Marilyn Wilson

Ponder varied homebuying patterns in SoCal in April: Existing home sales up 9% in a year and prices up 11%. But more “affordable” niches: Sales of new homes up 18%; prices down 8%. Existing condo sales up 14%; median up 9%.

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LAist reports that Los Angeles housing officials have released a long-awaited report recommending changes to the city’s rent control policies. If adopted by the city council, the new proposals would significantly lower rent hikes next year for the 42% of L.A. residents living in rent-controlled housing. This is one reason Paladin Realty Partners, LLC avoid investing in rent-controlled (1978 and older) apartments in L.A. As rent control erodes operating margins, owners have less incentive to invest in property upkeep, potentially leading to blighted conditions in many neighborhoods. Over time, properties may be removed from the rental market, worsening the #AffordableHousing crisis. https://lnkd.in/gV5RhGWi

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Metro Phoenix new home prices for the last 13 months tell a story that merits both producers and consumers attention and is available in our Magic Professional Housing Data Application and is updated every month. This dataset uses EVERY escrow closing for its count, not some sample or partial data as is typical of the commonly used government data. Judging by the orange bars on the map an observer could believe that the average new home price soared from the recent pace last month, but the reality is that the average new price includes every new home closed including the generally much more expensive custom homes and is impacted by those closings. [Users of Magic Pro can easily filter those out of the equation with one mouse click]. Observers that use the "median price" see a more helpful description of the price track and note that the median shows little change over the last 13 months and demonstrates that while sales of more expensive new homes continue builders have offered additional lower priced home to largely keep the median price almost flat. A detailed analysis of the prices can be made for any area Magic Pro users need to analyze, and often are made of a mile or so radius of each builder or competitor subdivision of interest to understand the real dynamics of that mini-market. Magic Pro gives users real insight using all of the data and is updated every month so that insight is current. Go to www.rlbrownreports.com and click on the Magic Profesional tab at the top of the page for the details of what's included in each dataset and the prices.

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🎥 Welcome to Living in Honolulu Hawaii! If you're new, I'm Duc, a real estate broker in Honolulu, here to guide you with tips for buying, selling, or investing in Hawaii. 📊 Oahu Real Estate Market Overview: Single-family home sales up 6% with a median price of $1.1M (+5%) 📈 Condo sales down 6%, median price $510K (+1%) 🏢 Days on market: 18 days for single-family homes (down 18%), 29 days for condos (up 45%) ⏳ 🏡 Local Neighborhood Highlights: Aina Haina-Kuliouou: Single-family homes median price is $1.95M with 17 days on the market 🏠 Ala Moana-Kakaako: Median condo price at $750K, up 8%, with 53 days on market 🏙️ Hawaii Kai: Single-family home prices up 16% to $1.7M; condos at $815K 📈 💼 Affordability Challenges: Since 2020, U.S. median household income rose by 29.3%, while income needed for a median home surged 86.6% 📉 Home prices increased by 53.4%, while mortgage rates doubled, reducing affordability nationwide 💸 📲 Watch the Full Video on My YouTube Channel for More Insights! Drop a comment with your thoughts on housing affordability!

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For the 3rd time in recent years, California voters rejected efforts to expand rent control by a resounding 20-point margin. The latest attempt, #Proposition33, would have repealed the 1995 Costa-Hawkins Rental Housing Act, a relatively balanced housing policy aimed at incentivizing new housing development by prohibiting municipalities from capping rent on vacant units, single-family homes and apartments built after Feb. 1, 1995. With a statewide housing shortage totaling one million units, the solution to California’s affordable housing crisis is clear:  WE NEED MORE SUPPLY!! Additionally, the Los Angeles Times published a new article with the #Prop33 election outcome. https://lnkd.in/gUZp5HF2   For more insight, see the link to my blog below:  https://lnkd.in/grxMpqzg

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California's rental market is showing signs of change. While apartment rents continue to climb nationwide, several major California cities are experiencing a different trend: declining rents. Cities like Anaheim and Long Beach have seen some of the most significant drops, with year-over-year decreases exceeding 8%. Even Los Angeles and San Francisco are experiencing rent dips, a notable shift for these historically high-demand markets. What's driving this change? It appears to be a combination of factors, including population shifts, job market fluctuations, and affordability concerns. Want to stay ahead of the curve on California's evolving rental market? Continue to follow our latest blogs at https://lnkd.in/g72yC-s3 #CaliforniaRealEstate #RentalMarketTrends #PropertyManagement #HousingMarketUpdate #CRE Apartment Rents Drop in Seven of 11 Major California Cities - Connect CRE

