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Summer Lynne Perry's Blog

By Summer Lynne Perry | Broker in Newport Beach, CA
  • Now is the time to Make It Happen...

    Posted Under: Home Buying in Newport Beach, Home Selling in Newport Beach, Investment Properties in Newport Beach  |  November 18, 2013 4:10 PM  |  260 views  |  1 comment
    Now is the time to Make It Happen….

     

    · Overall Orange County Home prices up 18.7% versus last year

    Resale homes up 19.3%, Resale Condos up 25.3% and New Homes up 3.6%

     

    · Overall Orange County Sales Volume was down 5.1% versus last year

    Resale homes down 14.2%, Resale Condos up 2.6% and New Homes up 54.5%

     

    · Medium Home Price is now $540,000, up from $455,000 just one year ago

    · Sales volume is down slightly, from 3,148 to 2,987 a year ago

     

    · Inventory consumption is at 2.7 months

    · Distressed Sales are down 53.1% versus one year ago

     

    · Average OC home mortgage payment is now $2,526 versus $2,140 one year ago

    · The 30 year fixed rate is now 4.35% versus 3.34% last year

    · Rental inflation is up 2.7% versus last year with 37 straight months of year over year increases

  • Weekly Real Estate Update from Surterre Properties NB

    Posted Under: Home Buying in Orange County, Home Selling in Orange County, Investment Properties in Orange County  |  October 24, 2013 2:58 PM  |  255 views  |  No comments

    Surterre’s Weekly Financial and Market Update

    Week Ending 10/21/2013

    “Glass Half Full” Perspective

     

    ORANGE COUNTY REAL ESTATE SECTION 10/20/2013

     

    Jonathan Lansner

     

    “O.C. SEES ITS BEST SUMMER IN HOUSING SINCE 05”

     

    Up 11 percent from 2012 and marks the busiest July to September since 2005.

     

    ORANGE COUNTY REAL ESTATE SECTION 10/20/2013

     

    Jonathan Lansner

     

    “O.C. HOUSE PRICES UP 19.7%”

     

    The median price of an existing Orange County house increased 19.7% in September year over year.

     

    ORANGE COUNTY REAL ESTATE SECTION 10/20/2013

     

    Marilyn Kalfus

     

    “HOME AFFORDABILITY A STRUGGLE IN O.C.”

     

    Only San Francisco is a tougher market for middle-class earners to crack. Orange County came in as the second most unaffordable housing market in a study of 100 spots around the US. San Francisco was the first at 14% and O.C came in at 23%

     

     

    ORANGE COUNTY REAL ESTATE SECTION 10/20/2013

     

    “FOR THE MONTH OF SEPTEMBER COMPARED TO A YEAR AGO”

     

    Prices

     

    Resale Homes   up 20.0%

    New Homes   up 2.6%

    Resale Condos up 24.6%

     

    Sales Volume

     

    Resale Homes   down 0.5%

    New Homes   up 95.0%

    Resale Condos up 16.0%

     

    Median Price $550,000 up from $450,000 a year ago (all homes according to DataQuick)

    Sales Volume 2,916 up from 2,677 a year ago

     

    ORANGE COUNTY REAL ESTATE SECTION 10/19/2013

     

    Jeff Collins

     

    “RENTALS REACH A HIGH”

     

    Orange County apartment rents rose an average of $37 a month over the summer, pushing the asking rent in a large complex to a record $1,708. The report marked the 11th consecutive quarter of rising apartment rents in Orange County.

     

    ORANGE COUNTY REAL ESTATE SECTION 10/17/2013

     

    Jeff Collins

     

    “HOUSING HOLDS STEADY”

     

    Prices stay close to post-recession highs despite rising interest rates and supply

     

     

    ORANGE COUNTY REAL ESTATE SECTION 10/1/2013

     

    Jeff Collins

     

    “HOME PRICES UP 23% IN AUGUST”

     

    Orange County home prices rose 23% in the 12 months ending in August, the biggest annual percentage gain in almost 9 years

     

     

     

    Surterre’s Weekly Financial and Market Update

    Week Ending 9/30/2013

    “Glass Half Empty” Perspective

     

     

    ORANGE COUNTY REAL ESTATE SECTION 10/20/2013

     

    Jonathan Lansner

     

    “INVENTORY IS RISING”

     

    It would take 3.8 months to sell all the houses on the Orange County market at September’s sale pace, compared to 2.8 months in March, an indication that the supply of homes for sale is rising.

