What do you want first, the good news or the bad news regarding new home sales for 2010?
Good news? Great. First 2010 is over. That is the best news.
The other good news released this week is that new home sales jumped 17.5% to a seasonally adjusted 329,000 homes for the month of December according to the National Association of Home Builders. They did preface that most of the increase came out of the west, which gained at a 71% rate, and most likely will have to be adjusted.
New Home sales were down 5.0% in the Northeast and up 3.2% in the Midwest and 1.8% in the South.
Now for the Bad News:
Sales for new homes in 2010 were down 14.4% for the year and ended up at 321,000 homes. This was the lowest number of new homes sold in the United States on record in the country. We started keeping track of new home sales in 1963…
New home sales construction is also at a record low rate. There are only 191,000 new homes in inventory nationwide. For reference, in the heat of the bubble, there were 528,000 new homes for sale in January, 2006. 2005 saw 1.28 million new homes sold.
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So what does this mean?
Builders are doing the right thing. Until the market returns it is crazy to expose yourself to building homes on spec. My guess is that most of the homes being built right now are on contract and those contracts are much tighter than in 2006.
If you are looking to buy land this is probably a great time, prices are low and demand is weak. Eventually new home construction is going to come back and getting your raw land, or even partially completed properties, will significantly lower your cost basis.
Otherwise, the construction industry is just in a waiting mode for things to settle down.
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REI in Dublin Coming End of 2011
No longer do we need to go to Fremont or Concord to check out the latest outdoor gear. REI is a national retailer providing equipment for the outdoor enthusiast. REI in Dublin will be located behind the old Circuit City. REI will be tearing down the building that has stood unfinished for a few years and constructing a 24,000sf. store. REI Dublin will lease the site that once expected to be a fireplace store but instead became engulfed in development delays and a foreclosure. Walnut Creek-based Laconia Development bought the future REI site from the lender that had foreclosed on the property. Laconia intends to tear down the unfinished building and construct a one-story REI store from scratch.
Several of the deals are filling up long-shuttered buildings once occupied by retailers that imploded and vanished during the recession. Sports Authority took half of the former Mervyn’s building, and Sprouts and Jo-Ann Fabrics are taking the one-time Circuit City store.
More information to follow as construction continues on these stores.
San Ramon Real Estate 2010 Year in Review
San Ramon home sales saw strength in 2010 just as Pleasanton, Dublin and Livermore did. Sales were in line with what we would expect for seasonal changes. What we mean by that is normally we start to see increasing pending activity around this time of the year then increasing sales as we move into spring and the summer from those pending homes. We expect that the months of February and March will see higher levels of activity than in the years past because of the stabilizing housing market. An interesting look at the chart of San Ramon homes and for the entire Tri Valley is that while yearend supplies are higher across the board, sales were also higher year over year. More buyers are optimistic about housing and the economy and sellers who were on hold are seeing the upside in many markets too.
Fun Stats for 2010:
659– Number of single family homes sold
149– Homes sold were short sales
68– Homes sold were REO
326– Condo/Townhomes sold
43– Average days on market
$730,000 – Median Price for single family home
Livermore Real Estate 2010 Year in Review
The trend with Livermore homes is similar to that of both Pleasanton and Dublin as we recently wrote about. Inventories rose towards the end of 2010, but pending homes in Livermore and sold homes remained consistent. The change from Dec. ’09 to Dec. ’10 was an increase of 129% of available homes. The end of ’09 to end of ’10 for sold homes was about the same level and the biggest spike in activity was pending homes in March up to 120 homes and making for May and June the highest levels in sold homes. We expect to see similar activity with more buyers coming into the market in February, March and April.
Fun Stats for 2010:
865– Number of single family homes sold
197– Homes sold were short sales
170– Homes sold were REO
222– Condo/Townhomes sold
43– Average days on the market
$433,000 – Median price for a single family home
Dublin Real Estate 2010 Year in Review
Dublin homes sold in May 2010 had on of the highest number of sold homes per month looking back even Jan. ’09. While the chart shows a huge increase in inventory of 240% from Dec. ’09 to Dec. ’10 sales were up overall from 2009. The number of sold homes per month is consistent with no huge spikes or decreases. We look to see 2011 real estate in Dublin to continue to improve and more buyers coming out to purchase and stabilizing inventory levels
Fun Stats for 2010:
355 – Number of single family homes sold
67 – Homes sold were short sales
58 – Homes sold were REO
235 – Condo/Townhomes sold
36 – Average days on the market
$633,000 – Median price for a single family home
Pleasanton Real Estate 2010 Year in Review
Looking at the chart below of the overall Pleasanton homes market for 2010 a few key stats stand out. Dec. ’09 saw 90 homes for sale in Pleasanton compared to Dec. ’10 with 130 homes for sale, a 44% increase. Dec. ’09 had 48 homes sell compared to 49 homes sell in Dec. ’10, a 2% increase. There was no change in the number of Pleasanton homes pending.
