are still at above-average levels.
The current median home price
increased 6.4% to a seasonally adjusted $184,300, which is up 11.6% year over
year, marking the 13th consecutive month of year-over-year price increases,
and the strongest year-over-year increase since November 2005.
Inventory
levels increased slightly by 1.6% to 1.93 million existing homes for sale.
The number of homes on the market represents a 4.7-month supply, indicating a
strong seller's market. Inventory is down 16.8% below a year ago when there
was a 6.2-month supply.
Interest RatesInterest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels.
Tap Our Expertise
Oh by the
way, did you know you can now get an automated investment analysis of your
neighborhood - complete with Active, Pending and Sold homes all mapped out -
sent directly to your email inbox every month? Now you can always know
the value of your home. Try it today. It's informative, it's accurate, and
it's free. Oh, and please tell a friend or neighbor too! Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call! Check it out and see what you think at Free Market Snapshot P.S.: Remember to visit my blogs for Local and National real estate and related information and updates! We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help!
Frank Murphy
831-457-5550 1414 Soquel Avenue Santa Cruz, California 95062 DRE License #01014048 Frank@FrankMurphy.net www.LiveInSantaCruz.com |
Contact me, your local real estate
expert, for information about what's going on in our area.
Frank Murphy
Keller Williams Realty
831-457-5550
DRE License #01014048
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Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate. |
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