Enclosed is the update of
activity for November 1, 2009 through November 30, 2009,
click here to view the updates. There were a total of 19 new listings. There were 20 pending sales. Of the residential sales there were 13
sales between $200,000 and $600,000, 3 sales between $601,000 and $999,999, 2
sales between $1,000,000 and $1,999,999, 1 sale between $2,000,000 and 1
commercial property sale. There
were 11 sale completes. Their were
23 price decreases and no price increases. The number of current listings are down slightly; however
they are still very high at 309 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 4.6% at 1 point and Jumbo Conforming Loans which are loans up
to $729,750 are at 4.7% at 1 point and Super Jumbo Loans are at 5.5% at zero
points for origination. The conforming 5 year ARM Interest Only is at 4.2% at 1
point, the Jumbo 5 year ARM Interest Only is at 5.2% at zero points. The 11th District Cost of Funds index
(COFI) is down at 1.259 for the month of November. 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 0.48; last month it was at 0.54; 12 months ago it was at 2.57.
The real estate market
continues to be in the new reality. Some of that is good; some of it is not so
good. There are still lots of great opportunities for Buyers but the amount of
inventory in the low end (under $600,000 ) has disappeared and prices are
starting to stabize. That is not to say we still will not see REO's and short
sales in he future but right now Marlene and I are not anticipating further
eroding of equity value. The
market between 600,000-1,000, 000 is still finding its niche but the lower end
of that price range I think is also at the bottom. There are
enough comparables out there that we have a good idea of where pricing needs to
be to sell. Sales over $1,000,000 continue to be slow and I think will be
determined by employment conditions. The good news on the unemployment picture
is that we only lost 11,000 jobs last month. A higher number is due in part to
seasonal hiring but at this point "beggars can't be choosers." We will take whatever good news there
is.
The Holidays are in full
swing at our house. The tree is up and decorated. The mood of our grandchildren
is high anticipation. Bob, the Elf
is showing up in a different spot every day and all the chilren are hoping he
is taking note of their good behavior and reporting good things to Santa and
Mrs. Claus. Speaking of Santa and
Mrs Claus(Dave and Marlene), they will be in Santa Ynez this Saturday from 1:00
to 3:00 in the courtyard on Sagunto Street. Stop by with your children or
without. Santa's lap accommodates all sizes It's always fun.
The spirit is upon us.
Remember the Foodbank and Christmas Unity or People Helping People in
the Valley as their resources have all been tested by the economy and
unemployment. I know they will appreciate anything you
can afford to share. We hope you all have a wonderful Holiday Season with your
family and friends because that is truly what it is all about.
We may be reached during the
day at our office 805-688-2969, and in the evening at 805-688-2986. Our toll-free number is
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