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The Huntington Harbor real estate market, part of the larger Huntington Beach and Orange County housing markets, saw a decrease in the median sales price and quantity of homes sold towards the end of 2010. According to statistics reported by the OC Metro and provided by MDA DataQuick, the housing market in Orange County trended downwards in the last month of 2010, largely as a result of a stagnant job market and hesitant lending practices. DataQuick’s figures indicated that the median sales price of a property in Orange County was $410,000, marking a decrease of approximately six percent compared to the same time last year. The decline of about six percent also represented a fall from month-ago levels. Orange County performed considerably more poorly than the larger Southern California housing market, which saw both year-over-year and month-over-month increases in median price. Interestingly, the falling median price did not boost the quantity of sales over the same time period. Although there was a fairly substantial uptick in monthly sales figures, the number of home sales fell by almost thirteen percent between December 2009 and December 2010. Additionally, the month-over-month increase can at least partially be understood as a predictable seasonal trend.

December of 2010 also marked the first time in nearly two and a half years that Huntington Harbor and Orange County homes for sales saw a fall in both median price and quantity of homes sold. The larger Southern California region saw a substantial decline in the number of properties purchased during December 2010, according to MDA DataQuick and the Orange County Register. There were less than twenty thousand single family homes purchased in the six-county Southern California region, marking a fall of almost thirteen percent from last year and a decline of more than twenty percent from an average December. One partial explanation for the quantity of home sales relative to the same time last year is the fact that the federal and state housing tax credits were still having a positive effect on the housing market in December of 2009, artificially inflating the sales figures for that particular month.

The Atherton real estate market, a portion of the larger San Mateo and Silicon Valley real estate markets, showed a trend towards stabilization and growth in recent months. According to a May 20, 2010 article in the Mercury News, “In San Mateo County, the median price of houses sold in April was $638,000, up 16 percent from a year earlier and down 9 percent from March. The median marks the halfway mark, meaning half the homes sold in April cost less than the median figure, and half cost more.” The piece, composed by Sue McAllister, went on to say that “The number of houses sold in San Mateo County rose 21 percent from April 2009, with 442 houses changing hands…Vicki Moore, an Alain Pinel agent in San Mateo, agreed, saying that homes in the $500,000 price range in San Mateo County ‘are getting snapped up pretty fast.’”

The effect of San Mateo foreclosures on Atherton homes for sale likely diminished in the months of May and April, as they showed a strong decline in the most recent tracking figures. According to a May 11, 2010 article in the Mercury News, “Foreclosure filings in San Mateo County tumbled 25 percent last month compared to the same time last year, a sign the worst of the housing crisis has passed, according to a report released Tuesday.” The piece, written by Sue McAllister, went on to say that “April marked the third time in five months that default notices declined compared to their year-earlier levels, according to data from ForeclosureRadar, a Discovery Bay company. A total of 327 notices of default were filed in San Mateo County in April, down 25 percent from April 2009, and down 18 percent from March 2010.”

Atherton real estate, along with nearby Santa Clara and surrounding San Mateo counties, may have hit a bottom in terms of home prices, which would increase the likelihood of a continued rebound. According to a May 10, 2010 article in the Mercury News, “In San Mateo County, home values in the first quarter were flat compared with a year earlier, and the median estimated value was $638,800.”

The El Dorado Hills real estate market, an outlying portion of the Sacramento Metropolitan Statistical Area market, has been facing continued difficulties in the first half of the 2010 fiscal year. According to a June 3, 2010 article from the Central Valley Business Times, “The rate that families are losing their homes to foreclosure is easing in some parts of the Central Valley, especially where the mortgage meltdown came first and was the most ferocious, according to figures Thursday from real estate information company CoreLogic of Santa Ana.” The piece went on to note that, in a more negative development for the narrower Sacramento region “Foreclosure rates in the Sacramento metropolitan statistical area, which includes the Arden-Arcade and Roseville areas, increased in April over the same period last year, according to CoreLogic.”

The number of El Dorado Hills homes for sale which actually went into escrow declined in the month of April along with the rest of the Sacramento Metropolitan Statistical Area. According to a May 20, 2010 article from the Sacramento Business Journal, “Home sales in the four-county Sacramento region were slightly lower in April than the same month last year, according to figures released Thursday from real estate information company MDA DataQuick.” The piece, written by Michael Shaw, went on to say that “There were 2,873 home sales of all types, including new homes, and existing homes and condos, in April compared with 3,036 sales a year ago, the company reported. Home prices remained relatively unchanged from a year ago, with Sacramento County prices 4.5 percent higher than a year ago at a median $172,500. Placer County median prices were at $287,000 in April, down 2.7 percent, while El Dorado prices were down 4.5 percent to $300,000.”

Foreclosures in the El Dorado Hills region spiked considerably in the month of April, according to a May 11, 2010 report on All Things Considered. This piece noted that “Foreclosures increased 46 percent in April, compared to a year earlier with almost 1,800 homes going back to lenders or sold at auction in the Sacramento region. Foreclosures.com says Sacramento County accounted for almost half of those foreclosed homes, with Elk Grove, North Natomas, and south Sacramento among the hardest-hit communities. But El Dorado, Placer and Yolo counties also had more foreclosures last month than a year ago.”

