NV Weekly Market Activity Report

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes only for the East Shore.  The reason that I use this segment of the market is that it has the most influence on the general value trends.

The Nevada side is still improving with an increase of 3 Pending Sales and Active Listings remains the same as last week.  The ratio of Active Listings to Pending Sales has increased from 7.2% to 9.2%.  There are 2 more sales for a total of 4 for 2009.  The Sold Median Price is $526,500, the Average Sold Price is $539,500 and the Average Days On Market (DOM) is 155 days.

Status	Class	Type	Price Range	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM
ACTIVE
	RESIDENTIAL
		Residential
			$275,000 – $279,999	1	$279,500	$279,500	$279,500	66
			$385,000 – $389,999	1	$389,250	$389,250	$389,250	123
			$405,000 – $409,999	1	$405,000	$405,000	$405,000	147
			$415,000 – $419,999	1	$415,000	$415,000	$415,000	143
			$430,000 – $434,999	1	$430,000	$430,000	$430,000	22
			$445,000 – $449,999	2	$898,000	$449,000	$449,000	106
			$475,000 – $479,999	2	$958,000	$479,000	$479,000	260
			$500,000 – $504,999	2	$1,000,000	$500,000	$500,000	120
			$515,000 – $519,999	1	$519,000	$519,000	$519,000	24
			$525,000 – $529,999	1	$529,000	$529,000	$529,000	136
			$545,000 – $549,999	1	$549,000	$549,000	$549,000	74
			$555,000 – $559,999	1	$555,000	$555,000	$555,000	306
			$565,000 – $569,999	1	$565,000	$565,000	$565,000	483
			$585,000 – $589,999	1	$589,000	$589,000	$589,000	365
			$595,000 – $599,999	2	$1,194,000	$597,000	$597,000	146
			$625,000 – $629,999	1	$625,000	$625,000	$625,000	25
			$635,000 – $639,999	1	$639,000	$639,000	$639,000	118
			$645,000 – $649,999	1	$645,000	$645,000	$645,000	311
			$685,000 – $689,999	1	$689,500	$689,500	$689,500	195
			$695,000 – $699,999	2	$1,394,000	$697,000	$697,000	83
			$700,000 – $704,999	1	$700,000	$700,000	$700,000	286
			$715,000 – $719,999	1	$719,000	$719,000	$719,000	132
			$745,000 – $749,999	2	$1,498,000	$749,000	$749,000	548
			$750,000 – $754,999	2	$1,500,000	$750,000	$750,000	218
			$795,000 – $799,999	3	$2,389,557	$796,519	$795,057	216
			$845,000 – $849,999	1	$849,999	$849,999	$849,999	95
			$895,000 – $899,999	1	$899,000	$899,000	$899,000	303
			$975,000 – $979,999	1	$975,000	$975,000	$975,000	230
			$985,000 – $989,999	1	$989,000	$989,000	$989,000	378
			$995,000 – $999,999	2	$1,994,000	$997,000	$997,000	324
			$1,050,000 – $1,054,999	1	$1,050,000	$1,050,000	$1,050,000	224
			$1,085,000 – $1,089,999	1	$1,088,000	$1,088,000	$1,088,000	151
			$1,090,000 – $1,094,999	1	$1,090,000	$1,090,000	$1,090,000	512
			$1,095,000 – $1,099,999	2	$2,190,000	$1,095,000	$1,095,000	370
			$1,195,000 – $1,199,999	1	$1,195,000	$1,195,000	$1,195,000	513
			$1,200,000 – $1,204,999	1	$1,200,000	$1,200,000	$1,200,000	563
			$1,245,000 – $1,249,999	2	$2,498,000	$1,249,000	$1,249,000	272
			$1,250,000 – $1,254,999	1	$1,250,000	$1,250,000	$1,250,000	270
