The Buena Park real estate market

Buena Park Sign, Orange County, California, USA

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The Buena Park real estate market, part of the generally upscale and affluent Orange County housing market, faced declining home sales and home prices in the most recent period for which statistics are available. According to figures provided by DataQuick and the Orange County Metro, the end of 2010 saw a decline in median sales price and the quantity of purchases. The median price for Orange County was $410,000 in December 2010, representing a decrease of just less than six percent relative to year-ago levels. This drop was also a decline of about six percent compared to November 2010. Relative to the rest of Southern California, Orange County fared particularly poorly – the six Southern counties saw a slight increase in median price, while Orange County fell. This weakness can be attributed at least partially to the weakness of the regional and national job market as well as the hesitancy of lenders to extend lines of credit. There were fewer properties sold in Orange County in December 2010 compared to year-ago levels, although there were significantly more compared to month-ago levels. DataQuick’s statistics indicated that there were 2,739 residential properties purchased throughout Orange County during December, representing a decline of approximately five percent compared to December 2009. However, this number did mark an increase of more than twenty-one percent compared to November 2010. One expert noted that a November to December sales increase is expected, although the increase seen in Orange County was larger than average.

There were an inordinately large number of properties seized in 2010, marking the third-highest quantity of delinquent residential properties repossessed in nearly twenty years. According to MDA DataQuick, there were approximately 7,900 homes seized in 2010, adding to the cumulative total of almost 33,000 homeowners who have had their properties seized since the beginning of the economic recession. On the bright side, there were fewer foreclosure filings during the most recent tracking period, backing off of the peak figure reached in 2009. However, one expert noted that this slight improvement cannot be entirely attributed to a rallying market, as an alternative to foreclosures – the short sale – has become more popular.

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categories California | | datetime February 11, 2011 8:26 pm | comments Comments Off

The San Mateo housing market

The San Mateo housing market, along with the rest of the San Francisco Bay Area real estate market, continued upon a gradual path to recovery in the last month of 2010 and the first days of 2011. According to the San Francisco Association of Realtors, the number of home sales in 2010 improved relative to 2009, while the median sales price and mortgage rates remain relatively low. In addition to a higher quantity of completed home sales, there was a substantial number of pending home sales moving into the New Year. There were a total of 2,295 home sales in the entirety of 2010, compared to 2,184 completed home sales throughout 2009. This represented an increase of almost four and a half percent year-over-year. This increase was accompanied by a boost in the median sales price, which rose by slightly more than four percent to $725,000. There were about a quarter more pending homes sales in December 2010, although condominium sales actually decreased over the same period. There were about twenty percent fewer condominium sales during December 2010, although the number of pending sales rose by approximately twenty-five percent. Over the entire year, the cumulative total of condominium sales totaled above 2009 levels, but well off of sales figures achieved during the peak of the market.

Fewer San Mateo County homes for sale were the product of foreclosure during 2010, suggesting that the Golden State’s distressed property market may be following the larger trend of the United States. According to a January 2011 report from RealtyTrac, there were 51,525 homes within the San Francisco Bay Area at some stage of the foreclosure process in 2010. Although this figure is substantial, it actually represents a decrease of almost five percent from the previous year. Additionally, there was about a twenty-six percent drop in notices of default. However, one local expert suggested that the decline is most likely only temporary, since the foreclosure process is taking longer for lenders to execute. If the number of foreclosures rebounds in upcoming months, it may result in a further decline in the average sales price of the region.

categories California | | datetime February 10, 2011 8:25 pm | comments Comments Off

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