market reports: Citibank said today homes to drop another 15%. Where? - 07/19/08 05:23 PM
Citibank said today that they expect home values to go down 15% more. But where? This chart indicates what a broad brush was used in making that statement:
San Mateo County posted some interesting numbers for June 2008. Looking at the entire county is valuable since it's a large market representation. In other words, small market sample idiosyncrasies have less impact in skewing the numbers. That said, San Mateo County also is comprised of radically varying micro-markets and therefore the overall numbers do not reflect any one particular city's true performance.
For example, while San Mateo County's median home price rose … (1 comments)
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market reports: Redwood City-Hit Harder by Housing Woes - 05/07/08 07:42 PM
Redwood City California may have the best weather as advertised by the city's slogan "Weather Best by Government Test", but what it offers in weather it lacks for in housing-stability.
Redwood City has long been known for having a more volatile housing market. With a population of 77,000-double that of nearby towns-its housing affordability depends a lot on where in the city one lives.
Three zip codes separate different areas of Redwood City and last month the median selling price ranged from $480,000 in zip code 94063 to $1,045,000 in nearby 94062.
This graph illustrates the month's supply of home available for sale. While … (2 comments)
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market reports: Belmont Housing Market Update-March 2008 - 04/03/08 05:45 PM
BELMONT'S MEDIAN HOME VALUE IN MARCH
Belmont's median price rose $13,000 in March of 2008 to $984,500 from $971,500 in March 2007-a 1.3% increase. As always, we further examine the median size home to see if larger or smaller homes selling during the sample period could influence the numbers. Since the median size home for both periods was essentially the same, no adjustment was made this month.
SALES CONTINUE TO BE DOWN
Only 14 homes closed escrow in March as compared to 28 for the same period last year-clearly underscoring the unease in the housing market and the economy as a whole.
STRIKING A … (0 comments)
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market reports: Redwood Shores Median Price Statstics - 03/15/08 05:59 PM
Notice how the reported median price for 2007 was up 3% over 2006. We adjusted for the fact the the median size home which sold in 2007 was 100 square feet larger. Accounting for larger homes selling, 2007 actually experienced a median price drop of 2.27%, or perhaps better stated swing of 5.27%. In our estimation this is critical information buyers and sellers should know. Yet it is unavailable to the general public due to the enormous time spent performing manual calculations.
… (0 comments)
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market reports: Belmont's Adjusted Median Price Calculations - 01/31/08 08:23 PM
Belmont
It's interesting to note that in the last two years, for the first six months virtually the same number of homes sold-94 in 2006 and 92 in 2007.
After the July news of the mortgage industry financial issues, the overall uncertainty of the market, and undoubtedly with anticipation that homes values may drop, 2007 saw only 127 sales as compared to 167 in 2006 for the second half of the year.
Can one believe the reported median price for Belmont?
The MLS system reported the aggregate Belmont real estate median home price in 2006 to be $925,000. That rose to $945,000 in … (0 comments)
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market reports: Belmont's November 2007 Market Re-Cap - 12/11/07 07:25 PM
November’s numbers are in and there are no real surprises. Last month’s momentary increase in the median price in several cities like Belmont and Redwood City (as previously discussed) was due to an inordinate number of larger homes selling in October. This month, the opposite was true as the median size home sold was smaller than the median home in Belmont so it gives the appearance that the median home value dropped.
As seen in this graph, the price per square foot that the average Belmont home sold for was up—again due to smaller size homes selling (smaller homes … (0 comments)
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market reports: Market Update-November Sales Activity & Graphs - 12/11/07 07:22 PM
Drew & Christine Morgan-December Market Update
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market reports: Lies, Damned Lies, and Statstics... - 11/29/07 02:34 PM
The article titled "California's October home sales slide 40%" reported by Inman News today evokes thoughts of Mark Twain's famous saying there are "Lies, damned lies, and statistics".
Though the number of homes which sold is easily tracked, calculating the true median home price is a little more elusive. The size of homes which sell in a particular period can greatly influence this statistic. The median price has been used quite often as a benchmark for home values since all things being equal, roughly the same size homes sell each month. However, current lending conditions affecting first-time home buyers have skewed these … (2 comments)
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market reports: The Dual Income Trap - 11/19/07 12:19 PM
The Dual Income Trap
Elizabeth Warren, A Harvard Financial Law Professor writes in a very revealing article titled "The Middle Class on the Precipice" wherein she examines the dilemma now facing dual income families as spouses no longer have the added ability to enter the work force if even to temporarily buoy a family's income.
Ms. Warren's assertions can be seen as they apply to this year's increase in foreclosures. In the 1970's many households were single breadwinner families who purchased their home based upon a single income. This of course meant that if the sole money earner lost their job the … (0 comments)
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market reports: Buyers--Should I Stay or Let it Go? - 11/18/07 10:40 PM
Much of the current real estate media attention has been focused on foreclosures and sub-prime lending practices. The media's relentless impending doom stories have certainly rattled the nerves of the many would-be buyers. The question is should a buyer stay in the housing market hunt or let it go?
Buyers tend to fall into at least one of three groups; buyers who believe the market will go down and are waiting on the sidelines, ones who can no longer qualify for a loan due to tighter lending guidelines, and buyers who see the new opportunities to own a home.
The Buyers who … (2 comments)
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market reports: San MAteo County Posts October 2007 Median Price Increase - 11/16/07 11:16 PM
We've updated the housing data through October of 2007 and there were a few surprises in the month of October.
