At the end of 2006, the percentage of appreciation in our County amounted to a negative <0.61%>. This had not happened since 1994 when appreciation fell to a negative <3.5%>. So the news this far in 2007 is encouraging. We are up 3.75% through the first six months of the year. Of course we all remember what happened just two short years ago. 'What' you ask...how about up 20.9%!
Once again different areas of the County are experiencing some highs and lows. Watsonville has the highest amount of inventory on single family homes since mid April with 35.8% and the lowest amount of pending with 14.8%. Inventory in the San Lorenzo Valley is 26.2% of the total with Santa Cruz third at 25.7%. On the other hand pending sales on condominiums are down 31%, buy oddly enough the inventory is less than what it was one year ago.
Tighter lending standards continue to impact housing activity. Home sales should remain stable in the months ahead, despite a lack of buyer confidence and the continued impact of tighter lending criteria, NAR today reported. 'Better supervised lending will put housing in a fundamentally healthier state of the long term,' said NAR Senior Economist Lawrence Yun. 'Mortgage purchase applications are trending up, with some of the rise due to buyers reapplying for alternatives to sub prime financing.'
Builder confidence falls to lowest level in 16 years. Concerns about rising interest rates, increased sales cancellations, and sizable inventory levels continue to negatively impact builder confidence, which declined for the fourth consecutive month in June, according to the National Association of Home Builders (NAHB). 'It's clear that the crisis in the sub prime sector has prompted tighter lending standards in much of the mortgage market, and interest rates on prime-quality home mortgages have moved up considerably during the past month along with long-term Treasury rates,' said NAHB Chief Economist David Seiders. 'Home sales most likely will erode somewhat further in the months ahead and improvements in housing starts probably will not be recorded until early next year.
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Here is what is happening in our local Santa Cruz county market, for other areas please give me a call.
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June Monthly Statistical Highlights for Single Family Homes:
* Inventory up 16.5% compared to June 2006, with an increase of 9.5% from May 2007
* Sales down 15.7% compared to June 2006, but an increase of 11.5% from May 2007
* Days on the market increased to 91, month prior 89, last June at 57
* Median home price dropped to $757,000, and decreased 0.39% from May 2007
* Sales price vs.listing price ratio decreased to 93.57%
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(These statistics are believed to be accurate but not guaranteed)
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