Fun Stats for 2010:
603 – Number of single family homes sold
77 – Homes sold were short sales
47 – Homes sold were REO
175 – Condo/Townhomes sold
44 – Average days on market
$723,000 – Median Price for single family home
Great Wine in Our Backyard – Another Great Reason to Live in Livermore
It’s all about location, not just for the homes in Livermore you buy, but the city you live in. We are fortunate to have one of the best wine regions in the state only minutes from us. With over 40 wineries growing award winning Cabernet Sauvignon, Petit Syrah, Chardonnay and Champagne your choices are almost endless. Even if you are looking for a home in Danville or a Pleasanton home, you are only minutes away from the Livermore Valley Wine Country.
The Livermore Wineries are not all new, in 1883 James Concannon came from Ireland and began making wine here in Livermore. 50 years ago Concannon Vineyards produced America’s first Petite Sirah. Now 125 years after James Concannon first came to Livermore, we have over 40 amazing wineries.
Here is a sample of some South Livermore homes for sale
Showing properties
1 - 1 of 1.
See more Vinsanto community real estate.
(all data current as of
2/22/2012)
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3 beds, 3 full baths
Home size: 2,906 sq ft
Lot size: 9,190 sq ft
Year built: 2004
Parking spots: 3
Days on market: 7
Listing information deemed reliable but not guaranteed. Read full disclaimer.
For more information check out:
Livermore Valley Wine Country lvwine.org
Download the Livermore Valley Wine Map
There was once a time when an 18% interest rate was, well, good…
In the 1970′s you could expect to get a mortgage a be paying 18%. Today rates are leaving 4% territory and creeping towards 5%. By the end of 2011 many experts predict rates to hit 5.5%. Why? With the economy improving, retail sales up, consumer spending recovering and more people getting back to work, the fed will move to increase the fed funds rate which increases your mortgage rate. An article diving deeper into why rates will go up can be found at LoanSquawk.com.
Why does this matter to a home buyer?
If you are a first time buyer comparing lenders and rates keep in mind, buyers in the past were jumping with excitement to get a 9% rate. Today, many people moan and complain over 1/8th of a percentage point and leave their lender if another lender can beat it. Here is the advice and point of the article. A buyer needs to focus on credit score, reserves and debt-to-income ratio and they will qualify for the best rate. Today more homes are receiving multiple offers because of the small supply of QUALITY homes. Not everyone is looking for a fixer upper bank repo. The best thing a buyer can do is to work with a mortgage professional with great service and who knows the market. In a multiple offer bid, the last thing you want is your lender to mess it up because they could get you the loan at the low rate they quoted.
Here is an interesting graph to show how All Cash offers are increasing and putting more pressure on buyers needing a loan. After all, a seller would normally prefer a buyer who dosen’t need a loan. Put yourself in the best position and make sure you are qualified for a loan with a seasoned mortgage professional.
San Ramon Homes Sales December 2010
Sold Homes in San Ramon (Single Family) insight into homes for sale in San Ramon and San Ramon real estate
Homes in San Ramon, CA sold in December were 49. This is an increase from the 30 homes in San Ramon sold in November. San Ramon homes for sale at the end of December (Dec 31st) numbered 107.
The highest sale price for homes in San Ramon was $1,746,000 on Hawkshead Cir. which sold at $313 a square foot. The lowest sale price for San Ramon homes was $290,000 on Wisteria St. which sold at $249 a square foot.
The average days on market for San Ramon homes was 56 with an average list price of $751,581 at $308 a square foot. The average sale price was $732,705 at $301 a square foot.
Here is a Summary of data for all San Ramon homes sold in December 2010.
Here is info on all San Ramon homes sold in December 2010.
For More Info contact the Moxley Team, your San Ramon realtors 925.600.0990
Livermore Homes Sales December 2010
Sold Homes in Livermore (Single Family) insight into homes for sale in Livermore and Livermore real estate
Homes in Livermore, CA sold in December were 72. This is an increase from the 60 homes in Livermore sold in November. Livermore homes for sale at the end of December (Dec 31st) numbered 196.
The highest sale price for homes in Livermore was $1,090,000 on Sorrento Pl. which sold at $273 a square foot. The lowest sale price for Livermore homes was $188,000 on Park St. which sold at $237 a square foot.
The average days on market for Livermore homes was 47 with an average list price of $484,491 at $259 a square foot. The average sale price was $477,536 at $255 a square foot.
Here is a Summary of data for all Livermore homes sold in December 2010.
Here is info on all Livermore homes sold in December 2010.
For More Info contact the Moxley Team, your Livermore realtors 925.600.0990
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©2012 Bay East. ©2012 CCAR. ©2012 EBRD. All rights reserved. Information deemed reliable but not guaranteed. This information is provided from three separate sources: Bay East, CCAR and EBRD. The listings presented here may or may not be listed by the Broker/Agent operating this website. Information last updated on 2/22/12 1:29 PM PST.
