Bodega Bay Cabaret a HUGE Success

The Bodega Bay Cabaret was a huge success in its first attempt and everyone is looking forward to the next. About $3000 was raised for local charities including:
Bodega Bay Grange
Bodega Bay Fireworks
Bodega Bay School Art Program
Bodega Bay Community Center

Thanks to Michael & Diana Bundy for directing and producing a fantastic show.

To see a gallery or YouTube video of the event, click here.

Market Summary for February 2010

The numbers are in for February and once again we saw little or no change. Don't hesitate to email or call if you have any questions or comments about the current market conditions...

CA Market at a Glance

In relation to the previous blog, here's a quick overview of the California market over the last year...

California Housing Market Continues Upward Trend

While the number of existing home sales was down this month over last year, the median price is up 15% in California (see graph). Here on the Coast, we're not yet seeing that trend. However, it seems that we've been behind the curve over that last couple of years as we didn't see the downturn until it was well established elsewhere and we've been holding steady at our low for over six months now. If the trend continues, I'd expect to see Bodega Bay and surrounding areas begin seeing a relaxing of the downward pressure and some normalcy begin to re-establish itself this year. As mentioned in previous blogs, we have a series of foreclosures coming through and with the market easing a bit we may see those properties picked up relatively quickly, easing the pressure on the overall local market as they begin to disappear. This certainly appears to be a relatively safe time to purchase.

Vacation rental company’s closure stirs outrage in Bodega Bay

For everyone who has been wondering what has been going on with Vacation Rentals USA, This link takes you to a story from Santa Rosa's Press Democrat about the closing of the business and the fallout that has occurred because of it.

Fast Facts for February 2010

Calif. median home price: December 09: $306,820 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region December 09: Santa Barbara So. Coast $847,500(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region December 09: High Desert $121,010 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Fourth Quarter 2009: 64 percent (Source: C.A.R.)

Mortgage rates - week ending 2/11/10 30-yr. fixed: 4.97 Fees/points: 0.7% 15-yr. fixed: 4.34% Fees/points: 0.6% 1-yr. adjustable: 4.33% Fees/points: 0.6% (Source: Freddie Mac)

Sales of existing homes increased 13.9 percent nationwide in Q4

We're still seeing increases in general home sales and a decrease in foreclosures, but they still account for about a third of all sales and we appear to be behind the curve on the Coast - probably due to the delayed effect we saw when all of this started. Below is an article from Realtor.org (click here for complete article).

Sales of existing homes, including single-family and condos, increased 13.9 percent to 6.03 million units in the fourth quarter, compared with 5.29 million units in the third quarter, according to a report by NAR. Sales also were 27.2 percent higher than the fourth quarter of 2008. Distressed properties accounted for 32 percent of fourth quarter transactions, a decline from 37 percent a year earlier.

The national median home price for existing, single-family homes was $172,900 in the fourth quarter, a 4.1 percent decrease compared with the fourth quarter of 2008. In the West, which includes California, existing-home sales increased 16.2 percent in the fourth quarter to an annual rate of 1.38 million units, 18.2 percent higher than a year ago, according to the report. The median home price of existing, single-family homes in the West was $227,200, a decline of 8.9 percent compared with the fourth quarter of 2008.

Market Summary for January 2010

After seeing six months of flat prices in Bodega Bay, we saw a slight decrease in January to $695,000 ($742,500 in Bodega Harbour). We're currently revisiting February 2004 price levels and have seen the gains of the last six years removed. Of course, this, and more, has occurred throughout the state and country with some signs that prices will be bouncing around for months to come. While economic numbers appear to be headed in the right direction, employment numbers indicate that more foreclosures could be on the way.

In addition, locally there will be a series of at least eight foreclosures occurring from one investor who has lost all of his properties in Bodega Harbour and Bodega Bay. What impact this has will be determined as they hit the market and while they will certainly be opportunities for buyers, it could be another negative factor for current sellers to consider.

If you have any questions, please don't hesitate to call or email...