Enclosed is the update of activity for June 1,
2010 through June 30, 2010,
click here to view the updates. There
were a total of 45 new listings. There were 16 pending sales. Of the residential sales there were 10 sales between
$199,000 and $600,000, 2 sales between $601,000 and $999,999, no sales over
$1,000,000 and 2 land sales. There
were 25 sale completes. Their were
44 price decreases and no price increases. The number of current listings are up slightly; however they
are still very high at 341 listings specific to the Santa Ynez Valley.
Rates continue to fluctuate on a daily
basis. 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 $729,750 are at 4.75% at 1 point and Super Jumbo Loans are at
5.625% at zero points for origination. The conforming 5 year ARM Interest Only
is at 3.5% at 1 point, the Jumbo 5 year ARM Interest Only is at 5.125% at zero
points. The 11th District Cost of
Funds index (COFI) is down at 1.791 for the month of July. The 6 month LIBOR rate is at 0.71; last
month it was at 0.75; 12 months ago it was at 0.96
Market activity continues to escalate for the
summer and we are pleased with the number of hits to our website and our
partner websites. That also means that the number of inquiries and our sales
are increasing. Prices are remaining relatively stable in the under $800,000
range but the amount of inventory over
that number is staggering. As you can see by the balance between new
listings and sales, our inventory is still increasing but increasing in the
upper end price ranges. For
example, 20% of the new listings were under $800,000; that means 80% of the new
listings were over $800,000. 68.8%
of pending sales were under $800,000; correspondingly 31.2% were over $800,000.
And finally 60% of the sold final sales for this month were under $800,000 and
40% were over $800,000. This
confirms, I think, that the shadow inventory that the news media is referring
to is in specific price points in the
Santa Ynez Valley. Our
lower end market is stabilizing because our inventory is diminishing at that
price point, absorbed by a higher percentage of sales. It will be interesting
to run this analysis next time and see if it remains in a holding pattern or
changes, just to keep us on our toes.
In the meantime, it is just another great day here in Paradise.
Be sure and check out our Website and Property
Search engines. We have added
Lompoc area properties to the Search through their MLS and you can find
everything available throughout the County. Looking for Short Sales and REO's. Just indicate that on the
bottom field of the form and you will get the most up-to-date list available.
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 2010 to get your
information about the Santa Ynez Valley
and other areas on the beautiful Central Coast from................
Your Real Estate Professionals Providing
Old-Fashioned Service Using Today's Technology
David Macbeth and Marlene Macbeth