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HOW TO SAVE MONEY ON ESTATE SALES…… PROBATE OR TRUST???

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PROBATE


Probate

In this day and age, buying or selling property under normal circumstances can be a daunting task. Add to that the passing of a loved one and it becomes even more challenging when the nuances of a Probate, Trust, or Conservatorship are taken into consideration. Therefore, when looking for a real estate agent to represent you in your transaction, it is important to work with someone that also understands the legal issues involved.

Probate

PROBATE IN GENERAL

In California, when someone passes away and owns real property at the time of death, the PROBATE CODE establishes certain rules and procedures for the disposition and distribution of the property. In other words, “Probate” is a legal process by which assets of a deceased person (also referred to as the “Decedent”) are collected, valued and distributed to others in accordance with a Will, or when there is no Will, the method set out by statute. Think of Probate as a “title clearing process.” It provides for judicial supervision by the PROBATE COURT (which also handles Trust, Guardianship, and Conservatorship proceedings) to make sure the Decedent’s property is properly accounted for and distributed as intended after all debts and expenses have been paid. Generally, real estate held in Joint Tenancy, Community Property with Right of Survivorship, or a Living Trust, does not go through Probate.

THE ROLE OF THE PERSONAL REPRESENTATIVE

A Personal Representative (“PR”) is an Executor or Administrator appointed by the Court to administer a Decedent’s estate. The Executor (or Executrix) is the person named in a Will to carry out the directions as set forth in the Will. The Administrator (or Administratrix) is the person appointed by the Court to administer the estate of a person who died without a Will. Early in the proceedings, the Court generally issues a document called LETTERS TESTAMENTARY (appointing an Executor) or LETTERS OF ADMINISTRATION (appointing an Administrator) which identifies and gives the PR the authority needed to perform their duties. The PR – who quite often hires an estate attorney and a real estate agent if necessary – has many responsibilities, including gathering Decedent’s assets and paying their debts so that the beneficiaries or heirs of the estate receive the largest inheritance possible.

THE INDEPENDENT ADMINISTRATION OF ESTATES ACT (“IAEA”)

THE INDEPENDENT ADMINISTRATION OF ESTATES ACT (“IAEA”) is a series of laws which may allow the PR to administer most aspects of a Decedent’s estate without Court supervision. The authority to administer the estate under the IAEA can be given by the Decedent’s Will or by the Court upon petition by the PR which will be reflected in the “Letters” document described above. It is generally done when Probate is initiated but can be done at any time during the proceedings. An estate cannot be administered under the IAEA if it is prohibited in the Decedent’s Will or if an interested party provides Court-approved good cause why it should not be administered under the IAEA. Also, an objecting interested person with good cause may convince the Court to grant restrictions to the powers of the PR under the IAEA. If the restriction is granted, the “authority” of the Personal Representative becomes “Limited” rather than “Full.”

“LIMITED AUTHORITY” VS. “FULL AUTHORITY”

Under the IAEA, a PR’s authority may be either “Limited” or “Full.” If the Court only grants “Limited Authority,” the PR generally has the power to do all acts allowed under the rules except the power to sell real property, exchange real property, grant an option to purchase real property, or borrow money with a loan secured by an encumbrance on real property. For each of these, Court supervision is required. On the other hand, “Full Authority” under the IAEA rules generally allows the PR to do each of the foregoing at their discretion unless the PR or estate’s attorney is the principal involved in the transaction or if objections are made to the Notice of Proposed Action.

NOTICE OF PROPOSED ACTION

When selling estate real property without the need for Court supervision, the PR is generally required to give a “Notice of Proposed Action” to those persons or entities with an interest that may be affected by the proposed sale. The interested parties may include: (a) each person named in the Will; (b) each known heir entitled by law to property of a Decedent dying without a Will; (c) other interested persons requesting notice, such as creditors or beneficiaries of a Trust; and (d) the Attorney General, if any portion of the property is to go to the State. The format and information to be included, as well as the method of delivery of the notice, is described in the California Probate Code. Thereafter, anyone entitled to receive notice can submit objections as outlined under the applicable rules.

SELLING REAL PROPERTY IN PROBATE

A PR may sell estate real property under a variety of circumstances which may require Court confirmation. For example, it could be necessary to sell the Decedent’s home or other property in order to pay debts, persons named in the Will, a family allowance, expenses of estate administration, or taxes. A sale of the Decedent’s property, which may include a home or land, could also be to the advantage of the estate or might need to be sold to satisfy the terms of the Will. Real estate property in Probate may be sold by private sale, public auction, or a different method that may be specified in the Will of the Decedent. A private sale is when bids or offers are independently solicited. A public auction invites concurrent competitive bidding. If a Probate property is a Trust sale or if the Executor/Administrator of the estate has been granted Full Authority under the IAEA, the sale may not require Court confirmation. If the PR has Full Authority under the IAEA, the PR may elect to list the property for sale. Once an offer is accepted, the estate’s attorney mails out a Notice of Proposed Action (see above) stating the terms of the proposed sale to all the heirs. The heirs then have 15 days to object to the sale. If there is no objection within 15 days, the sale will likely go through without any Court hearing required.

