November 2015 East Bay Market report

East Bay Inventory is increasing. Perfect time to buy a home. Are you looking to be a new homeowner in the East Bay? I can help.

Real Estate Weather report for Castro Valley and East Bay

July home sales climb to highest level in nearly three years

Sales 2015-08Sustained job and income growth gave home buyers the confidence in July to jump into the California housing market, pushing home sales to their highest level in nearly three years.

Home sales remained above the 400,000 mark in July for the fourth consecutive month and rose to highest level since October 2012. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 449,530 units in July. The July figure was up 2.7 percent from the revised 437,680 level in June and 12.7 percent compared with home sales in July 2014 of a revised 398,980. The year-to-year change was the highest since July 2009 and significantly higher than the 6-month average increase of 6 percent observed from January 2015-June 2015.

The median price of an existing, single-family detached California home dipped 0.3 percent in July to $488,260 from $489,640 in June.  July’s median price was 5.4 percent higher than the revised $463,330 recorded in July 2014. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

Median Price 2015-08

The July Unsold Inventory Index was unchanged from June, remaining at 3.3 months, but down from 3.8 months in July 2014. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.

Home sales Surge in March-April

The spring selling season gets off to a sunny start in March with the sale pace reaching an 18-month high. Also, NAR President Chris Polychron urges the Senate Banking Committee to take action on overly tight mortgage credit. Other stories: Hard-hit buyers are returning to the market seven years after the downturn and the Rural Housing Service joins NAR to talk about the advantages of Sec. 502 direct loans for households that otherwise wouldn’t be able to get mortgage financing.

Home sales in June

As per the Bay East Association of Realtors, Days on Market (DOM) for the Castro Valley area year-to-date is around 55. The median detached home price in Castro Valley for June was $495,000. As of the last day of June there were 131 active homes in Castro Valley. At current selling rates this means there is approximately 3 months of inventory in Castro Valley remaining.

As of July 21, 2010 there were thirteen homes in Palomares Hills listed in a price range of $399,950-1,537,000.  Four homes are townhouses and Duets and nine homes are Single Family Homes.

There are ten properties currently listed in Five Canyons, Castro Valley with seven Single Family homes and three condos in the price range of $398,000-949,000.

There are 168 listings currently for sale in Castro Valley California. The price range is $116,100-$3,199,000

Castro Valley Statistics Active Pending Sold Months Supply
Jun 09 102 53 29 2.1 
Jul 09 108 49 45 2.2
Aug 09 100 52 44 2.0
Sep 09 107 48 38 2.1
Oct 09 103 47 30 2.1
Nov 09 78 51 26 .16
Dec 09 75 41 42 1.6
Jan 10 77 35 23 1.8
Feb 10 95 41 26 2.3
Mar 10 124 49 36 3.0
Apr 10 105 61 31 2.3
May 10 129 49 49 2.6
Jun 10 131 47 45 2.5

 

As per the California Association of Realtors, first time home buyers increased for the second year due to housing affordability and the first time home buyer credit.

The tax credit was the primary reason for those buyers who may not have had enough down payment and the tax credit helped to cover the difference.

Generally speaking, distressed properties and short sales sell for a lot less than the regular properties and with such an abundance of distressed properties on the market, first time home buyers affordability increased.

I specialize in Five Canyons and Palomares Hills. If you are looking for a list of Castro Valley Homes for sale, or sell your home in Castro Valley for a flat fee and save thousands of dollars, please call Meena Gujral at 925-425-9491 or go to my website:

http://www.helpusellachievers.com

Homes sold by Meena in Castro Valley, California

To see my other Real Estate Blogs click:

Mission San Jose Fremont Blog

Fremont Homes Blog

To see virtual Tours on all my listings click on the link:

My Virtual Tours

I have heard that Palomares Hills and Five Canyons are good areas in Castro Valley. Can you tell me more?

Five Canyons home on Crestfield Dr

Palomares Hills TownhomePalomares Hills and Five Canyons are both excellent areas of Castro Valley and are very desirable because of the best Elementary schools and the upscale homes.

By the way, if you have signed up to receive a free list homes for sale in Five Canyons or Palomares Hills yet, you can do that here: List of Homes For Sale

Palomares Hills was built by Shapel. There are homes in Palomares Hills that range from 22 years in age to as new as 9 years and consist of Single Family homes, Duets and Townhouses. There are some beautiful view homes and it is an exclusive area with Villareal as the main road leading into the area.

Palomares Hills is close to highway 580 and is an easy drive to the Pleasanton Stoneridge shopping Mall. The Elementary school is Jensen Ranch and as mentioned earlier it is a top rated award winning school.

Five Canyons was built by Centex. These are newer than Palomares Hills and range from 14 years to the newest being 8 year old. There are 5 developments in Five Canyons that have all Single Family Homes. They are Gold Creek, Canyon Oaks, Abbeywood, Whispering Oaks and Creekside. There is another development in Five Canyons that consist of townhouse and that area is called Wildwood.

A new Montessori school was built next to the Wildwood development. The elementary school for Five Canyons is Independent School which is also excellent.

Five Canyons is close to Mission, Highway 880, 92 and 580. As of today August 28, 2009, there are 11 homes in Five Canyons and Palomares Hills ranging from $459,000-$927,000.

If there is anything you need to know about Five Canyons, Palomares Hills, Castro Valley Schools or Castro Valley in general, you can reach me at 510-279-9580. You can also go to my website at: http://www.helpusellachievers.com

Meena Gujral

Help-U-Sell Achievers Realty 510-279-9580

Castro Valley California June 2009 Housing Statistics

home

As per the statistics from the Bay East Association of Realtors, Days on Market (DOM) for the Castro Valley area year to-date is around 96. The median single family home price in Castro Valley for June was $435,000. As of the last day of June there were 102 active homes in Castro Valley. At current selling rates this means there is approximately 2 months of inventory in Castro Valley remaining.

As you can see just from the last 3 months below, inventory is getting low and prices are on the rise.

             Average Price               Active Properties

March    $450,258                     137

April       $505,030                     125

May        $507,597                     111

June       $505,362                     102 

The market is changing from a buyer’s market to once again a seller’s market. I am finding multiple offers in many areas in the East Bay especially in Castro Valley, California.

 I just sold a home in Palomares Hills, Castro Valley. As per the seller’s agent he had 3 offers, and thankfully our offer was accepted. In Five Canyons , Castro Valley I ran into the same situation. The home there too sold over asking price. I now have an investor who wanted to see a house that just came on the market in Castro Valley. I had to give him the disappointing news that they already have 4 offers over asking price out of which 2 are all cash offers.

If there is anything you need to know about Five Canyons, Palomares Hills, Castro Valley Schools or homes for sale in Castro Valley California, you can reach me at 510-279-9580. You can also go to my website at http://www.helpusellachievers.com

Homes listed and sold by Meena in Castro Valley

To see all my virtual tours click:

Meena’s Virtual Tours

Meena Gujral

Help-U-Sell Achievers Realty

510-279-9580