			$1,295,000 – $1,299,999	1	$1,295,000	$1,295,000	$1,295,000	134
			$1,300,000 – $1,304,999	1	$1,300,000	$1,300,000	$1,300,000	6
			$1,385,000 – $1,389,999	1	$1,385,000	$1,385,000	$1,385,000	545
			$1,395,000 – $1,399,999	3	$4,193,000	$1,397,667	$1,399,000	259
			$1,445,000 – $1,449,999	1	$1,449,000	$1,449,000	$1,449,000	91
			$1,495,000 – $1,499,999	2	$2,994,000	$1,497,000	$1,497,000	430
			$1,595,000 – $1,599,999	1	$1,595,000	$1,595,000	$1,595,000	289
			$1,600,000 – $1,604,999	1	$1,600,000	$1,600,000	$1,600,000	89
			$1,750,000 – $1,754,999	1	$1,750,000	$1,750,000	$1,750,000	55
			$1,790,000 – $1,794,999	1	$1,790,000	$1,790,000	$1,790,000	182
			$1,795,000 – $1,799,999	2	$3,590,000	$1,795,000	$1,795,000	472
			$1,900,000 – $1,904,999	2	$3,800,000	$1,900,000	$1,900,000	329
			$1,975,000 – $1,979,999	1	$1,975,000	$1,975,000	$1,975,000	196
			$1,995,000 – $1,999,999	2	$3,990,000	$1,995,000	$1,995,000	295
			$2,100,000 – $2,104,999	2	$4,200,000	$2,100,000	$2,100,000	602
			$2,150,000 – $2,154,999	1	$2,150,000	$2,150,000	$2,150,000	29
			$2,275,000 – $2,279,999	1	$2,275,000	$2,275,000	$2,275,000	441
			$2,295,000 – $2,299,999	1	$2,295,000	$2,295,000	$2,295,000	296
			$2,300,000 – $2,304,999	1	$2,300,000	$2,300,000	$2,300,000	244
			$2,345,000 – $2,349,999	1	$2,345,000	$2,345,000	$2,345,000	275
			$2,450,000 – $2,454,999	1	$2,450,000	$2,450,000	$2,450,000	100
			$2,455,000 – $2,459,999	1	$2,459,000	$2,459,000	$2,459,000	227
			$2,495,000 – $2,499,999	2	$4,990,000	$2,495,000	$2,495,000	149
			$2,550,000 – $2,554,999	1	$2,550,000	$2,550,000	$2,550,000	697
			$2,580,000 – $2,584,999	1	$2,580,000	$2,580,000	$2,580,000	217
			$2,595,000 – $2,599,999	1	$2,595,000	$2,595,000	$2,595,000	410
			$2,700,000 – $2,704,999	1	$2,700,000	$2,700,000	$2,700,000	164
			$2,750,000 – $2,754,999	3	$8,250,000	$2,750,000	$2,750,000	350
			$2,795,000 – $2,799,999	1	$2,798,000	$2,798,000	$2,798,000	694
			$2,995,000 – $2,999,999	2	$5,994,000	$2,997,000	$2,997,000	623
			$3,400,000 – $3,404,999	1	$3,400,000	$3,400,000	$3,400,000	550
			$3,495,000 – $3,499,999	1	$3,495,000	$3,495,000	$3,495,000	260
			$3,800,000 – $3,804,999	1	$3,800,000	$3,800,000	$3,800,000	513
			$3,990,000 – $3,994,999	1	$3,990,000	$3,990,000	$3,990,000	823
			$3,995,000 – $3,999,999	2	$7,994,999	$3,997,500	$3,997,500	206
			$4,495,000 – $4,499,999	2	$8,990,000	$4,495,000	$4,495,000	261
			$4,750,000 – $4,754,999	1	$4,750,000	$4,750,000	$4,750,000	86
			$4,950,000 – $4,954,999	2	$9,900,000	$4,950,000	$4,950,000	661
			$5,250,000 – $5,254,999	1	$5,250,000	$5,250,000	$5,250,000	624
			$5,295,000 – $5,299,999	1	$5,295,000	$5,295,000	$5,295,000	193
			$5,400,000 – $5,404,999	1	$5,400,000	$5,400,000	$5,400,000	295
			$5,500,000 – $5,504,999	1	$5,500,000	$5,500,000	$5,500,000	629
			$5,695,000 – $5,699,999	1	$5,695,000	$5,695,000	$5,695,000	120
			$5,950,000 – $5,954,999	2	$11,900,000	$5,950,000	$5,950,000	385
			$5,995,000 – $5,999,999	2	$11,990,000	$5,995,000	$5,995,000	395
