Archive for January, 2012
Will the NFL come to Pasadena?
Posted by Sunyoung in Pasadena Community Information on January 22, 2012
As we wait to see who will take on New England in this year’s super bowl, it has many of us longing for a NFL team of our own in Los Angeles. Several proposals have been discussed should a team look to relocate to the city of angels. The most likely scenario would involve building a new stadium for the team either downtown or in the City of Industry. If this should happen, the team would need a temporary home for as much as four years while the permanent location is built.
Last month the board of directors for the Pasadena Chamber of Commerce voted to take a position in favor of studying the opportunity and impact of offering out the Rose Bowl as an interim stadium should an NFL choose to relocate to LA. No doubt that this would bring in additional revenue to local business for 8 sundays each fall. Of course, along with that would be the additional traffic and negatives associated with it. Either way, it is a lot of maybe’s away from happening at this point. Check back here periodically for updates on the situation and we will keep you posted.
Buffett’s Real Estate CEO on Housing Fix
Posted by Sunyoung in Real Estate News on January 22, 2012
Ron Pelltier, CEO of Warren Buffett’s real estate subsidiary, finds cause to be cautiously optimistic for the housing market in this interview on CNBC.
Mortgage Applications and Homebuilder Confidence – Positive News Hot Off the Presses
Posted by Sunyoung in Mortgage News and Information, Real Estate News on January 18, 2012
This morning we saw two positive signs for the housing market. The first came out of the Mortgage Bankers Association. The MBA publishes a seasonally adjusted index of mortgage application activity that include both new purchases and refinances. For the week ended Jan 13th, the index jumped a whopping 23.1%. Applications for home purchases increased 10.3% while applications for refinancing increased 26.4%. It appears that quite a few people’s New Year’s resolutions involved taking advantage of the record low mortgage rates!
The second piece of good news out this morning was a key sentiment gauge of homebuilder confidence. The National Association of Homebuilders / Wells Fargo Housing Market Index measures builders sentiment regarding newly built single family homes in three areas, current sales conditions, sales expectations for the next six months and traffic of prospective buyers. The index gained 4 points in January to a reading of 25. Keeping in mind that any reading below 50 still indicates a negative outlook, there are four things of significance in this morning’s announcement. First, this marks the fourth consecutive month of increase. Second, all three components of the survey showed improvement. Third, all four regions of the U.S. increased. Lastly, this is the highest level for the index since June of 2007!
For the full reports, please follow these links: Mortgage Applications, Builder Confidence
Pasadena Real Estate Market Trends for December 2011
Posted by Sunyoung in Pasadena Market Trends on January 17, 2012
The following is the month end data for real estate activity in Pasadena for December 2011. For any questions, please feel free to contact me through my main website, or click here to browse Pasadena homes for sale.
| Market Profile & Trends Overview | Month | LM | L3M | PYM | LY | YTD | PriorYTD | PriorYear |
|---|---|---|---|---|---|---|---|---|
| Median List Price of all Current Listings | $554,500 | 1% | -1% | |||||
| Average List Price of all Current Listings | $809,122 | -10% | -2% | |||||
| December Median Sales Price | $584,000 | 18% | 13% | 4% | 2% | $560,000 | -2% | -2% |
| December Average Sales Price | $724,211 | 8% | 10% | 5% | 2% | $708,096 | -1% | 0% |
| Total Properties Currently for Sale (Inventory) | 274 | -18% | -21% | |||||
| December Number of Properties Sold | 65 | 5% | 10% | 862 | 8% | |||
| December Average Days on Market (Solds) | 79 | -6% | -6% | -23% | -7% | 84 | -1% | -1% |
| Asking Price per Square Foot (based on New Listings) | $383 | -1% | -2% | 2% | -5% | $390 | -3% | -3% |
| December Sold Price per Square Foot | $377 | -1% | 2% | 2% | -3% | $375 | -4% | -3% |
| December Month’s Supply of Inventory | 4.2 | -21% | -23% | -29% | -34% | 5.3 | -17% | -17% |
| December Sale Price vs List Price Ratio | 98.0% | 0.4% | 1% | 1% | 0.4% | 96.4% | -1.4% | -1.3% |
| * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date |
Property Sales
December Property sales were 65, up 10.2% from 59 in December of 2010 and 4.8% higher than the 62 sales last month. December 2011 sales were at a mid level compared to December of 2010 and 2009. December YTD sales of 862 are running 7.6% ahead of last year’s year-to-date sales of 801.