↑The median single family home price home price rose 7% in San Mateo County, up $75,000 to $1,075,000 over September's $1,000,000 median price and up 13,7% over October a year ago when the median home price was $945,500.
↓Fewer sales mean homes are staying on the market longer. Last October a home sold in 39 days-this year 41.
↑The average home sold for 98% of what a seller asked, up 2% from last October.
↓Total available homes for buyer's to pick from was 1,738 … (2 comments)
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market reports: Market Report-Belmont Closed Sales October 2007 - 11/15/07 06:24 PM
While the media is quick to jump on any story which appears sensational, one wonders why the sharp increase in Belmont's median price of over 19% last month wouldn't have raised any eyebrows.
Don't miss this month's article explaining how this data needs to be interpreted.
We publish these graphs each month in order to keep Belmont homeowners apprised of the market. Of course you are always welcome to visit our web site MorganHomes.com for more detailed graphs and of course our blog for insightful analysis.
And if you are a Belmont resident, help us go green and sign-up for monthly reports. We'll take … (0 comments)
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market reports: Understanding the Medain Price Data Part III - 11/15/07 06:20 PM
This is the continuation of an article on understanding median home values...
This graph illustrates what the median size home sold for in Belmont during the preceding 12 month period. Note this does not take into consideration individual characteristics of the home such as updating or level yards which greatly affect the home's value.
Applying a trend line to the same graph shows us that the median price is approximately representative of current market conditions-prices are not rising at the same rate as they were a year ago and may in fact be on a decline.
Looking at all of … (0 comments)
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market reports: Belmont's Median Home Price-Up 19% in October 2007! - 11/15/07 06:15 PM
Or did it really? What do you do when you know the numbers must be wrong?
Numbers are of course just data and need to be interpreted well in order to be of any use.
Clearly there's more inventory, there are fewer buyers and homes are sitting on the market longer. All this should equate to homes selling for less. Yet last month Belmont's median home price shot up from $980,000 to $1,170,000. Are you thinking more expensive homes must have sold? Read on...
Granted, Belmont is a small market sample and is subject to dramatic swings in data on a … (0 comments)
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market reports: Belmont's Greeen Market Update - 10/07/07 08:03 PM
Belmont Sales Activity-September 2007
In an effort to cut down on paper generated by our industry, as well as lower our overhead to continue to offer price matching of our services, and hopefully someday reach more customers, we have discontinued the mailing of our monthly sales updates for Belmont, and are posting the information on-line. This will enable us to provide more information than before and we hope this move towards virtual based services will positively impact our environment while allowing more people to contact us.
Please feel free to comment about the new forum we have implemented.
… (0 comments)
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market reports: Bay Area Market Watch--September 24,2007 - 09/24/07 03:34 PM
Many of the real estate stories you may be hearing are dealing with national or statewide issues and do not reflect our local market. That doesn't mean that the overall housing picture doesn't affect our market-it does. The perception of a declining market is all it takes to create one. As optimistic as homeowners are about the value of their homes, we believe that somewhere in the back of their minds there's a nagging uncertainty of future valuation and a realization that at some point the run up in real estate values will come to an end. And of course it … (0 comments)
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market reports: San Mateo County Inventory Levels 2004-August 2007 - 09/24/07 04:05 AM
Inventory levels are rising to the highest level in at least the last four years as anxious buyers put off purchasing their first home. Clearly this is an indication of a market slow down or pull back. How long it will last and how it affects the median price is yet to be seen.
Drew & Christine Morgan Morganhomes.com
Visit our Blog at BeautifulMountainBlog.org
Disclaimer: This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this response in tended to be specific to your situation-consult a specialist for your specific situation.
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market reports: San MAteo County Sales-2004-August 2007 - 09/24/07 03:58 AM
This graph which show3s the sales in San Mateo County through August of 1997 exemplifies the waning sales since last year. In fact, sales are almost down 50% over 2004. Many buyers are waiting for better interest rates (although they currently are near historical lows and others simply cannot afford a home as only 10% of the Bay Area first time buyers can afford the median priced home.
Drew & Christine Morgan Morganhomes.com
Visit our Blog at BeautifulMountainBlog.org
Disclaimer: This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this response in tended to be specific to … (0 comments)
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market reports: Belmont-Closed Sales 2004-2007 - 09/24/07 03:44 AM
Clearly the report of waning sales are correct. This graph illustrates closed sales for Belmont for the last four years. Note that sales are down nearly 40% over prior years. This is indicative of trepidation on the part of buyers worried about the future of home values and mortgage rates. It also is a simple factor that after years of price ru-ups now only 10% of first time buyers can afford the median Bay Area home.
Drew & Christine Morgan Morganhomes.com
Visit our Blog at BeautifulMountainBlog.org
Disclaimer: This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor … (0 comments)
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market reports: Belmont Inventory Levels-August 2007 - 09/24/07 03:37 AM
Here we see Belmont's inventory levels while higher than recent times, still within acceptable levels indicating a modest economy and housing future. Inventory or the number of homes for sale directly impacts selling prices if demands is stable. Inventory can grow simply because buyers are not buying homes or more homes are coming on the market. In this case, it's a case of fewer buyers (less sales) since the number of new listings is within acceptable and customary range.
Drew & Christine Morgan Morganhomes.com
Visit our Blog at BeautifulMountain Blog.org
Disclaimer: This information is for entertainment purposes only and includes no legal, accounting or real estate … (0 comments)
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