Are California home values rising from the dead?

Asked by Holder Real Estate Team, Menlo Park, CA Mon Sep 20, 2010

This article says yes, they are. Do you believe its true? Why or why not?http://money.cnn.com/2010/09/15/real_estate/california_home_…

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10
Zmbrennan, , San Jose, CA
Mon Oct 4, 2010
Yes. They are. As price becomes a sane ratio to real income levels.
And as capital returns to the market .
1 vote
Zmbrennan, , San Jose, CA
Tue Sep 21, 2010
Has anyone seen home values rising "in correlation to Job creation" in their particularreal estate area of California?
Are California home values tied to this do you think?
0 votes
Daniel Del R…, Agent, Modesto, CA
Tue Sep 21, 2010
Matt, I love that you did this. It gets us talking about local markets which is todays hot topics.
0 votes
Holder Real…, Agent, Menlo Park, CA
Tue Sep 21, 2010
I didn't mean to confuse everyone...I know how to run the stats for the local market. I asked this as a conversation piece to get people talking and open communication on the topic.
Web Reference:  http://www.atlistings.com
0 votes
Daniel Del R…, Agent, Modesto, CA
Tue Sep 21, 2010
As far as the Central Valley is concerned we did see a jump in prices for about a year. Signs this quarter are looking weak. We are starting to see a decrease in buyer activity and an increase in inventory. The median price in the Valley has actually dropped for the first time in a year. Even with the rates being at record lows we will test our previous lows. As long as the banks are controlling the inventory we will see this test of support (previous lows) a few times more it will prolong our recovery but at the same time control the bleeding.

The Stanislaus foreclosure market was at the forefront of the crisis. We noticed prices go down and felt the silent wave come before the media reported on it. We also experienced the increase in activity/ prices and our housing market recover well before as well. What our market is going through should be a good example of what’s to follow in other California cities as you all see increases in activity/prices.

My advise. Invest wisely and remember the long term goal.
0 votes
Lynne Mercer, Agent, Palo Alto, CA
Tue Sep 21, 2010
I just did a quick check on my own website, where you can bring up statistic on both single family homes and condos/townhomes in any city in San Mateo, Santa Clara or Santa Cruz county by month, quarter, or year. You can also do the same for neighborhoods within each city. What I see for single family homes in Palo Alto is a slight dip in August but an overall increase for the past quarter (April throough June) over the previous quarter and also over the same quarter in the previous year. These statistics are based on all of the sales reported in the multiple listing database. Rather than try to go through it in great detail, I invite you to see for yourself. You can cut and paste this shortened URL to get there: http://cuteurl.info/?zk0w7.
Web Reference:  http://cuteurl.info/?zk0w7
0 votes
Zmbrennan, , San Jose, CA
Mon Sep 20, 2010
You can research this on your own. It's very enlightening. I use Trulia "Stats and Trends" in Bay area markets.
What you find may suprise you!

I compare pricing and volume of sales Year Over Year in markets in California.

I also note the 5 year depreciation in comparative markets. ie Fairfield vs Santa Rosa-
San Rafael/Sausalito vs Napa /St Helena vs Malibu.
Bakersfield, Stockton and Riverside are intresting to study as they are some of those which were hardest hit.

I Note the difference between the number of "SOLD" and the number of current "LISTINGS" available. Then check pricing (NOT LISTING) stats. Most market pricing is improving where inventory has gotten low.

I find it suprising how low inventory is!

In some markets low inventory has stopped sales volume almost completely.
If the next waive of foreclosures hits the market, there appears to be a growing pent up demand, that could drive sales volume in a even stronger way than it did last waive of foreclosures and ultimately drive pricing.

I think this is a good sign.

I find it suprising how some markets have held up and how very far some markets have fallen, but , with this supply side fundamental , in mind, I think you will see a definite pattern of revival.
The numbers speak for themselves.
Use Trulia "STATS" yourselves,Tell us all what you conclude.

I think we are all interested in this.
What a great question!
CHEERS.
0 votes
Terri Vellios, Agent, Campbell, CA
Mon Sep 20, 2010
You gotta love Louis.

Of course you can not lump California into one ball as real estate is regional. So while some areas are showing signs of improvement others still have room to move. In fact if you read down in the article and click the link for our area they are predicting a small drop in prices. Again they have lumped San Jose, Sunnyvale and Santa Clara all together. However, California was the last to loose ground and will most likely be the first to show signs of improvement. There are still more foreclosures and short sales to hit the market so we are not completely out of the woods. It depends on the price point, and neighborhood.
Web Reference:  http://terrivellios.com
0 votes
Louis Stone-…, , Santa Clara County, CA
Mon Sep 20, 2010
Nope. Prices are awful! Don't get into this market! And, make sure not to take advantage of the lowest interest rates in history.
0 votes
Andrea Wince…, Agent, Milpitas, CA
Mon Sep 20, 2010
Silicon Valley area is doing well in my opinion. I would not say ALL of California, but the major metro areas (where there are jobs)
0 votes
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