Canyon Lake Real Estate Trends Issue CL05 | Page 3

Real Estate Trends Newsletter BROUGHT TO YOU BY JUSTIN BEVINS REAL ESTATE MARKET REPORT  Canyon Lake Market Report Sunday, May 4, 2014 Your one page analysis of current market conditions. Berkshire Hathaway Home Services [email protected]  A = Average Value M = Median Value N/A = Not Available Price Range  Low High $99,999 $199,999 1 $200,000 $299,999 20 $300,000 $399,999 37 $400,000 $499,999 22 $500,000 $599,999 19 $600,000 $699,999 18 $700,000 $799,999 5 $800,000 $899,999 9 $900,000 $999,999 3 $1,000,000 $1,099,999 1 $1,100,000 $1,199,999 2 $1,200,000 $1,299,999 1  [2] Current List Price A 67 $ 107,000 67 $ 107,000 A 70 $ 264,526 M 52 $ 271,900 A 77 $ 360,968 M 36 $ 365,000 A 75 $ 453,082 M 54 $ 449,500 A 101 $ 570,068 M 26 $ 569,900 A 103 $ 666,439 M 50 $ 675,000 A 71 $ 753,220 M 35 $ 749,900 A 77 $ 861,322 M 50 $ 850,000 A 229 $ 972,667 M 327 $ 970,000 A 22 $ 1,099,999 M 22 $ 1,099,999 A 346 $ 1,162,500 M 346 $ 1,162,500 A 296 $ 1,295,000 Num # Pend Ratio Num # N/A 0 83% 2 4 13 39% 12 37 9 20% 21 31 8 27% 16 19 5 21% 11 6 2 10% 11 8 1 17% 8 3 1 10% 5 1 1 25% 1 1 0 1 0 1 0 1 0 (months of inventory) Original List Price Final List Price [4] Sold/ Closed Price ListSale Ratio Est. Mos. (...continued from cover) These are really averages, as you have internet lenders/brokers with low overhead to have generally lower interest rates (but not alot of control on the ‘service’ or performance of the investor who is going to close and fund your loan), Mortgage Bankers (like whom I work for), who have their own money, fund your loan, and either service/retain it, or sell to another investor or bank.... generally have higher overhead, slightly higher interest rates, but have almost total control of the processing /underwriting / funding of your loan, especially when these functions are found at the branch level (which WVMB has). 0 0 ABSORPTION RATE 0 5 [3] SOLD/CLOSED (last 6 months) Days on Market Num # 1 M OFF-MARKET (last 6 mos)  [1] 0 $100,000 Days on Market Num # $0 ACTIVE PENDING A 38 $ 182,500 $ 178,750 $ 164,250 92% M 40 $ 180,000 $ 180,000 $ 167,500 93% A 91 $ 284,772 $ 276,032 $ 270,789 98% M 87 $ 289,000 $ 279,000 $ 276,000 99% A 86 $ 370,874 $ 352,948 $ 344,919 98% M 72 $ 359,900 $ 349,900 $ 340,000 97% 97% A 95 $ 472,258 $ 459,221 $ 447,274 M 71 $ 469,000 $ 449,000 $ 455,000 101% A 105 $ 599,500 $ 570,917 $ 553,333 97% M 96 $ 594,000 $ 574,000 $ 565,000 98% A 101 $ 675,000 $ 655,938 $ 638,500 97% M 104 $ 682,000 $ 654,000 $ 649,500 99% A 86 $ 728,333 $ 731,667 $ 710,000 97% M 103 $ 725,000 $ 725,000 $ 705,000 97% A 207 $ 990,000 $ 849,900 $ 816,000 96% M 207 $ 990,000 $ 849,900 $ 816,000 96% A 137 $ 949,000 $ 949,000 $ 900,000 95% M 137 $ 949,000 $ 949,000 $ 900,000 95% A $ 1,175,000 $ 1,175,000 $ 1,175,000 100% M $ 1,175,000 $ 1,175,000 $ 1,175,000 100% MORE USEFUL REAL ESTATE INFO AT: WWW.BEVINSGROUP.COM Mortgage Banker, Broker or Retail Bank? Bevins Group Real Estate MARKET SUMMARY TABLE Real Estate Trends Newsletter 1.5 3.2 7.2 6.9 19 13.5 10 54 18 Then you throw in actual Banks, where there is high overhead (brick and mortar buildings, advertising and lead/loan generation), generally lower interest rates (kind of between internet lenders and Mortgage Bankers, as the loan officers are paid less