NOTICE OF SALE REQUIREMENT PRIOR TO SELLING REAL PROPERTY IN PROBATE

Except for sales that are exempt from this requirement (such as sales by a PR with Full Authority under the IAEA which may be sold with or without notice), a “Notice of Sale” must be published prior to the sale of a Decedent’s real property. The purpose of the Notice of Sale is to provide the public with required information concerning the sale and will typically be handled by the attorney for the estate. The contents of the Notice of Sale, method of publication required, number of times that the Notice of Sale must be published, and the period of time within which the publication must occur, can all be found in the Probate Code.

PRICE AND OTHER RESTRICTIONS ON SELLING REAL PROPERTY IN PROBATE

When real property is subject to Court confirmation, it must be at least 90% of its appraised value set within one year prior to the sale. In addition, all terms of the sale, including the minimum required deposit, are generally subject to Court approval. Furthermore, offers with contingencies of any sort, such as financing, sale of home, etc., are rare and usually not approved by the Court unless it can be shown that the property cannot be sold without the contingency. A PR may also consider accepting an offer with a contingency provided that the prospective purchaser removes the contingency before the offer is submitted to the Court for final confirmation. In contrast, sales of real property in Probate by a PR with Full Authority under the IAEA do not have the same restrictions and may contain all of the same contingencies and provisions as non-Probate sales of real property.

DISCLOSURES AND THE SALE OF PROBATE REAL PROPERTY

Residential real property sold through Probate is generally not subject to the same disclosure requirements that apply to non-Probate sales of comparable real property as noted in the current “Sales Disclosure Chart,” provided by the CALIFORNIA ASSOCIATION OF REALTORS® (“CAR”). Of course, there are certain disclosure requirements that must be made as in any non-Probate sale of residential real property. For example, certain agency disclosure requirements must be satisfied and sellers are not relieved from disclosing any known material facts regarding the value or desirability of the property.

SUBMITTING AN OFFER FOR REAL PROPERTY IN PROBATE

Offers may be submitted at any time before the sale closes and should be made in writing (CAR provides a “Probate Purchase Agreement and Joint Escrow Instructions” form as a model). Among other things, the contract should indicate that: (a) title to be conveyed is whatever the estate holds; (b) sale is subject to court confirmation; and (c) property is sold “as is” to the extent applicable. The offer should be submitted to the PR by the listing agent and/or anyone else listed in the Notice of Sale who is an appropriate recipient, such as the estate attorney. While the PR has the power to accept an offer, acceptance may be subject to Court confirmation unless the sale is made under the IAEA by a PR having Full Authority to administer the sale.

OVERBID PROCESS FOR REAL PROPERTY IN PROBATE COURT

Unless a sale is under Full Authority pursuant to the IAEA, another purchaser may appear at the confirmation hearing and submit a higher written offer to the Court which is referred to as an “overbid.” As set forth in the Probate Code, the overbid must exceed the original bid subject to the following formula: (a) the amount of the original bid, plus; (b) at least 10% of the first $10,000 of the original bid; plus (c) at least 5% of the amount of the original bid in excess of $10,000. So, if the original bid returned to the Court for confirmation is $500,000, then the initial minimum overbid must be for at least $525,500 (10% of the first $10,000 = $1,000; plus 5% of the remaining balance of that bid of $490,000 = $24,500; so $500,000 + $1,000 + $24,500 = $525,500). The minimum amount of increase required after the first overbid will then be set by the Court at the time of the confirmation hearing and the Court will accept bids much in the same manner as an auction until the highest bid available has been made at the hearing. In addition, the “winning” overbid party must appear at the hearing with cash or a cashier’s check (no personal checks) in an amount totaling at least 10% of the minimum overbid price in order to successfully overbid. In the example stated above, that would be $52,550.

COURT CONFIRMATION OF THE SALE OF DECEDENT’S REAL PROPERTY

When applicable, the Probate Code may require that the PR report the sale of the Decedent’s real property and petition the Court for confirmation of the sale within 30 days of accepting an offer. In the event that the PR fails to perform these acts within the allotted time period, the purchaser of the real property at issue may do so on his or her own behalf. In any event, all real property sales of the estate must be confirmed by the Court except for sales of property by a PR with Full Authority under the IAEA. As noted above, at the confirmation hearing, different outcomes are possible. For example, if there is only an original bid, it may be accepted by the Court if it satisfies the statutory requirements. However, it is also possible that the original sale may be subject to being “overbid” by another purchaser or even multiple purchasers. Under those circumstances, the Court will either confirm the sale to the original bidder or to an overbidder and normally approve payment of the brokerage commissions. Moreover, title will pass to the successful buyer only after the terms of sale have been met, the Court has confirmed the sale and the PR has executed a conveyance to that buyer.