     

    LOS ANGELES TIMES BUSINESS SECTION 10/27/2013

     

    Andrew Khouri

     

    “HOME PRICES KEEP THEIR COOL”

     

    The Southland market stays flat for the third month in a row, easing fears of another bubble. Southern California home buyers have apparently had their fill of bidding wars, home shortages and double-digits price hikes.

     

     

     

  • ReSale Homes Up

    Posted Under: Home Buying in Orange County, Home Selling in Orange County, In My Neighborhood in Orange County  |  September 30, 2013 7:03 PM  |  289 views  |  No comments

    Last week brought a variety of Orange County housing related news. Data-Quick shows resale homes sales up 17.4%, new home sales up 22% and resale condos up 27.4% versus one year ago.

    Rising mortgage rates and rising home prices have caused some buyers to leave the market, while others are jumping in before mortgage rates move higher. Pent-up demand for homes and short supplies of homes for sale are expected to sustain buyer interest and home prices.

    Freddie Mac’s weekly Primary Mortgage Market Survey provided good news as average mortgage rates fell. The average rate for a 30-year fixed rate mortgage was 4.32% as compared to last week’s 4.50% which led to a late burst of month end originations.

    Average medium sales price by county:

    Orange   $555,000      

    Ventura $450,000

    Los Angeles $429,000

    San Diego   $415,000

    Riverside    $265,000

    San Bernardino      $210,250

    All totaled the scenario for continued growth as we head into the 4th quarter of 2013 looks very promising.
  • The days of under water homes in the OC are behind us!

    Posted Under: Home Buying in Irvine, Investment Properties in Irvine  |  September 11, 2013 9:10 PM  |  273 views  |  No comments

    The abrupt turnaround in Orange County home prices rescued more than 64,000 “underwater” homeowners from a flood of red ink this past spring.

    Core-Logic reported that 36,615 Orange County homes were under water – that is, owed more on their mortgages than their homes were worth – by the end of June. That’s down 36% from the same period in 2012 – and down nearly 70% from the end of 2011, when one in five O.C. homes with a mortgage was under water, figures from the Irvine-based housing data firm show.

    Orange County home prices increased nearly 22% in the 12 months ending in June, Core-Logic reported, helping to push the bulk of underwater homes back above water…

    Core-Logic reports:

    • 6.7% of O.C. homes with a mortgage were under water in the second quarter of 2013. By comparison, 18.2% of mortgaged homes were under water in the second quarter of 2012.
    • Rising home values pushed 64,055 households above water in the year ending last spring. Of those, 23,230 homes rose above water from the first to second quarters of the year.
    • In addition, 11,773 Orange County homes had “near-negative equity” – that is, too little value above their mortgage balance to sell without a loss after commissions and closing costs. Still, that’s down 9,691 homes in a year, or 54.8%.
    • In all, fewer than 9% f O.C. homes were under water or had too little equity to sell without a loss, compared with 22% a year earlier.

    The number of Orange County homes that are under water was well below the national and state averages. Core-Logic reported that 14.5% of mortgaged U.S. homes were under water in the second quarter, representing 7.1 million households. About 2.5 million U.S. households rose above water from the first to the second quarters. California had just over 1 million underwater homes in the second quarter, or 15.4% of mortgaged households. About 401,000 California households rose above water from the first to the second quarters.

  • The OC Resale Real Estate Market is on FIRE!!!

    Posted Under: Home Buying in Newport Beach, Home Selling in Newport Beach, In My Neighborhood in Newport Beach  |  May 16, 2013 8:45 AM  |  372 views  |  No comments

    Momentum continued to build in Orange County's housing market, with local home prices rising last month at the fastest pace in seven years…

    The median price of an Orange County home hit $535,000 in April, Data-Quick Information Systems reported Tuesday. That’s the highest median – or price at the midpoint of all sales – since December 2007.