Prices
The Median Sales Price in December was $584,000, up 4.3% from $560,000 in December of 2010 and up 18.0% from $495,000 last month. The Average Sales Price in December was $724,211, up 5.3% from $688,008 in December of 2010 and up 8.3% from $668,861 last month. December 2011 ASP was at a mid range compared to December of 2010 and 2009.
Inventory & MSI
The Total Inventory of Properties available for sale as of December was 274, down -17.5% from 332 last month and down -21.3% from 348 in December of last year. December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2011 MSI of 4.2 months was at a mid range compared with December of 2010 and 2009.
Market Time
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for December was 79, down -6.0% from 84 days last month and down -22.5% from 102 days in December of last year. The December 2011 DOM was at a mid range compared with December of 2010 and 2009.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2011 Selling Price per Square Foot of $377 was down -1.3% from $382 last month and up 1.9% from $370 in December of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The December 2011 Selling Price vs Original List Price of 98.0% was up from 97.6% last month and up from 97.3% in December of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in December 2011 was 52, down -33.3% from 78 last month and down -16.1% from 62 in December of last year.
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2012 FHA Limits for Los Angeles and Orange Counties
Posted by Sunyoung in Mortgage News and Information on January 15, 2012
This past Thanksgiving Congress gave residents in high cost locales something to be thankful for by raising the loan limits for FHA loans in 660 markets across the country. FHA mortgages are loans by approved lenders that are insured by the Federal Housing Administration. These loans can help home buyers buy a house with as little as a 3.5% downpayment.
The FHA issues limits on the size of mortgage that can qualify for this insurance. These limits vary by county based on the cost of housing in each. In 2008, in an effort to help mitigate the housing and credit crisis, Congress temporarily raised the loan limits. Last summer it was determined to lower the limits back down in approximately 670 counties effective October 1st. After a lot of public concern surrounding the still weak economy and housing markets, Congress decided two months later to raise the limits back up again.
Both Los Angeles and Orange Counties are eligible for the highest limits, $729,750 for a single family residence. Multi-family residences are also eligible with limits of $934,200 for duplexes, $1,129,250 for tri-plexes and $1,403,400 for four-plexes. For more information on requirements for qualification, visit the Department of Housing and Urban Development’s website.
San Marino Real Estate Market Trends for December 2011
Posted by Sunyoung in San Marino Market Trends on January 10, 2012
The following is the month end data for real estate activity in San Marino for December 2011. For any questions, please feel free to contact me through my main website, or click here to browse San Marino homes for sale.
| Market Profile & Trends Overview | Month | LM | L3M | PYM | LY | YTD | PriorYTD | PriorYear |
|---|---|---|---|---|---|---|---|---|
| Median List Price of all Current Listings | $1,786,500 | 5% | -12% | |||||
| Average List Price of all Current Listings | $2,120,208 | 4% | -34% | |||||
| December Median Sales Price | $1,816,000 | 7% | 21% | 19% | 14% | $1,525,000 | -4% | -5% |
| December Average Sales Price | $2,344,875 | -16% | 21% | 15% | 19% | $1,870,123 | -6% | -5% |
| Total Properties Currently for Sale (Inventory) | 12 | -8% | -54% | |||||
| December Number of Properties Sold | 8 | 14% | 0% | 101 | 10% | |||
| December Average Days on Market (Solds) | 61 | -19% | 5% | 22% | 0% | 65 | 8% | 7% |
| Asking Price per Square Foot (based on New Listings) | $543 | -11% | -8% | -29% | -17% | $584 | -11% | -11% |
| December Sold Price per Square Foot | $615 | 1% | 5% | -3% | 1% | $580 | -6% | -5% |
| December Month’s Supply of Inventory | 1.5 | -19% | -24% | -54% | -76% | 4.3 | -30% | -30% |
| December Sale Price vs List Price Ratio | 98.0% | 0.5% | 2% | -3% | 0.1% | 97.4% | -0.8% | -0.5% |
| * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date |
Property Sales
December Property sales were 8, equal to 8 in December of 2010 and 14.3% higher than the 7 sales last month. December 2011 sales were at their lowest level compared to December of 2010 and 2009. December YTD sales of 101 are running 9.8% ahead of last year’s year-to-date sales of 92.