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$1M Homes Now Norm REAL ESTATE: Single-Family Home Prices Expected to Stabilize or Continue Rising BY RAY HUARD  SAN DIEGO COUNTY – San Diego home prices edged ever higher in April, with the median price of existing single-family home $1.1 million, according to the Greater San Diego Association of Realtors, as interest rates for home mortgages dropped slightly and more homes were put up for sale.  In February, the median price for a single-family home was $1,043,900, topping $1 million for the first time since August 2023, when it was $1,025,000, according to the association.  A year ago, the median price for a single-family home was $950,000, according to the Greater San Diego Association of Realtors.  The median price for an attached home – condominiums, townhomes and multiplexes – was $685,000 compared to $642,510 in April 2023.  Nationally, the median price of an existing single-family home was $393,500 in April, according to the National Association of Realtors, a 4.8% increase from March.  “I believe we’re going to continue to see prices rise. It’s going to be at a much slower pace,” said Valerie Upham, a real estate agent with Compass in San Diego. “It’s probably going to be 3.5% to 5.5%, which is a normal market for appreciation.”  Mike Safiedine, a broker/owner at RE/MAX Connections, said that he expects home prices “stabilizing, if not going a little bit higher.”  “I don’t see prices falling,” Safiedine said. “If interest rates go down, we’re going to see a surplus of buyers where there are multiple offers taking place.”  As of late May, the interest rate for a 30-year fixed-rate mortgage was just under 7%.  “They’re not coming down enough,” Upham said. “Buyers are really looking for low 6% to high 5%,” Upham said.   Safiedine said that people were spoiled by interest rates that were 3% or less two or three years ago.  “People are starting to realize we’re not going to see those rates for a long time,” Safiedine said.  https://lnkd.in/gvvJ_fqF #housing #homeprices #homebuying #realestate

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San Diego’s Retail Market Draws L.A. Investor REAL ESTATE: Decron Buys Mira Mesa Center Amid Retail Boom BY RAY HUARD SAN DIEGO – A Los Angeles real estate investment firm has reentered the San Diego retail property market, buying a Mira Mesa shopping center for $99 million. Decron Properties at one point owned 14 commercial centers but sold most of them following the Great Recession. Company President David Nagel said that the last time the firm invested in retail real estate was in 2006, but he said the overall market and the retail market in San Diego, in particular, has shown strong growth following the pandemic. Decron in May bought Mira Mesa Market West, 10604 Westview Parkway, from Stockbridge Capital Group. “Retail, which was a very unhealthy asset class coming out of the Great Recession of 2008, has repaired itself, and we see that in the occupancy numbers, or shall we say the vacancy numbers,” Naslund said. “Most centers are over 90% occupied. Retailers that had struggled with online platforms have now figured it out, and those that couldn’t figure it out have failed.” CBRE reported that the vacancy rate for San Diego County retail property ended the first quarter of 2024 at 4.6% where it had been for the past three consecutive quarters, but below the 10-year average of 5.4%. Downtown San Diego ended the quarter with the highest vacancy rate at 10.5% and Central San Diego had the lowest at 2.8%. Overall retail sales grew by nearly 7% in 2023, the largest annual increase since 2020, according to CBRE. Built in 2000, the 238,747-square-foot Mira Mesa Market West is anchored by The Home Depot, Smart & Final, and CVS, each of which ranked within the top 10% of their chains in sales, according to Decron. Other tenants include Dave’s Hot Chicken, Starbucks, Jersey Mike’s, Verizon Wireless, PNC, and Lazy Dog restaurant. Nagel said that Decron previously sold many of the shopping centers that the company owned because the tenants include big-box retailers that failed. Shopping centers like Mira Mesa Market West are prospering because they have a supermarket and pharmacy as anchors that attract shoppers for multiple visits daily and weekly, Naslund said. “That Mira Mesa marketplace continues to be the No. 1 place to shop in that immediate area,” Naslund said. “This is an excellent center in an excellent location in one of my favorite cities in America, San Diego.” https://lnkd.in/g9ZW8BvB