			$6,500,000 – $6,504,999	1	$6,500,000	$6,500,000	$6,500,000	84
			$7,495,000 – $7,499,999	1	$7,495,000	$7,495,000	$7,495,000	587
			$7,750,000 – $7,754,999	1	$7,750,000	$7,750,000	$7,750,000	92
			$9,495,000 – $9,499,999	1	$9,495,000	$9,495,000	$9,495,000	605
			$11,250,000 – $11,254,999	1	$11,250,000	$11,250,000	$11,250,000	549
			$32,500,000 – $32,504,999	1	$32,500,000	$32,500,000	$32,500,000	107
			$100,000,000 – $100,004,999	1	$100,000,000	$100,000,000	$100,000,000	874
			Sub Total	118	$395,318,805	$3,350,159	$1,547,000	301
New
	RESIDENTIAL
		Residential
			$395,000 – $399,999	1	$399,000	$399,000	$399,000	1
			$565,000 – $569,999	1	$569,000	$569,000	$569,000	4
			Sub Total	2	$968,000	$484,000	$484,000	3
Extended
	RESIDENTIAL
		Residential
			$395,000 – $399,999	1	$399,900	$399,900	$399,900	184
			$795,000 – $799,999	1	$795,000	$795,000	$795,000	187
			Sub Total	2	$1,194,900	$597,450	$597,450	186
Price Reduced
	RESIDENTIAL
		Residential
			$425,000 – $429,999	1	$425,000	$425,000	$425,000	284
			$495,000 – $499,999	1	$499,900	$499,900	$499,900	57
			$545,000 – $549,999	1	$549,900	$549,900	$549,900	85
			$635,000 – $639,999	1	$639,000	$639,000	$639,000	148
			$645,000 – $649,999	1	$645,000	$645,000	$645,000	167
			$925,000 – $929,999	1	$925,000	$925,000	$925,000	127
			$4,600,000 – $4,604,999	1	$4,600,000	$4,600,000	$4,600,000	268
			Sub Total	7	$8,283,800	$1,183,400	$639,000	162
Active/Pending-Call
	RESIDENTIAL
		Residential
			$295,000 – $299,999	1	$299,900	$299,900	$299,900	166
			$465,000 – $469,999	1	$465,000	$465,000	$465,000	715
			$725,000 – $729,999	1	$725,000	$725,000	$725,000	147
			$1,785,000 – $1,789,999	1	$1,785,000	$1,785,000	$1,785,000	224
			$4,995,000 – $4,999,999	1	$4,995,000	$4,995,000	$4,995,000	299
			Sub Total	5	$8,269,900	$1,653,980	$725,000	310
Active/Pending-Loan
	RESIDENTIAL
		Residential
			$395,000 – $399,999	1	$399,000	$399,000	$399,000	13
			$550,000 – $554,999	1	$551,900	$551,900	$551,900	112
			$560,000 – $564,999	1	$560,000	$560,000	$560,000	47
			$775,000 – $779,999	1	$775,000	$775,000	$775,000	83
			Sub Total	4	$2,285,900	$571,475	$555,950	64
Active/Pending-Short Sale
	RESIDENTIAL
		Residential
			$585,000 – $589,999	1	$585,000	$585,000	$585,000	427
			$1,495,000 – $1,499,999	1	$1,495,000	$1,495,000	$1,495,000	169
			Sub Total	2	$2,080,000	$1,040,000	$1,040,000	298
SOLD
	RESIDENTIAL
		Residential
			$335,000 – $339,999	1	$335,000	$335,000	$335,000	420
			$450,000 – $454,999	1	$450,000	$450,000	$450,000	6
			$600,000 – $604,999	1	$603,000	$603,000	$603,000	98
			$770,000 – $774,999	1	$770,000	$770,000	$770,000	97
			Sub Total	4	$2,158,000	$539,500	$526,500	155
PENDING-No Show
	RESIDENTIAL
		Residential
			$325,000 – $329,999	1	$329,900	$329,900	$329,900	106
			$745,000 – $749,999	1	$749,000	$749,000	$749,000	23
			Sub Total	2	$1,078,900	$539,450	$539,450	65
Grand Totals				146	$421,638,205	$2,887,933	$1,249,500	275

