Monday, November 29th, 2010You are invited to join us for a Legal Live webinar on the ins and outs of small claims court. C.A.R. attorney Stella Ling will conduct this one-hour session on Monday, December 6, 2010, starting at 1 p.m. During this webinar, Ms. Ling will show you how understanding small claims court gives you a [...]
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 LOS ANGELES, CA–(Marketwire – November 12, 2010) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Leadership Team for 2011 is now in place. REALTOR® Beth L. Peerce is the Association’s 2011 president; REALTOR® LeFrancis Arnold is president-elect; REALTOR® Don Faught is treasurer; and Joel Singer is state secretary. The officers for 2011 began their official term earlier this week at the close of the NATIONAL ASSOCIATION OF REALTORS® (NAR) Conference and Expo in New Orleans, La.  Beth L Peerce  LeFrancis Arnold On par with a normal Fall/Winter trends of decreased sales volume, October showed a 6.4% decrease in sales from 1,433 to 1,341 units. Making up these sales were 537 REOs (40%), 315 short sales (23.5%) and 489 conventional sales (36.5%). These numbers have changes slightly month to month with REOs up 4.7% and short sales and conventional sales down 7.1% and .2%, respectively. The median homes sales price remained relatively flat, decreasing .3% from $180,000 to $179,500. Compared with the same month last year ($185,000), the number is down 3%. The $200,000 – $249,999 price range mode still accounts for a majority (17.2% or 231 units) of the 1,341 total sales this month, while homes under $100,000 totaled 186 (13.8%) units. Conventional financing continued as the primary source of all home and condo sales (515, 35.5%) with cash (378, 26.1%) and FHA financing (438, 30.2%) making up the two other large categories. Month to month, conventional financing increased by 6.2%, FHA financing increased by 3.4% and cash financing decreased 8%. VA loans (35, 2.4%) and other financing (84, 5.8%) rounded out the remainder. The other category includes CalVet, contract of sale, creative, farm home loan and owner financing. The median amount of days spent on the market (from list date to opening escrow) was 41 – up from the 39 median DOM of sales in September. The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 5,319 properties and Active Short Sales Contingent showed 1,740. Active Short Sale Contingent properties are short sale properties on which initial offers have been made and are not entirely “active.” After breaking down Total Listing Inventory, we find that the Housing Market Supply figure is more accurately reflected. The Housing Market Supply figure for October was 4 Months – up from 3.6 Months in September. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (5,319) given the current number of closed escrows (1,341). According to MetroList® MLS data, the average home was 1,714 square feet. Of the 1,341 sales this month, 135 (10%) had 2 bedrooms or fewer, 698 (52%) had 3 bedrooms, 414 (30.8%) were 4 bedroom properties and 92 properties (6.8%) had 5+ bedrooms. Continue reading: Fall Market Showing Characteristic Slowing, Median Price Remains Flat  The Oxford English Dictionary tells us that a profession involves the application of specialized knowledge of a subject to a fee-paying clientele. According to Wikipedia, a profession is a specialized occupation characterized by intensive training and subsequent licensure by a regulatory body. The word is derived from Latin, meaning to swear an oath. That oath is based upon adherence to ethical standards which include client confidentiality, truthfulness and striving to be an expert. There is also a stipulation about upholding the good name of the profession. Starting to sound familiar? Your REALTOR® Membership defines you as a professional. SAR, with the state and national REALTOR® organizations has been doing so for over 100 years. Along with this overriding benefit, there are tangible savings, discounts and value that you receive through your Membership in the REALTOR® organization. One Key Element of a Profession is Education SAR has an aggressive committee that continues to churn out fresh ideas about the courses you need in an ever-changing market. The Real Estate Training Institute, Broker Training Institute and other live courses taught by seasoned Members are unique to SAR.  THANKSGIVING… So much to be grateful for. This has been an amazing year at SAR. The talent we have both with the staff and with all of our chairmen and committees has been an inspiration. They have made being President an easy job. Our Members have benefited greatly from their knowledge and hard work. [...]  Building on successive years of public Christmas CanTree displays, Sacramento REALTORS® and Affiliates are raising public awareness of the Salvation Army’s Holiday Food Basket Program with gigantic canned food Christmas trees to be constructed in our community. The 28th Annual SAR Christmas CanTree project will consist of three CanTrees installed in locations throughout the [...] An excerpt from CAR Economist, Robert Kleinheinz Ph.D., speaking about the “Housing Market Forecast and the Current California Real Estate Trends” at the Sacramento Association of REALTORS® Main Meeting on November 2, 2010. PowerPoint is available for download at this link: Economic and Market Outlook [...]  Cultural Diversity Day followed the informative legal update by C.A.R.’s Gov Hutchinson at the October Main Meeting. With the financial support of a NAR grant, the SAR Equal Opportunity/Cultural Diversity Committee hosted an event featuring great speakers, interesting entertainment and a catered lunch for all the attendees – and more. With the help of [...] |
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