Real Estate Updates!

I get asked this question a lot..."what's going on in the market?" So let me share some of the data reports that I receive, and read, on an everyday basis. I am always trying to stay current and stay on top of my real estate profession!

Latest Market Statistics - Data Corner February 2012

C.A.R. QUICK STATS:

• Existing Single-Family Home sales decreased 5.7% year-to-year in January to a seasonally adjusted rate of $517,740 on an annualized basis. This is down 0.6 percent from December 2011.


• Median price of an existing Single-Family Home dropped 3.9% in January to $268,280, compared with January 2011, and down 6.2% from December.


• Unsold Inventory Index came back up a bit in January to 5.5 months. However, this is still lower when compared with 6.8 months a year ago, and well below the long-run average of about 7 months.

Mortgage Rate Trends:

Week ending 2/9/12 (source: Freddie Mac, January 2011)

• 30-year fixed: 3.87% fees/points: 0.8%


• 15-year fixed: 3.16% fees/points: 0.7%


• 1-year adj: 2.78% fees/points: 0.6%

• Monthly PITI: $1,320 - January 2011 PITI (Payment, Interest, Taxes, & Insurance), Existing Single-Family Home based on CA median price, 20% down payment, 3.92% FRM (Source: Freddie Mac, January 2011).


• Quarterly Rents: $1,846 - Q4 - 11 3bd / 2ba Class A/B apartment in CA (Source: RealFacts)

How Affordable is Housing? Price/Income Ratio:

• 2011e - 5:1


• All-time high - 10:1


• L/R Avg - 6:1

That's the fun facts for the beginning of the year. No need to fret. I believe it will get better this spring and early summer!