    Sales increased last month to 3,327 transactions, up 13.9% from the year before and the highest April tally since 2006. Last month's median home price also was up 27.4% from April 2012. That's the fourth highest appreciation rate in records dating back a quarter century. The only months with higher annual appreciation rates were April 2004 (32.1%), May 2004 (32.5%) and June 2004 (30.5%).

    Heightened demand and a still-limited supply of homes for sale fueled rising home prices, local agents said. Reasonably priced homes below the $750,000 mark sell fast with multiple offers. Meanwhile buyers must compete in a market in which nearly one-third of the purchases are made entirely with cash.

    As of last month, the local housing market was up $165,000, or 45% from the price reached at the bottom of the market crash in January 2009.

    But April's median still was $110,000, or 17%, below the housing boom's June 2007 price peak of $645,000.

    In addition, Data-Quick figures show the following median prices and sales tallies by housing type:

    • Resale houses: $591,000 (up 21.9%), with 2,162 homes sold (up 10.8%).

    • Resale condos: $364,750 (up 30.7%), with 902 condos sold (up 5.7%).

    • New homes (houses and condos): $700,500 (up 12.0%), with 263 homes sold, more than double the previous year’s level.

  • Surterre's Weekly Financial and Market Update Week Ending 4/23/2013

    Posted Under: Home Buying in Orange County, Home Selling in Orange County, Investment Properties in Orange County  |  April 23, 2013 11:12 AM  |  370 views  |  No comments

    Surterre’s Weekly Financial and Market Update

    Week Ending 4/23/2013

    “Glass Half Full” Perspective

    ORANGE COUNTY REAL ESTATE SECTION 4/21/2013

     

    “PRICES AND SALES VOLUME”

     

    For the month of March…

     

    Prices

     

    Resale Homes   up 22.1%

    New Homes   up 13.5%

    Resale Condos up 28.8%

     

    Sales Volume

     

    Resale Homes   up 10.1%

    New Homes   up 38.3%

    Resale Condos down 4.1%

     

    Median Price $505,000 up from $400,000 a year ago

    Sales Volume 3,063 up from 2,856 a year ago

    O.C house payments $2,095 up from $1,779 a year ago

     

     

    ORANGE COUNTY REAL ESTATE SECTION 4/19/2013

     

    Andrew Khouri

     

    “CALIFORNIA HOME PRICES, SALES INCREASE”

     

    Home prices across California jumped 8.3% in March compared to February and 24.7% compared to a year earlier.

     

    There has been a shift in psychology, where more people worry prices will rise and fewer fear a decline.

     

    ORANGE COUNTY REAL ESTATE SECTION 4/18/2013

     

    Jeff Collins

     

    “O.C. MEDIAN TOPS $500,000”

     

    March midpoint prices rises 26.3% from 2012, largest annual increase since 2004

     

    ORANGE COUNTY REAL ESTATE SECTION 4/18/2013

     

    Jeff Collins

     

    “HOME LISTINGS UP 6%”

     

    Analyst attributes rise in O.C. inventory to higher prices. Listings overall, however remained near the nine-year low. As of Thursday, 3,407 homes were listed for sale through the MLS. That compares to 6,354 homes for sale at the same time last year.

     

    ORANGE COUNTY REAL ESTATE SECTION 4/18/2013

     

    Jeff Collins

     

    “SALES UP IN MID – AND HIGH-END HOMES”

     

    Competition among buyers remains fierce…

     

    ORANGE COUNTY REAL ESTATE SECTION 4/17/2013

     

    Associated Press

     

    “HOUSING STARTS SURPASS 1 MILLION IN MARCH”

     

    Homebuilders break the mark for first time since 2008, a sign of continuing recovery.

     

    ORANGE COUNTY REAL ESTATE SECTION 4/14/2013

     

    Richard Clough

     

    “INVESTORS GO ALL IN ON APARTMENTS”

     

    Being a landlord is an attractive alternative to volatile stock market and low CD rates

     

    ORANGE COUNTY REAL ESTATE SECTION 4/14/2013

     

    Richard Clough

     

    “OFFICE VACANCY RATE DROPS”

     

    The trend will continue through 2013.

