Just listed - under $500K in South Bodega Harbour!

This delightful home sits on a large and private parcel on a peaceful cul-de-sac just off the Golf Links at Bodega Harbour with sweeping views of the coastal hills, with the bay and ocean in the distance. Perfectly designed and positioned to take advantage of the sunrise and sunset, two large decks provide ample opportunity to entertain outdoors. This lovingly-maintained coastal residence has a wonderful sense of open space with vaulted ceilings in the living and dining rooms which share a cozy and efficient wood fireplace. The home also boasts spacious bedrooms, two full bathrooms, central heating & air conditioning and a two car garage.

At the asking price of $499,000 this is one of the most affordable homes in the Harbour.

Sonoma County Defaults Down

The number of Sonoma County homes that entered the foreclosure process fell to the lowest amount in four years last quarter.

Here's the Press Democrat article...

Foreclosure Numbers Falling

"Foreclosure filings plunged 29% compared with the same period a year ago and were down 25% from the last six months of 2010, according to the latest report from RealtyTrac, an online marketer of foreclosed properties."

There is some blame on banks failing to process the properties, but we've heard that all along and I don't expect any excess inventory to open up on the Coast.

Click here for the rest of the CNN Money article to decide for yourself.

Still at bottom, but getting better...

We seem to be bouncing around the bottom of the market but each month new indicators appear that point toward improvement. This month, although the number of sales is down slightly from last month, sales did improve over last April and prices are headed upward. Still, there are a lot of distressed properties out on the market, though the number on the Coast seems to be dwindling.

Here's an article from CAR that explains more...

“An improving economy, coupled with the steady pace of distressed sales in the market and the typical seasonal pattern in the median home price, suggests the statewide median price has reached its low point for this year and is unlikely to hit the bottom reached in February 2009,” said C.A.R. President Beth L. Peerce.

Fast Facts for May 12

Calif. median home price: March 2011: $286,010 (Source: C.A.R.)

Calif. highest median home price by region/county March 2011: Marin $826,700 (Source: C.A.R.)

Calif. lowest median home price by region/county March 2011: Lake County $94,170 (Source: C.A.R.)

Calif. Pending Home Sales Index: March 2011: 128.7 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index: Fourth quarter 2010: 69 percent (Source: C.A.R.)

Mortgage rates: Week ending 5/5/2011
30-yr. fixed: 4.71 fees/points: 0.7%
15-yr. fixed: 3.89 fees/points: 0.7%
1-yr. adjustable: 3.14% Fees/points: 0.5% (Source: Freddie Mac)

Existing-Home Sales Rise

From NAR:

Click here for entire article


Existing-home sales rose 8.3 percent to a seasonally adjusted annual rate of 5.14 million units in the first quarter, an increase from 4.75 million in the fourth quarter, but are 0.8 percent below the 5.18 million recorded during the same period in 2010, NAR reported.

The national median existing single-family home price was $158,700 in the first quarter, down 4.6 percent from $166,400 in the first quarter of 2010. Distressed homes, typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent a year earlier.

Investors accounted for 21 percent of first-quarter transactions, up from 18 percent a year ago, while first-time buyers purchased 32 percent of homes, down from 42 percent in the first quarter of 2010 when a tax credit was in place. Repeat buyers accounted for a 47 percent market share in the first quarter, up from 40 percent a year earlier.

Regionally, existing-home sales in the West, which includes California, rose 13.5 percent in the first quarter to a level of 1.29 million and are 2.1 percent above a year ago. The median existing single-family home price in the West declined 4.7 percent to $197,400 in the first quarter compared with the first quarter of 2010.

Market Summary for January 2011

Our trend toward price increases, however slight, continued in January as the median price throughout Bodega Bay rose to $600,000 and the number of sales also rose slightly to 50 homes for the previous 12 months.

Fast Facts for Feb 2

Fast Facts
Calif. median home price: December 2010: $301,850 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region December 2010: Santa Barbara So. Coast $778,500 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region November 2010: High Desert $125,480 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Third quarter 2010: 64 percent (Source: C.A.R.)

Mortgage rates: Week ending 1/27/2011 30-yr. fixed: 4.80 Fees/points: 0.7% 15-yr. fixed: 4.09% Fees/points: 0.7% 1-yr. adjustable: 3.26% Fees/points: 0.6% (Source: Freddie Mac)

In addition to the Affordability Index showing in at 64%, Trulia put together a Rent vs. Buy Index and showed that it's more affordable to buy a home in 72% of the 50 largest US cities.

California Homes at Seven-Month High, Sales Up

As we've seen with the activity rising locally, it appears to be stabilizing throughout the state and prices continue to creep upward. In addition, the Case-Shiller Index showed a small amount of growth, but mainly in California with three of four area with increasing prices (San Francisco, Los Angeles, San Diego and Washington, DC).

FROM THE CALIFORNIA ASSOCIATION OF REALTORS:


California home sales rose in December, posting their highest level since May, according to data from C.A.R. The statewide median price increased from November, but was down from a year ago.

“December’s sales increase reflects buyers taking advantage of rock bottom interest rates and improved affordability since the first half of the year, when prices were higher,” said C.A.R. President Beth L. Peerce. “Most of December’s sales opened escrow in October and November. Rates hit their absolute lowest in October but began edging higher in November, prompting buyers to get off the fence,” she said.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,680 in December. December’s sales were up 5.9 percent from November’s revised pace of 491,590 but were down 6.8 percent from the revised 558,840 sales pace recorded in December 2009.

Following three consecutive monthly declines, the median price of an existing, single-family detached home sold in California increased 1.7 percent from a revised $296,690 in November but was down 1.6 percent from the revised $306,860 median price recorded for the same period a year ago.

More info

Year End Report

As you might expect, the news continued its negative slant in the real estate arena and the numbers reflect that. Bodega Bay and the entire Coast saw reductions in price over the past twelve months, much of this due to the lack of activity in the upper end. Lower priced homes continue to bring out buyers, causing downward pressure on higher priced homes. This is expected to continue through much of 2011 but still provides plenty of great opportunities throughout the market - even at the high end.