CA Weekly Market Update

 

 

 

FANNIE MAE EXPANDS INVESTOR MULTIPLE MORTGAGE POLICY

Fannie Mae recently announced an expanded policy regarding multiple mortgages to the same borrower. To help support the recovery of the housing market, Fannie Mae is increasing its limit from four loans per borrower when the mortgage being delivered to Fannie Mae is secured by an investment property or second home, to a maximum of 10, for high-credit quality investors.

Eligibility and underwriting requirements include a minimum FICO score of 720 and 70 to75 percent maximum loan-to-value (LTV)/combined loan-to-value (CLTV)/home equity combined loan-to-value (HCLTV), depending on the transaction and type of property. The requirements apply to any investment property or second home loans being delivered to Fannie Mae, regardless of whether Fannie Mae is the investor on the borrower’s other mortgages.

C.A.R. and NAR are working with Freddie Mac and are hopeful it will follow Fannie Mae by adopting the same policy changes. We will continue to keep you updated on policy changes and legislation regarding the housing market recovery.

December sales and price report

For release:
Tuesday, Jan. 27, 2009

C.A.R. reports sales increased 84.9 percent; median home price fell 41.5 percent in December

LOS ANGELES (Jan. 27) – Home sales increased 84.9 percent in December in California compared with the same period a year ago, while the median price of an existing home fell 41.5 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“Sales continue to be strong, exceeding 500,000 units for the fourth consecutive month, and year-to-date sales are nearly 27 percent above last year,” said C.A.R. President James Liptak. “California home buyers benefited during the last half of 2008 from the high-cost loan limit of $729,750, which fell to $625,500 as of Jan. 1. The restoration of the high cost loan limit to the previous level would not only help a housing market still struggling to turn around, but also make financing more affordable for home buyers.”

Closed escrow sales of existing, single-family detached homes in California totaled 544,580 in December at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 84.9 percent from the revised 294,520 sales pace recorded in December 2007. Sales in December 2008 increased 5.9 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during December 2008 was $281,100, a 41.5 percent decrease from the revised $480,820 median for December 2007, C.A.R. reported. The December 2008 median price fell 2 percent compared with November’s revised $286,850 median price.

“Median prices continued to decline in December, and based on preliminary calculations, the statewide annual median price declined 38 percent for all of 2008 compared with 2007,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “While the month-to-month decrease in December was considerably smaller than in recent months, it remains too early to determine if prices are beginning to stabilize. Many distressed sales still must work their way through the system.

“The decline in home prices has brought the cost of housing more in line with household income, improving affordability across the state,” she said. “This should be especially helpful for first-time buyers who can qualify for a home loan.”

Highlights of C.A.R.’s resale housing figures for December 2008:

. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in December 2008 was 5.6 months, compared with 13.4 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

. Thirty-year fixed-mortgage interest rates averaged 5.29 percent during December 2008, compared with 6.10 percent in December 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.97 percent in December 2008, compared with 5.50 percent in December 2007.

. The median number of days it took to sell a single-family home was 46.1 days in December 2008, compared with 66.7 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 1.5 percent, or 5 out of 338 cities and communities, showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for September may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/economics/historicalprices/2008medianprices/dec2008medianprices/

. Statewide, the 10 cities with the highest median home prices in California during December 2008 were: Danville, $1,029,000; Santa Barbara, $952,500; Santa Monica, $825,000; San Ramon, $711,500; Redondo Beach, $682,500; San Clemente, $675,000; San Francisco, $625,500; Arcadia, $625,000; San Mateo, $618,5000; and Carlsbad $615,000.

. Statewide, the cities with the greatest median home price increases in December 2008 compared with the same period a year ago were: Santa Barbara, 12.7 percent, Cerritos, 9.1 percent; Danville, 8.4 percent; Atascadero, 8.1 percent, and San Pedro, 1.2 percent.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