The San Bruno real estate market, a subsidiary and large component of the Bay Area real estate market, faced mixed signals today, with prices and sales moving in opposite directions and foreclosures shifting to different sectors of the market. According to a May 20, 2010 article in the Contra Costa Times, “Bay Area home sales in April were down slightly from a year ago while the median sales price rose sharply. The sales slowdown was tied to some buyers delaying escrow until May 1 to get a bigger home-buying tax break.” The piece, which was written by Eve Mitchell, continued to say that “A total of 7,003 new and existing single-family houses and condominiums closed escrow last month, up 0.2 percent from March, but down 1.9 percent from a year ago, said the MDA DataQuick report released Thursday. The slowdown in home sales stems from more people delaying escrow until May to obtain a state tax credit as well as a reduced inventory of homes for sale, which helps push up prices, observers say.”

The average price of a pre-existing San Bruno home for sale rallied strongly in the month of April, according to a May 21, 2010 article in the San Francisco Chronicle. This piece noted that “Median resale home prices in the Bay Area rose 30 percent in April compared with the prior year, in a market that featured few foreclosures and more activity in higher end neighborhoods, according to a real estate report released Thursday.” The article, written by Robert Selna, continued to note that “Meanwhile, the total number of homes resold in the Bay Area – that is, not newly constructed – fell slightly year-over-year as the higher-priced sales activity could not offset declines in the more affordable areas, according to data analyzed by MDA DataQuick, a San Diego real estate research firm that produces monthly market updates.”

San Bruno foreclosures were shifting to wealthier parts of the city, according to a June 1, 2010 article from the San Francisco Chronicle. This piece, written by Carolyn Said, noted that “Foreclosures are going upscale across the Bay Area…A significant share of high-end foreclosures were valued above $1 million.”

Located in Southern California, Palm Springs has suffered from a struggling real estate market over the past several years as a result of the economic recession that began in the fall of 2008, as well as real estate problems that began in 2007, prior to the recession.  Real estate experts have optimistic views of the future of the real estate in Palm Springs, as Southern California has maintained year-over-year gains in both the number of home sales and median sales price.  Experts also believe that the federal tax credit for first-time homebuyers, as well as greater affordability of housing and an easier ability to get credit will play major roles in the recovery of the Palm Springs real estate market throughout the coming months.

According to DQNews.com, Southern California has maintained its year-over-year gains in home sales  for the 18^th consecutive month, and has posted its first year-over-year gains in median sales prices since the summer of 2007.  In December of 2009, Southern California posted a total of 22,238 new and resale houses and condos, which was a 16.4 percent increase from that of the previous month, and a 12.1 percent increase from that of December of 2008.  However, real estate experts weren’t too surprised by the increase in sales prices since the region tends to post an average increase of 13 percent in home sales as shown by historical data trends.  Experts are confident in the market, though, since even the luxury real estate markets of high-end communities such as Beverly Hills, Santa Monica, and Newport Beach are showing major improvements in their real estate markets.  The median sales price for Southern California was about $289,000, a 1.4 percent increase from that of the previous month and a 4 percent increase from that of the previous year.  Experts believe that the median sales price will continue to rise as the inventory of distressed and previously foreclosed properties declines.

The Desert Sun has also reported that the market for apartments in Palm Springs has also shown major improvements during the recent months.  Shortly after the recession, many apartments fell into foreclosure, but as the apartments moved back onto the market at much more affordable prices, the market improved.  Realtors have noted that primarily only the lower-end affordable apartments have accounted for the majority of the apartment sales over the past few months.

Located at the northern end of the Bay Area in California, Marin has shown some major improvements in its real estate market throughout the past year.  The Bay Area has shown increases in both the number of home sales and median sales prices, and Marin has shown even greater improvements in its number of home sales, while falling just short of the average increase in median sales prices for the Bay Area.  Real estate experts have very optimistic views of the future of the Bay Area real estate market, as well as that of the Marin real estate, especially with incentives for prospective home buyers such as more affordable housing options, the federal tax credit for first-time homebuyers, and an increase in the credit available for homebuyers.

According to DQNews.com, the Bay Area in California posted major improvements in its real estate market during the year of 2009, with home sales being the strongest seen in three years.  The Bay Area real estate was struggling prior to the economic recession that began in the fall of 2008, and the recession only worsened the real estate struggles that actually began in 2007.  The Bay Area posted a total of 7,828 new and resale house and condo sales, which was a 13.8 percent increase from that of the previous month and a 13.6 percent increase from that of the previous year.  Marin real estate posted an even greater increase in home sales between 2008 and 2009 by 60.6 percent.  The Bay Area’s median sales price increased by about 15.20 percent between December of 2008 and 2009, while Marin’s median sales price increased by a slightly smaller value of 12.90 percent during the same time period.

The Contra Costa Times also reported on the recent improvements in Marin’s real estate market through its increases in both its home sales and median sales price.  During December of 2009, Marin posted a median sales price of about $755,000 for a single family home, a 12 percent increase from the $675,000 average posted in December of 2008.  The median sales price for a condo in Marin was $319,500 in December, an increase from the $301,000 median from that of the previous year.