because the Bank is making their phones ring....and they individually are busy), but are sometimes inundated with business, so your loan processing and closings are longer, and some of the processes of getting your loan done are at ‘fulfillment centers’ where ALL of the processing is done, or ALL of the funding is done, or both of those functions. Basically, your loan is originated at your favorite Bank in CA, processed in Indiana, and funded/serviced in Florida. When it comes to purchasing a home, having the right ‘service’ can be far more cost effiecient than having the lower rate and terrible service....your rate lock can expire, you may not meet the contingency period or closing date (which is basically being ‘out of contract’), in which you may lose your Earnest Money Deposit (hurts the wallet), and also lose your ‘dream home’ (hurts your heart). I have a lot of flexibility when it comes to rates and costs, but sometimes I need to tell the client, ‘Let’s get you into your house, on or before the COE (close of escrow date), and when you are done with moving in, re-doing the backyard, or just being there for 12 months, which goes by very quickly, then look up an internet lender and get a ‘no points, no cost’ refinance when you can ‘afford’ the time it may take to close the loan (I have seen 45- 60 days, and a few 90 day closings on the refinancing). You get the lower rate, lower payment, and no cost to you. LOOKING AHEAD, the NAR economist was upbeat: “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.” Some of that added inventory could be from sellers coming off the sidelines as home prices continue to recover. The Case-Shiller/ S&P 500 index of home prices in 20 key metros went up 0.8% in February (seasonally-adjusted). This widely followed reading shows prices up 12.9% in the past year. DID YOU KNOW?... Overall private residential construction spending in Q1 was up 16.7% over a year ago. Single-family private construction spending in March was up 13.2% (seasonally adjusted) versus last year. I was looking at these stats, and the way they use the word ‘up’.....for a long time , private residential construction didn’t even seem to ‘exist’. I have a great source for construction loans, so I am glad this type of activity is back! My source does the construction loan, and I come in with the permanent financing after the home is built. Contact me if you’re thinking about building a custom home in Canyon Lake and I’ll share the details of this great construction program. I also wanted to invite you to send any commentary to my email address: [email protected]. If there is a subject that you would like me to do some research on and offer updated information (from the lending/mortgage side) in any upcoming issue(s) of this periodical, please let me know! Until next time, -Dave Home Sales April 1, 2014 - April 31 2014 12 $1,400,000 $1,399,999 + Market Totals Market Averages 2 3 296 $ 1,295,000 A 204 $ 1,387,475 M 204 $ 1,387,475 A 102 $ 1,983,000 M 107 $ 1,950,000 s in 143 143 home “Act ive” stat us 92 $ 555,442 Market Medians 50 $ 455,000 1 0 2 25% 47 25% 91 47 hom es under c o n t ra ct Date Range (Off-Market & Sold) = 11/03/2013 to 05/04/2014 Data believed to be accurate but not guaranteed. 