Enclosed is the update of activity for May 1, 2009 through May 31, 2009, click here to view the updates.. There were a total of 50 new listings. There were 35 pending sales. Of the residential sales there were 27 sales between $200,000 and $600,000, 3 sales between $601,000 and $999,999 and 2 sales between $1,000,000 and $1,999,999, 2 sale between $6,000,000 and $6,999,999 and 1 land sales. There were 10 sale completes. Their were 39 price decreases and 2 price increase. The number of current listings are up slightly; however they are still very high at 362 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 4.75% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 4.875% at 1 point and Super Jumbo Loans are at 5.625% at 1 point for origination. The conforming 5 year ARM Interest Only is at 4.0% at 1 point, the Jumbo 5 year ARM Interest Only is at 5.125% at 1 point. The 11th District Cost of Funds index (COFI) is down at 1.380 for the month of June. 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 1.23; last month it was at 1.54; 12 months ago it was at 2.90.
I just did the stats for Properties under $400,000 or less in the Valley including Los Alamos but excluding Condominiums and Single Family homes on leased land; there are only 14 active, 12 listings are pending or contingent, and 12 have sold in the past 6 months. That gives an absorption of approximately 1 per month in the past but an increase of 100% for the future. Using those same parameters on the $400,000-600,000 range there are 21 active, 17 listings contingent or pending and only 1 sold in the past 6 months. That reflects an extremely slow turnover rate over the past 6 months but a market that has heated up with great intensity and activity in the past few weeks. Using those same parameters in the 600,000 to 800,000 range there are 26 active listings, 6 contingent sales and 7 solds in the past 6 months. That market is also showing some promise but I think its time is not quite here but the next 60 days during the best marketing season of the year looks to be very promising.
The Santa Ynez Valley Economic Forecast was held at the Hotel Corque last week. Marlene and I both attended. The nation as a whole and the State of California still are having significant problems but surprisingly Santa Barbara County, at least the South County and the Santa Ynez Valley were doing far better than most places due in most part to its economic base of Tourism, (We are family friendly and only a short drive from LA or San Francisco), Agriculture (I guess wine grapes, strawberries and broccoli will see us through.) and the presence of the Casino. That's not to say we are without issues but we are faring better than most. We have printed a voluminous report of approximately 300+ pages which is available to look at details and graphs if anyone is interested.
Graduations have been in full swing throughout the Valley during the past 2 weeks and ending today. Having recycled ourselves through our own children's graduations, we are now on the "2nd coming". Last night we had a Kindergarten graduation party for our oldest grandchild who felt that since she had attended a High School graduation party, she requested a command performance from a very good-natured High School graduate who I am sure would rather have been having a good time with his friends. Thanks for that....you know who you are and I won't embarrass you further.
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................