For additional information concerning Probate, Trusts and Conservatorships, you can also visit the CALIFORNIA COURTS JUDICIAL BRANCH website, the LOS ANGELES SUPERIOR COURT PROBATE website, the CALIFORNIA LEGISLATIVE INFORMATION website (for the Probate Code) and our GLOSSARY.*

*Please note that the foregoing is for informational purposes only and does not constitute legal advice. For legal advice concerning any and all aspects of Probate, the IAEA, Trusts or Conservatorships, you should contact your attorney.

California HOME SALES REPORT AUGUST 15, 2019 READY TO SELL OR BUY WE CAN HELP YOU GET TOP DOLLAR. CALL US TODAY!

August 15, 2019

       California home sales perk up in July for first time in more than a year, C.A.R. reports

– Existing, single-family home sales totaled 411,630 in July on a seasonally adjusted annualized rate, up 5.6 percent from June and up 1.1 percent from July 2018.

– July’s statewide median home price was $607,990, down 0.4 percent from June and up 2.8 percent from July 2018.

– Year-to-date statewide home sales were down 4.9 percent in July.

LOS ANGELES (Aug. 15) – The lowest mortgage interest rates in nearly three years helped jump start California’s housing market to post the first year-over-year sales gain and highest sales level in 15 months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 411,630 units in July, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

July’s sales figure was up 5.6 percent from the 389,730 level in June and up 1.1 percent from home sales in July 2018 of 407,030.

“Mortgage rates that dipped to the lowest level in nearly three years has helped reduce monthly mortgage payments for the past five consecutive months, giving buyers more purchasing power,” said C.A.R. President Jared Martin. “The boost in demand gave the housing market its first yearly gain since April 2018.”

After setting record prices for the past three months straight, the median price pulled back from June’s $610,720 but still registered higher than the previous year. July’s median price was $607,990, down 0.4 percent from June and up 2.8 percent from $591,230 in July 2018, marking the fourth straight month that the median price remained above $600,000.

“While it’s encouraging that home sales crept higher in July, the market will continue to be challenged by an overarching affordability issue, especially in high cost areas such as the Bay Area, which requires a minimum annual income well into the six figures to purchase a home,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young.

Other key points from C.A.R.’s July 2019 resale housing report include:

  • At the regional level, non-seasonally adjusted sales increased from a year ago in all major regions, except the San Francisco Bay Area, which experienced a 0.6 percent decline. The Central Valley recorded the largest gain at 5.2 percent, followed by the Central Coast region, which grew 5.0 percent. The Los Angeles Metro region posted a 4.0 percent increase, and sales in the Inland Empire improved by 2.4 percent.
  • In the San Francisco Bay Area, Alameda County recorded the largest drop in non-seasonally adjusted sales from a year ago at 10.5 percent, followed by Contra Costa County (-5.0 percent) and San Mateo County (-3.0 percent). On the other hand, Marin, San Francisco and Sonoma counties posted double-digit sales gains from a year ago. Sales in the three remaining counties grew in the single digits.
  • Non-seasonally adjusted sales rose in every county in Southern California, with Orange County rising the most at 6.7 percent, followed by San Bernardino (5.0 percent), Los Angeles County (4.7 percent), San Diego (3.4 percent), Ventura (2.1 percent) and Riverside (0.8 percent).
  • Median home prices at the regional level continued to inch up in Southern California and the Central Valley regions, while the Central Coast and Bay Area declined slightly from a year ago.
  • In the Southern California region, median home prices grew in every county, while most Bay Area region counties continued to experience price softening on a year-over-year basis.
  • Median prices improved from the prior year in all Central Valley region counties, except San Benito.
  • Active listings, which had been increasing year-over-year for the past 15 months, fell 2.1 percent from a year ago.
  • The decrease in active listings and an increase in home sales contributed to a year-over-year decline in unsold inventory for the first time in 15 months. The Unsold Inventory Index (UII), which is a ratio of inventory over sales, was 3.2 months in July, down from 3.4 months in June and down from 3.3 months in July 2018. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate.
  • The median number of days it took to sell a California single-family home increased in July. Time on market inched up from 19 days in June to 21 days in July. It took a median number of 18 days to sell a home in July 2018.
  • C.A.R.’s statewide sales-price-to-list-price ratio* was 99.0 percent in July 2019 compared to 99.6 percent in July 2018.
  • The average statewide price per square foot** for an existing, single-family home statewide reached $290 in July 2019 and was $288 in July 2018.
  • The 30-year, fixed-mortgage interest rate averaged 3.77 percent in July, down from 4.53 percent in July 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 3.47 percent, compared to 3.84 percent in July 2018.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