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Newsom's budget proposal includes cutting 10,000 vacant state jobs and implementing an 8% cut to state operations without any layoffs. If similar measures are taken on a larger scale at both state and federal levels, it could lead to an increase in the unemployment rate above the Federal Reserve's 4% target. On Friday, he repeatedly vowed he would not sign a sweeping tax increase on individuals. However, he did propose suspending a popular tax deduction for businesses, which many see as a tax increase. Washington tends to follow these trends. I hate to think of the tax increases that will be pushed in the coming years on businesses. It is already a huge challenge in many industries, especially with expenses increasing so significantly and the cost of capital being so high. I can't imagine how these companies in California will survive and remain profitable. https://lnkd.in/g8etnvzc

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In 2023, 55.8% of California households lived in a home they owned – up from 55.3% in 2022. And before COVID-19, you have to go back to 2010 at 56.1% to find a higher rate.

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Southern California's real estate market is on fire!

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How much do you need to earn to afford a “starter home“ in the top 50 US metro areas? San Francisco and San Jose are the most expensive metro areas for a starter home and Detroit is the least expensive. This data is very interesting. Estimates assume a 3.5% down payment on a home priced in the 5th to 35th percentile, and monthly payments of no more than 30% of total income. Mortgage rates touched 8% last year and now they are at 6.35%, hopefully declining further. Lower mortgage rates and a larger down-payment will reduce monthly payments. 5 million households have delayed a home purchase due to higher rates. In the past 3 years, the average age of a first-time home buyer rose from 33 years to 36 years. The rate of age increase is 10x the rate over the past 40 years. The average age to own one’s first home was growing at 1 year per decade, now 1 year per year. Follow me on LinkedIn for real estate stories and news that matter. #home #housing #realestate #affordability #econony #sanfrancisco #marin #sonoma #sanjose #losangeles #newyork #boston #Sacramento #portland #denver #seattle #sandiego #ColdwellBanker

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🏡 San Jose Real Estate Market Trends - Past 3 Years (Q2 2024) 🏡 San Jose's real estate market has seen impressive growth over the past three years. As of Q2 2024, the median sale price for single-family homes is $1,732,500, with properties selling in just 12 days on average. Condos and townhouses have a median sale price of $895,000, selling in 16 days. Curious about the latest trends and stats? Check out our detailed update. #SanJose #RealEstate #MarketTrends #HomesForSale #SiliconValley #RealtyNews DRE#01458118

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The real estate market is currently showing signs of high demand and low inventory based on the data provided. The Months Supply of Inventory, which measures how long it would take to sell all available homes on the market at the current sales pace, is at a low 3.04 months. This indicates a seller's market, where there are more buyers than there are homes available for sale. Furthermore, the 12-Month Change in Months of Inventory has decreased by -3.18%, showing a trend of decreasing inventory over the past year. This suggests that the market is becoming even more competitive for buyers, as the supply of homes continues to shrink. The Median Days Homes are On the Market is 41 days, which is relatively low and indicative of a fast-moving market. Homes are selling quickly, likely due to the high demand and low inventory levels. The List to Sold Price Percentage is 99.2%, indicating that homes are typically selling very close to their listing price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to asking price in order to secure a home in a competitive market. Lastly, the Median Sold Price of $820,000 is relatively high, reflecting the strong demand in the market and the limited inventory available. Buyers should be prepared to act quickly and make strong offers in order to compete in this competitive market. Overall, the data indicates a strong seller's market with high demand, low inventory, and quick sales. Buyers and sellers should be aware of these market conditions and be prepared to act quickly in order to achieve their real estate goals. Milli Cannata, Broker-Associate Vanguard Properties 01990936 (707) 477-7839 https://lnkd.in/gPEV_K84 www.MilliCannata.com

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Sales of existing single-family homes in California totaled 275,540 in April, up three percent from March and 4.4 percent year-over-year, according to a report. Statewide, the median price of a home during the fourth month of the year was $904,210, a 5.8 percent from March and an 11.4 percent increase from one year earlier, the California Association of Realtors reported. That was a record median price for the month of April, but sales remained below 300,000 for the 19th consecutive month.

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