December 2008 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted

	Median Price	Percent Change in Price from Prior Month		Percent Change in Price from Prior Year			Percent Change in Sales from Prior Month		Percent Change in Sales from Prior Year
	Dec-08	Nov-08			Dec-07			Nov-08	Dec-07
Statewide
Calif. (sf)	$281,100	-2.0%			-41.5%			5.9%	84.9%
Calif. (condo)	$236,040	-1.9%			-39.4%			7.3%	45.9%
C.A.R. Region
Central Valley	NA	NA			NA			NA	NA
High Desert	$137,560	-7.4%			-43.7%			29.0%	255.7%
Los Angeles	$336,980	-6.2%			-32.4%			18.9%	94.9%
Monterey Region	$290,070	-7.7%			-56.0%			32.4%	172.7%
Monterey County	$255,000	-7.3%			-56.4%			36.7%	269.2%
Santa Cruz County	$455,000	4.1%			-37.6%			19.8%	45.6%
Northern California	$276,060	-4.6%			-18.5%			10.0%	20.8%
Northern Wine Country	$344,180	0.2%			-28.4%			20.0%	114.2%
Orange County	$442,640	-2.3%			-32.3%			13.5%	66.2%
Palm Springs/Lower Desert	$169,730	-7.5%			-53.5%			17.5%	70.1%
Riverside/San Bernardino	$190,840	-5.9%			-41.4%			21.7%	251.0%
Sacramento	$181,660	-1.7%			-36.3%			12.6%	139.7%
San Diego	$333,030	1.9%			-32.8%			-1.8%	81.7%
San Francisco Bay	$465,640	-1.7%			-35.8%			4.3%	36.1%
San Luis Obispo	$374,320	8.7%			-29.1%			30.4%	77.2%
Santa Barbara County	$328,570	12.9%			-34.3%			46.3%	80.0%
Santa Barbara South Coast	$875,000	-21.3%			-5.4%			93.9%	39.1%
North Santa Barbara County	$256,450	6.5%			-20.8%			23.9%	111.1%
Santa Clara	$512,450	-0.5%			-35.7%			12.3%	40.0%
Ventura	$370,750	-3.1%			-38.7%			5.2%	86.3%

* Santa Barbara County and Monterey County median prices decreased significantly from Nov 07 due mainly to the high proportion of total sales from lower-priced properties in the regions. 

*Based on closed escrow sales of single‑family, detached homes only (no condos).  Reported month‑to‑month changes in sales activity in June overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home.  Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.

 

Source:  CALIFORNIA ASSOCIATION OF REALTORS® 

 

 

 

 

	Dec-08	Nov-08		Dec-07
Statewide
Calif. (sf)	$281,100	$286,850	r	$480,820
Calif. (condo)	$236,040	$240,520	r	$389,760
Region
Central Valley	NA	NA		NA
High Desert	$137,560	$148,580		$244,330
Los Angeles	$336,980	$359,240		$498,500
Monterey Region	$290,070	$314,370		$659,310
Monterey County	$255,000	$275,000		$584,500
Santa Cruz County	$455,000	$437,000		$729,000
Northern California	$276,060	$289,380	r	$338,650
Northern Wine Country	$344,180	$343,430		$480,510
Orange County	$442,640	$453,060		$653,610
Palm Springs/Lower Desert	$169,730	$183,590		$364,660
Riverside/San Bernardino	$190,840	$202,740		$325,520
Sacramento	$181,660	$184,760		$285,140
San Diego	$333,030	$326,770		$495,500
San Francisco Bay	$465,640	$473,510		$725,120
San Luis Obispo	$374,320	$344,230		$527,780
Santa Barbara County	$328,570	$291,070	r	$500,000
Santa Barbara South Coast	$875,000	$1,112,000	r	$925,000
North Santa Barbara County	$256,450	$240,910	r	$323,810
Santa Clara	$512,450	$515,000		$797,000
Ventura	$370,750	$382,590		$604,730

na – not available

r – revised

Source: CALIFORNIA ASSOCIATION OF REALTORS®

Fannie Mae Extends Eviction Suspension Another Month

WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced that it will extend its suspension of evictions from Fannie Mae-owned single-family properties through February 28, 2009. The suspension applies to all single-family properties including owner-occupied properties that have been foreclosed upon as well as foreclosed properties occupied by renters. The company this month began implementing its National Real Estate Owned (REO) Rental Policy that allows qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. The new policy applies to renters occupying any type of single-family foreclosed properties at the time Fannie Mae acquires the property. Eligible renters will be offered a new month-to-month lease with Fannie Mae or financial assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code requirements for a rental property. On behalf of the company, property managers are contacting renters in Fannie Mae-owned foreclosed properties to notify them of their options. Renters in Fannie Mae-owned properties can call 1-800-7-FANNIE for further information about their options.
	Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers.Our job is to help those who house America.
	Fannie Mae Resource Center			Telephone 1-800-7FANNIE (1-800-732-6643)

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