Prices
The Median Sales Price in December was $1,816,000, up 19.3% from $1,522,500 in December of 2010 and up 6.7% from $1,702,000 last month. The Average Sales Price in December was $2,344,875, up 14.6% from $2,045,938 in December of 2010 and down -15.8% from $2,785,971 last month. December 2011 ASP was at highest level compared to December of 2010 and 2009.
Inventory & MSI
The Total Inventory of Properties available for sale as of December was 12, down -7.7% from 13 last month and down -53.8% from 26 in December of last year. December 2011 Inventory was at the lowest level compared to December of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2011 MSI of 1.5 months was at its lowest level compared with December of 2010 and 2009.
Market Time
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for December was 61, down -18.7% from 75 days last month and up 22.0% from 50 days in December of last year. The December 2011 DOM was at its highest level compared with December of 2010 and 2009.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2011 Selling Price per Square Foot of $615 was up 1.3% from $607 last month and down -3.3% from $636 in December of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The December 2011 Selling Price vs Original List Price of 98.0% was up from 97.5% last month and down from 101.4% in December of last year.
Inventory / New Listings / Sales
‘This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in December 2011 was 3, equal to 3 last month and down -40.0% from 5 in December of last year.
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Migration 2011 – Where did people move this year?
Posted by Sunyoung in Real Estate News on January 8, 2012
United Van Lines, the nation’s largest mover, has released the results of their annual migration study. This year’s study analyzed 146,00 interstate moves handled by the company. The biggest recipient of new resident’s for the fourth year in a row was Washington D.C. where 62.5% of the moves were inbound. Other states with sizable inflows were Oregon, Nevada, North Carolina and Florida.
Ten states had greater than 55% of their movers leaving with the northeast having the most states with net outbound moves. In order of exodus percentage: Illinois (with 60.8% outbound), New Jersey, New York, Michigan, West Virginia, Rhode Island, New Hampshire, Connecticut, Maine and North Dakota.
How did California fare? The Golden State saw a slight increase of residents this year with 52.5% of the moves studied being inbound.
The Rose Bowl Game and Parade
Posted by Sunyoung in Pasadena Community Information on January 2, 2012
One of the most exciting times of the year in Pasadena occurs each new year during the Tournament of Roses. This year the 10th ranked Wisconsin Badgers take on the 5th ranked Oregon Ducks. Oregon is a 5 1/2 point favorite (sorry Badgers fans) but regardless of the outcome, it is sure to be a high scoring exciting game.
For many people the term Rose Bowl does not stand for the historic stadium or the game, but rather for the world famous parade that cuts through downtown Pasadena traveling down Colorado Blvd. Known for it’s spectacular rose covered floats, the parade can bring as many as one million tourists to Pasadena each year. This year’s parade starts at 8am on Monday, January 2nd.
Trivia: The first Rose Parade was held on January 1st, 1890. The parade is never held on a Sunday. Local lore says that the parade committee made a deal with Churches on Colorado Blvd that they will never compete with services by having the parade on a Sunday if God doesn’t let it rain on the parade.
Local Tip: Finding curb space to see the parade can be a challenge. The city allows people to claim their space starting at noon on the prior day. I went by this morning at 10am and people were already lining up their seats. Usually the best bet is near the Sierra Madre end of Colorado Blvd. Another alternative is to stay home, watch it on TV and head to the post-parade float viewing in a lot near the end of the parade route. The floats are on display the afternoon of the parade and the following day.
For more information, check out the official website for the game and parade: http://www.tournamentofroses.com/
Please click here to browse Pasadena homes for sale.
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