I told BT I would do a post today, but I am not currently able to do my intended post due to "operator malfunction" on my part. So ...
The Commerce Dept. reported a few minutes ago that new home sales (contracts signed, not closed, and subject to reduction before closing due to cancellations that are not counted by the Commerce Dept.) dropped 8.5% to 1991 levels, with price declines of 13.3% year-over-year. I doubt that any of the regular readers would call this "news."
Cameron Park has no new home developments (that I am aware of), so the only measure is existing home sales. CP has long been known as the "poor man's El Dorado Hills," but it is nonetheless home to many. It is the only Zip Code that I watch with regularity. I know my stats don't compare on any level with those of BT and others, but here is what I observed this a.m.:
249 total listing (single family homes only, no condos)
29 listings +$1 million, with 3 pending
77 listings $500k-$1 million, with 4 pending
121 listings between $300k- $500k, with 24 pending
22 listings under $300k, with 7 pending
Observations: I have watched five specific homes in the $479k-$550k, go pending in the past, only to go back on the market. Of those five, two have gone pending one time and are back on the market, one has gone pending twice and is back on the market, another has gone pending three times and is pending again, and the last appears to have closed.
I have not seen any home +$1 million, go pending in the past 6 months and I'm frankly surprised to see it now. My guess is that this is a spring time phenomom.
The +$500k homes are simply languishing on the market with daily price decreases coming in my morning emails from the REO's and "near" REO's.
Paul
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6 comments:
Paul,
Your data and results are very consistent with what I've tracked in Auburn over the pas 3 months.
do your emails show which homes are short sales (AS) like on metrolistMLS.com? I use ZIP, but now find myself doing queries on metrolist for short sales. I presume folks go pending without an agreed price from their lender; then find out the lender is not ready to sell at that price.
Alba-Yes, the emails indicate those which the agents have stated are short sales. If the agent is not disclosing that fact, I would not know.
I actually had a different take on the pendings falling out of escrow. I have assumed most are the result of buyers not qualifying and/or having a change of heart. Lender's not agreeing is another good reason, though.
Paul,
Out here, many of them fail to appraise and some of the bank asset managers are crazy stubborn. Kinda kills the deal right there.
Cameron park DOES have new home projects, albeit not much.
Burnett park - 6 new townhomes under construction.
Cameron Woods, custom home development with 3 homes under construction and 13 vacant lots remaining.
cimarron court, approved project of 12 townhomes, construction has not begun.
Knollwood park condos, 16 condos under construction.
and that is all.
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