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David and Marlene Macbeth

April 16 - April 30, 2009 Market Update

Enclosed is the update of activity for April 16, 2009 through April 30, 2009, click here to view the updates.  There were a total of  20 new listings.  There were 10 pending sales.  Of the residential sales there were 6 sales between $200,000 and $600,000, 3 sales between $601,000 and $999,999 and no sales between $1,000,000 and $1,999,999, 1 sale between $2,000,000 and $2,999,999 and no land sales.  There were 6 sale completes.  Their were 21 price decreases and 1 price increase.  The number of current listings are down slightly; however they are still very high at 347 listings specific to the Santa Ynez Valley.

Rates continue to go up and down on a daily basis.  We are checking daily with  lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale.  Conforming 30 year fixed rates up to $417,000 are at 4.50% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 4.625% at 1 point and Super Jumbo Loans are at 5.625% at 1 point for origination. The Jumbo 5 year ARM Interest Only is at 5.0% at 1 point.  The 11th District Cost of Funds index (COFI) is down at 1.626 for the month of May.  We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month LIBOR rate is at 1.54; last month it was at 1.65; 12 months ago it was at 2.88.

I just did the stats for Properties under $400,000 or less in the Valley including Los Alamos and there are only 12 active and I know of those 12 at least 50% are in negotiation today or entering escrow.  The lower end is stabilizing as Sold comparables show us almost 1 closed escrow per week over the past 6 months and we have not yet hit the typical "prime" marketing season. Stay tuned for the $400,000-600,000 price range and the $600,000-800,000 range.

Summer has hit the Valley. Temperatures have been in the 80's and 90's which if you are like Marlene and I is a good thing.  We love summer in the Valley. Truth be told, we love all seasons here but who wouldn't. We live in a great place.  However, it does not come without a price and at the moment as I drive around the Valley, I think our dollars would be well spent in a weed abatement program that keeps our vegetation to a level that will prevent a disaster as they are experiencing this week in Santa Barbara. Watching the news has been an eye-opener. As residents we need to be vigilant about brush and foliage around our homes and in the vacant parcels that surround us.

The election continues to loom closer so read the ballots and remember to Vote.  Vote Yes on Proposition 1A and 1B. I know money is tight for everyone at this time but lets not make our children pay the price. 

In the meantime our prayers and thoughts go out to our neighbors in Santa Barbara and the Fire and Police Officers who are working around the clock in terrible conditions to keep us all safe.  May this end quickly so that we can all have a Happy Mother's Day.   We may be reached during the day at our new office 805-688-2969, and in the evening at 805-688-2986.  Our toll-free number remains 1-800-300-7977.  My cell phone is 805-689-4178 and Marlene's is 805-689-2738.  So whether you need to buy or sell, call us. We would like to show you what we can do!  In the meantime we thank you again for your loyalty and support in seeking us out when looking at properties in the valley and for choosing in 2009 to get your information about Santa Ynez Valley real estate from................

Your Real Estate Professionals Providing
Old-Fashioned Service Using Today's Technology
David Macbeth and Marlene Macbeth
Prudential California Realty.

Published Monday, May 11, 2009 8:44 AM by Marlene Macbeth
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