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 Guest Author in Los Angeles Real Estate, Market Trends, Median Home Price, Northern California, Real Estate, Southern CaliforniaDec 12, 2007

California Monthly Real Estate Statistics – November, 2007

http://www.movoto.com/, the spot on the internet to find and buy a home in Northern and Southern California, today released the company’s monthly California home inventory report. Movoto’s report is drawn from nine different local California multiple listing services and gives a snapshot of local inventories of homes for sale, average list prices, time on market and inventory of distressed properties.

November market data shows a typical end of the year slowing in listings. Average list prices continued a decline started in September. Distressed properties continue to increase as a portion of the market with some counties now having more than 1/3 of all listed properties falling in this category.

Home for Sale inventories are generally down across Movoto’s coverage area with 17 of 18 counties showing a month to month decrease in active listings. 6 counties showed a 5% or greater drop in inventory. We believe this drop in inventory reflects typical end of the year slowing in listings due to the holidays, but it may also be true that homeowners who have a choice are avoiding putting their properties on the market.

Average list price showed a month over month decrease from October to November in 17 of 18 California counties tracked. The largest declines were in San Francisco, Contra Costa, and Sacramento Counties. Continuing decreases in list prices suggest that sellers are having increasing difficulty selling their properties, even with aggressive pricing meant to draw buyers.

Continuing the trend from October, total days on market (DOM) increased in 14 of 18 counties across Northern and Southern California. 17 counties now have more than 50% of their inventory greater than 60 days old and 12 counties have more than 60% of their inventory greater than 60 days old compared 5 counties exceeding 60% last month.

“Distressed Properties” share of the market increased across all counties reported. The largest gain in distressed properties was in Solano County with a 4.1 percentage point increase followed by Contra Costa County with a 3.5 percentage point increase in distressed properties. Only Sacramento Counties had an increase of less than 1 percentage point. Overall growth in distressed inventory continued to accelerate in November, as homeowners who have a choice in the timing of selling their homes are avoiding entering the market.

Movoto defines distressed properties as any property that has an agent note in the MLS that defines the property as “Bank Owned”, “In Foreclosure”, “Short Sale” (where the owner is trying to sell at a price below the mortgage balance to avoid foreclosure) or “REO” (a term used to indicate the property is bank owned).

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2 Comments

  1. Anonymous wrote:
    March 22, 2008 at 1:09 pm

    Hi,

    Could you please tell me about taxes foreigner real estate investors have to pay during the process of buying, owning and selling a property.

    Reply
  2. CA Real Estate Blogger wrote:
    March 22, 2008 at 10:09 pm

    When you purchase real estate, you have to pay property tax, county and city transfer taxes. When you sell the property. When you own a property, you have to pay regular property taxes, and when you sell you have to pay capital gain tax on any profit that you make on the sales. Please consult your tax accountant or real estate lawyer for more detials.

    Reply

 

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