0 0 80 $ 350,000 $ 339,000 $ 339,000 100% Favors Sellers Favors Buyers Status = [1] Active, Hold Do Not Show; [2] Pending Sale, Backup Offer; [3] Expired, Canceled, Withdrawn; [4] Closed Sale Area = Canyon Lake Type = Single Family Residence, Condominium Want to stay on top of the market? 3 Real Market Reports www.RealMarketReports.com You can have our 4 page extended report delivered automatically to your email inbox every week for free. Sign up at: Market Summary Table BevinsGroup.com/get-market-reports Download updated market reports, the latest listings, and get a free market valuation for your home online at www.BevinsGroup.com List Price Sold Price Date Closed Days on Market $ Per Square Foot 1985 $135000 $132000 4/3/2014 35 $104.10 Closed Sale 22559 Canyon Lake Dr. S 2 2 1408 1979 $220000 $170000 4/16/2014 71 $120.74 Closed Sale 22501 Inspiration Point 2 2 2272 1973 $274313 $245000 4/18/2014 41 $107.83 Closed Sale 23101 Compass 3 3 1570 1969 $279000 $262000 4/15/2014 156 $166.88 Closed Sale 29804 Longhorn 3 2 1840 1985 $286900 $262000 4/25/2014 104 $142.39 Closed Sale 30135 Little Harbor 2 2 1845 1996 $249900 $275000 4/3/2014 11 $149.05 Closed Sale 29936 Redwood 3 2 1680 1979 $284500 $275000 4/18/2014 39 $163.69 Closed Sale 29748 Redwood 3 2 1590 1990 $279000 $279000 4/23/2014 203 $175.47 Closed Sale 23633 Cruise Circle 3 2 1396 1986 $259000 $289000 4/10/2014 41 $207.02 Closed Sale 22907 Pheasant 3 3 1779 1995 $299000 $295000 4/28/2014 127 $165.82 Closed Sale 30021 Red Setter 3 3 1835 1983 $320000 $310000 4/30/2014 35 $168.94 Closed Sale 22962 Giant Fir 3 2 1863 1987 $315000 $313000 4/9/2014 145 $168.01 Closed Sale 30184 Gulf Stream 4 2 1829 1979 $310000 $317000 4/7/2014 24 $173.32 23878 Fair Weather 3 2 1949 1984 $359900 $350000 4/9/2014 92 $179.58 30083 Swan Point 3 2 1276 1975 $399000 $375000 4/22/2014 113 $293.89 22354 San Joaquin 4 2 2312 1972 $495000 $381000 4/24/2014 200 $164.79 30032 Clear Water 3 2 1525 1979 $409900 $395000 4/4/2014 178 $259.02 30351 Early Round 3 4 2936 1992 $447000 $429500 4/16/2014 220 $146.29 22134 Pecos 4 3 2589 1979 $439000 $435000 4/4/2014 42 $168.02 Closed Sale $ 390,233 97% Year Built 1268 Closed Sale $ 400,330 Square Feet 2 Closed Sale $ 414,708 Baths 3 Closed Sale 90 Beds Closed Sale 7.7 111 Address 23996 Outrigger Closed Sale 0 Status Closed Sale Closed Sale $1,300,000 M Average Days on Market have continued to climb a little from 84 in March to 90 in April for sold homes in Canyon Lake. Sold data is based on last 6 months activity. The number of homes in “Active” status (including those on showing holds) jumped dramatically from 119 in March to 143 in April. 30524 Wood Duck 5 5 4934 2004 $440000 $440000 4/2/2014 160 $89.18 Closed Sale 29288 Stampede 5 4 3346 1992 $446000 $455000 4/14/2014 70 $135.98 Closed Sale 30400 Harbor 3 3 2405 1984 $637500 $619000 4/18/2014 168 $257.38 Closed Sale 30408 Gulf Stream 4 4 3568 1999 $849900 $816000 4/22/2014 207 $228.70 Closed Sale 30422 Gulf Stream 4 6 4600 2007 $1175000 $1175000 4/9/2014 0 $255.43 Information compiled from various sources including Multiple Listing Service. All information is deemed accurate by not guaranteed. Agent makes now warranties about accuracy or completeness of data. Download updated market reports, the latest listings, and get a free market evaluation for your home online at www.BevinsGroup.com