Home prices up! Home sales up! in Ventura County.

Home sales and median prices rose in Ventura County in October, driven by activity in the middle and upper range of the property market, a San Diego-based research firm reported Tuesday.
According to DataQuick, the upward momentum was reflected across the region as a whole, with Southern California home prices having the seventh straight month of price increases compared with the same period in 2011.In Ventura County,  where resale family homes accounted for the majority of sales activity, the number of homes sold rose 35 percent, from 673 homes sold in October 2011 to 908 homes sold last month. The median sale price locally rose from $335,000 to $360,000, an increase of 7.5 percent year on year.
We are experiencing a lack of inventory, any home listed at a fair market price is selling in days, some with multiple offers.
This is a great time for sellers to sell and buyers to buy.

 

 

 

 

 

 

 

 

 

 

Market report good for some not so good for others

The California Association Of Realtors confirms what we have been experiencing for the last 6 months or so, homes that are priced right receive multiple offers and are selling in a matter of a few days at or above list price. The result is inventory has shrunk considerably.

California home prices near 4-year high
California home sale prices came close to a 4-year high in July, with the pace of sales year-over-year growing for the fourth month in a row, the CALIFORNIA ASSOCIATION OF REALTORS® reported.

Making sense of the story

• The median home price in July for an existing single-family home was $333,860 last month, up 4.2 percent from $320,540 in June and nearly 13 percent from a year ago, when the median home price in California was $296,160.
  
  
• July’s median home price was the highest since August 2008, when it was $352,730. July also marked the fifth consecutive month that the median price increased month-over-month and year-over-year.
  
  
• Sales in July rose to an annualized pace of 529,230 homes, an increase of 15.3 percent compared with last July.
  
  
• California’s housing inventory was nearly flat in July, with the index of existing, single-family homes at 3.4 months compared with 3.5 months in June. However, July’s inventory was down from a revised 5.6-month supply in July 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A 7-month inventory is considered normal.

Another good month for Real Estate

According to the California Association Of Realtors:

California’s housing market continues improvement in June
California’s housing market continued to show signs of improvement in June, as home sales experienced solid gains annually and home prices reached their highest level since August 2010, C.A.R. reported this week.

Closed escrow sales of existing, single-family detached homes in California declined 8.6 percent in June from May’s revised 567,330 to a seasonally adjusted annualized rate of 518,460 in June. Year-over-year, June sales rose 8.5 percent.   The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the June pace throughout the year and is adjusted to account for seasonal factors that typically influence home sales.

Home prices continued to improve, with the median home price posting both month-over-month and year-over-year gains for the fourth consecutive month. The statewide median price of an existing, single-family detached home was $320,540 in June.

June’s price rose 1.3 percent from a revised $316,410 in May and 8.1 percent from a revised $296,410 recorded in June 2011. The June 2012 figure was 30.7 percent higher than the cyclical bottom of $245,230 reached in February 2009.  The median price has posted above the $300,000 level for the third straight month after remaining below that mark for 15 months. 

It is safe to say that based on what is happening in our area where we are seeing multiple offers on properties, and they are selling within days of being listed, sometimes above list price, this information is valid.

Home prices on the rise

Just wanted to share some inportant information on California Real Estate. These two articles show that the trand for this year is a positive one and that this is the time to buy.
Enjoy.
Spring home buying season off to strong start
California home sales and median price both jumped in April, with sales shooting up to their highest level in more than two years, and the median price rising above $300,000 for the first time in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently reported.

Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted annualized rate of 555,300 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in April were 10 percent higher than March’s pace and 11 percent higher than in April 2011.  The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the April pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home climbed 5.7 percent in April to $308,050, up from March’s revised $291,330 median price and 4.7 percent from a revised $294,140 recorded in April 2011. 

Firms Sound Off on Rising Case-Shiller Index

06/26/2012 By: Tory Barringer

Following the news from Case-Shiller that home prices rose in April for the first time in seven months, IHS Global Insight and Capital Economics both released commentaries speculating on the unexpected news and the housing market's future.

IHS attributed the uptick in prices to three factors: Current low mortgage rates, strong investor demand, and a drop in homeowners listing their homes for sale. The third force, IHS said, was caused by an erosion in equity from the collapse in home prices, reducing the pool of homeowners able to sell.

Calling the price stabilization "welcome news," IHS said that the rise in prices is beneficial in two ways. First, higher prices will bring down the number of underwater homeowners, in turn reducing the number of future foreclosures. Second, a positive gap between home prices and inflation will cause wealth to rise and give a boost to consumer spending.

According to The Kiplinger Letter Vol. 89 No. 21

The Real Estate Market forecast is looking good, the say:

"Housing Market's strongest spring showing in 5 years.."

" Sales of existing homes will rise about 3% in 2012, to 4.5 million. A similar improvement is likely for new-homes sales, which will reach 340,000 or so.."

"Low mortgage rates continue to lure buyers, though lending standards remain tight. The average 30- year fixed rate mortgage is down to 3.78%, the lowest since record keeping started to track rates in 1971"

" Home prices will be flat or slightly up this year and rise about 3% in 2013."