     

    LOS ANGELES TIMES REAL ESTATE SECTION 4/13/2013

     

    Alejandro Lazo

     

    “IS L.A. HOUSING MARKET TOO FROTHY”

     

    A shortage of homes for sale has pushed region from recovery to frenzy, experts say. Los Angeles is one of the “bubbliest” housing markets in the U.S., second only to Washington, D.C.

     

     

     

     

     

     

     

     

     

     

    ORANGE COUNTY REAL ESTATE SECTION 4/7/2013

     

    Jonathan Lansner

     

    “HOUSING MARKET JUMP BOOST OVERALL ECONOMY”

     

    An upswing in local property markets – Painful for some, such as renters and or house shoppers.

     

    ORANGE COUNTY REAL ESTATE SECTION 4/7/2013

     

    G.U. KRUEGER

     

    “STATE NUMBER 3 FOR HOME PRICE GAINS”

     

    California and its big metro areas are at the forefront of the nation’s housing recovery. California’s (15.3%) overall home prices appreciation was No. 3 in the nation, behind Nevada (19.3 %) and Arizona (18.6%). The nation’s average was 10.2 %.

     

    ORANGE COUNTY REGISTER REAL ESTATE SECTION 4/2/2013

     

    Jan Morman

     

    “O.C. BUSINESS SALES RISE 15.7% FROM A YEAR AGO IN MARCH”

     

    It’s the seventh straight month with increases from same period in 2012.

     

    Surterre’s Weekly Financial and Market Update

    Week Ending 4/23/2013

    “Glass Half Empty” Perspective

     

     

    None…

  • OC Economic Revival and Real Estate

    Posted Under: Home Buying in Orange County, Home Selling in Orange County, Investment Properties in Orange County  |  April 11, 2013 12:53 PM  |  409 views  |  No comments

    How much has real estate helped the overall Orange County economic revival? Let's take one guess with a peek at my latest Big Orange Index, a collection of three dozen benchmarks of the local economy dating back a quarter-century.

    Since my economic barometer bottomed in the fourth quarter of 2009, The Big O has risen in 12 out of last 13 quarters. That gain through this past winter has amounted to an overall 18 percent gain in the index – or by my theory, an 18 percent jump the local business climate's strength.

    In that same period, The Big O's Property Owner Index is up 36 percent. The only other sub-index that gained more – FYI: six niche indexes make up the Big O – was the Boss Index, up 55 percent. (Why are CEOs still so grumpy?)

    So, real estate's bump is no small factor. In the past year, The Big O's Property Owner Index was up 22 percent. What's driving this advance? For one, homebuyers snapped up 35,165 Orange County residences in the past year – the fastest pace since 2007. That's also up 19 percent vs. a year earlier, according to Data-Quick.

    Don't forget lenders who recently have discovered how to lend again. Mortgage making of all sorts in Orange County ran at an estimated $132.5 billion in the past year, Data-Quick says. That's up 110 percent vs. a year earlier.

    There's even a little hiring going on. The Big O's dicing of state Employment Development Department jobs data found payrolls in real estate and finance jobs averaged 163,459 workers in the past year. That's a 2.5 percent yearly gain for an industry that employs roughly 1-in-9 in the county.

    Local builders see these upward patterns – and have jumped back into construction. Chapman University economists estimate the residential building permitting pace was up 21 percent in a year. Note: Homebuilding is still one-third off its recent peak activity in 2006.

    Landlords are enjoying an uptick, too. (And renters conversely are not!) Large-complex rents in Orange County averaged $1,528 in the past year – up 4.6 percent vs. a year earlier, according to Real-Facts data.

    Real estate's clout also can be found in The Big O's "Banker Index" that estimates local collection rates. Orange County residents are paying bills at the best rate since 2008, by my math. One reason: Mortgage defaults in Orange County, measured by Core-Logic, are down 36 percent in a year. Foreclosures, also from Core-Logic, are down 46 percent. The local property tax collection rate – estimated from Orange County Tax collector data – is up slightly in the past year.

    An upswing in local property markets – while painful for some, such as renters or house shoppers – is not just welcome relief for those in the property game. The income and wealth created by the current real estate revival is no doubt helping to fuel a pleasant turnabout in the overall Orange County business climate.

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