Home Sales Are Up, but Prices Are Down

According to data from the California Association of Realtors® (C.A.R.) California home sales rose for the third consecutive month in December. Sales also went up from a year ago, marking the sixth consecutive annual increase.

However, the price went down in both San Mateo County and San Francisco County in December (please see the second chart below).
Nonetheless, inventory is still tight, with inventory level around two months in Redwood City. (in a normal market, there is usually six to seven months of inventory).

No. of listings	118
No. of REOs (real estate owned, by a bank, government agency, etc.)	5
No. of short sales	27
No. of regular sales	86
No. of new listings last week	15
No. of listings has price increase last week	1
No. of listings has price decrease last week	8
No. of listings become pending last week	13
No. of property sold last week	11
Inventory level	2.16 months

December 2011 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Dec-11 Median Price of Existing Single-Family Homes Sales
State/ Region/ County	Dec. 2011	Nov. 2011		Dec. 2010		MTM% Chg	YTY% Chg	MTM% Chg	YTY% Chg
California Single- family (SAAR)	$285,920	$280,960		$304,770		1.80%	-6.20%	3.30%	0.10%
California Condo/ Townhomes	$225,270	$224,720		$240,970		0.20%	-6.50%	13.80%	1.50%
San Francisco Bay Area	$455,750	$467,680		$495,520		-2.60%	-8.00%	6.30%	-1.40%
San Mateo County	$595,000	$735,000		$699,500		-19.00%	-14.90%	2.80%	-9.70%

Homeowners whose primary residence was forclosed between 2009 and 2010 and believed they were financially harmed during the process can request an independent review and potentially received financial compensation. For details, please go to http://www.independentforeclosurereview.com/
Homes sold this week (data source from MLS Listings Inc. and the San Mateo County Recorder's Office):

Address	Closing Sale Price	Beds	Baths (F|P)	Estimated Square Footage
43 COVE LANE	$291,000	1	1|0	820
405 CORK HARBOUR CIRCLE,#F	$405,000	2	2|0	1,136
6 SAINT MARYS PLACE	$475,000	2	1|0	1,060
234 ORCHARD AVENUE	$550,000	1	1|0	500
104 INNER CIRCLE	$550,000	2	1|0	957
234 C STREET	$598,000	3	2|0	1,424
557 QUARTZ STREET	$641,000	2	1|0	1,070
952 JUNIPERO AVENUE	$679,800	3	2|0	1,280
170 CERRITO AVENUE	$775,000	3	2|0	1,782
460 KING STREET	$890,000	4	2|0	2,280
32 DOCKSIDE CIRCLE	$945,000	4	3|0	2,600

Note: These statistics are generated using information from the MLSListings Inc. multiple listing service, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions. Neither Patch.com nor MLS Listings Inc. guarantees the completeness or accuracy of the information.

The views, opinions, positions or strategies expressed by the authors and those providing comments or external internet links are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of First Capital, we make no representations as to accuracy, completeness, current, suitability, or validity of this information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Any information provided does not constitute an offer or a solicitation to lend. Providing information to purchase does not guarantee a loan approval. All registered trademarks, copyright, images, or other items used are property of their respective owner and are used for editorial purposes only.

First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a direct lender, Dept. of Corporations file #413-0713

Visit First Capital Online or call: 310-458-0010

Do you think the number of homes sold reflects the health of a real estate market?

Tell us in the comments.