So what does all this mean, well in one small sentence " that this is the time to buy. "

This great article sent by Brian Troop from DS News, brings great news to this changing market we are experiencing, and it justifies our low inventory and high demand.

Breaking News: Prices Show Strongest Year-to-Year Gain in 6 Years The median price of an existing home climbed 10 percent to $177,400 from $161,100 in April 2011, the strongest year-to-year gain since January 2006. Existing-home sales rose to 4.62 million (seasonally adjusted annualized rate) in April from a downwardly revised March rate of 4.47 million, the National Association of Realtors (NAR) reported Tuesday morning. Economists had forecast the April sales pace would be 4.66 million.

It's still a great time to buy because everything is on sale...

Hello from Maui

From Maui on the Top Producers Trip. Just another way Troop Real Estate rewards its agents for their commitment to serving their clients. I personally want to invite all the agents to qualify for next year's trip.
Aloha
Emilio Mora
Office Manager
Troop Simi office.

The Simi Troop office would like to congratulate all the agents for the best sales month since July 2005. Most of all we would like to thank all the clients who entrusted one of their biggest investments to us. Thank you for your trust and support.
Emilio Mora
Office Manager

Meet Alex Gandel

"I am here to provide you with first rate service
for all your real estate needs!" 

Serving the following areas in Simi Valley:93063 Simi Valley and 93065 Simi Valley
Simi Valley Big Sky, Simi Valley Encantada, Simi Valley Indian Hills,
Simi Valley Long Canyon, Simi Valley Silverthorne,
Simi Valley Shadow Hawk, Simi Valley Texas Tract
Simi Valley Wildhorse Canyon, Simi Valley Indian Hills Ridge
Simi Valley Indian Hills Meadows, Simi Valley Indian Hills Ranch
Simi Valley The Crest, Simi Valley Montara, Simi Valley Wood Ranch

Serving clients in the following cities:Simi Valley, Moorpark, Thousand Oaks, Westlake Village, Newbury Park,Oak Park, Agoura Hills, Calabasas, Woodland Hills, Canoga Park, Chatsworth, Northridge, Camarillo, Oxnard, Ventura

When you work with Alex Gandel you quickly realize you are working with a real estate professional with a vast knowledge of the real estate market and inventory. His full-time staff provides services such as transaction coordination, newspaper and internet marketing venues for his listings, distinguished buyer’s assistance, listing and office management and World Class Customer Service! Alex’s 31 years of professional real estate experience provides his clients with an “edge” in the market.

According to Alex, success is neither a secret nor is it an accident. Alex's 31 years of success comes from putting his clients' interests first, being on call seven days a week, staying devoted to his family, serving the community by taking on leadership positions for multiple charitable organizations, and, most importantly, never losing sight of his primary goal.

Through the years Alex Gandel has aligned himself with only the best vendors such as Mortgage Lenders, Home Inspectors and Escrow and Title companies. You can always reach Alex directly or through his efficient and friendly staff.

What exactly is Alex Gandel’s goal? Alex states unabashedly, “I want my life to count for something good and right in the world. I want to make a positive difference, and I can do this. I know I can, one person at a time.” In pursuit of this goal, Alex and his staff commit over 135 hours per week, working to meet your goals. They are tireless, determined, driven and unyielding.


Here are some ways Alex Gandel can help you with your real estate needs:

• Finding the right home for your family
• Selling your home
• Buying your first home
• Down-sizing or Moving Up
• Relocation Assistance
• Buying a second home or investment property
• Buying or selling land
• Buying with FHA or VA loans
• Local, state and national down payment assistance programs
• Rent vs. Buy analysis
• Loan Pre-Approval
• Local information source
• Short selling your home
• Buying short sales, foreclosures and bank owned properties
• Need a referral for a handyman, electrician, plumber, gardener, locksmith, etc.?

According to the report from the CALIFORNIA ASSOCIATION OF REALTORS the median price for an existing single family home in California rose 1.6 percent in March compared with the year before, marking the first year-over year increase in 16 months.

Positive message from Brian Troop

Update on C.A.R- Opposed Transfer Tax Legislation – Big Win!

C.A.R. has reached an agreement with Senator DeSaulnier on its amendments removing C.A.R.’s opposition by making it clear that Senate Bill 1220 does not apply to transfers/sales of real property and will not impose a transfer tax in the form of a point of sale document recording fee. With these amendments, C.A.R. is now supporting the measure.

This is a win for REALTORS® and their clients. Thanks very much to the Key Contacts and local associations for their efforts to help C.A.R. successfully negotiate to have the transfer tax provision removed from SB 1220.

 Brian Troop

President

Troop Real Estate

I just wanted to let you know of some fun local community activities
6th Annual Gator Run 5K, 10K, 1 Mile Runs in Simi this event will be held on Sun, April 15, 7:30am – 11:00am.
Simi Valley Community Showcase and Food Truck Festival will be on Sat, April 21, 10am – 4pm
2nd Annual Bark for Life - Simi Valley bring your dog and support a worth while cause on Sun, April 29, 10 am to 3 pm
enjoy!!! and share with a friend www.troop-simivalley.com

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