# # #

July 2019 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

July 2019 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County July 2019 June 2019 July 2018 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Calif. Single-family homes $607,990 $610,720 r $591,230 r -0.4% 2.8% 5.6% 1.1%
Calif. Condo/Townhomes $470,000 $480,000 $485,000 r -2.1% -3.1% 5.3% -2.5%
Los Angeles Metro Area $550,000 $545,000 $535,000 0.9% 2.8% 0.7% 4.0%
Central Coast $685,000 $699,000 $700,000 -2.0% -2.1% -0.9% 5.0%
Central Valley $345,250 $340,000 $328,250 1.5% 5.2% 6.5% 5.2%
Inland Empire $380,000 $379,000 $365,000 0.3% 4.1% 1.5% 2.4%
San Francisco Bay Area $950,000 $960,000 $980,000 -1.0% -3.1% 1.2% -0.6%
San Francisco Bay Area
Alameda $950,000 $960,000 $970,000 -1.0% -2.1% -3.5% -10.5%
Contra Costa $660,000 $698,000 $680,000 -5.4% -2.9% 1.9% -5.0%
Marin $1,257,000 $1,370,000 $1,325,000 -8.2% -5.1% -6.1% 12.6%
Napa $685,000 $705,750 $727,000 -2.9% -5.8% 0.8% 8.7%
San Francisco $1,600,000 $1,762,500 $1,650,000 -9.2% -3.0% 15.6% 10.1%
San Mateo $1,562,500 $1,620,000 $1,610,000 -3.5% -3.0% -1.8% -3.0%
Santa Clara $1,298,000 $1,350,000 $1,351,000 -3.9% -3.9% 3.9% 3.9%
Solano $465,000 $448,000 $454,000 3.8% 2.4% 4.7% 4.9%
Sonoma $655,000 $662,500 $650,000 -1.1% 0.8% 2.2% 10.0%
Southern California
Los Angeles $611,230 $599,680 $597,520 1.9% 2.3% -4.5% 4.7%
Orange $839,450 $842,000 $829,000 -0.3% 1.3% 8.8% 6.7%
Riverside $420,000 $420,000 $408,000 0.0% 2.9% -0.5% 0.8%
San Bernardino $312,000 $310,000 $292,000 0.6% 6.8% 4.8% 5.0%
San Diego $650,000 $665,000 $650,000 -2.3% 0.0% 8.9% 3.4%
Ventura $685,000 $647,000 $662,360 5.9% 3.4% 6.3% 2.1%
Central Coast
Monterey $651,780 $640,500 $655,500 1.8% -0.6% 10.8% 4.6%
San Luis Obispo $625,000 $640,000 $650,000 -2.3% -3.8% 2.5% 21.4%
Santa Barbara $695,000 $717,000 $550,000 -3.1% 26.4% -11.2% 2.5%
Santa Cruz $899,500 $897,000 $898,000 0.3% 0.2% -4.9% -15.2%
Central Valley
Fresno $284,400 $283,000 $280,000 0.5% 1.6% 2.6% 4.8%
Glenn $268,750 $250,000 $235,000 7.5% 14.4% -17.6% -17.6%
Kern $263,000 $259,450 $250,000 1.4% 5.2% 15.6% 8.3%
Kings $254,750 $247,150 $224,980 r 3.1% 13.2% -17.9% -5.9%
Madera $297,500 $291,250 $250,000 2.1% 19.0% -3.9% 17.9%
Merced $283,000 $287,000 $267,450 -1.4% 5.8% 20.4% 7.8%
Placer $496,250 $525,000 $495,000 -5.5% 0.3% 1.7% 12.2%
Sacramento $390,000 $390,000 $370,000 0.0% 5.4% 10.8% 4.5%
San Benito $570,000 $585,500 $626,500 -2.6% -9.0% -11.7% 15.2%
San Joaquin $380,000 $386,750 $370,000 -1.7% 2.7% 5.2% 2.3%
Stanislaus $335,000 $325,500 $325,000 2.9% 3.1% 16.4% 5.7%
Tulare $245,000 $247,500 $239,000 -1.0% 2.5% -7.3% -5.6%
Other Calif. Counties
Amador $312,500 $320,000 r $327,000 r -2.3% -4.4% -35.2% -23.3%
Butte $374,280 $384,000 $315,000 -2.5% 18.8% 9.8% 7.3%
Calaveras $325,500 $330,000 $330,000 -1.4% -1.4% 29.7% 12.4%
Del Norte $275,000 $353,500 $210,000 -22.2% 31.0% 6.3% -26.1%
El Dorado $510,500 $497,500 $504,000 2.6% 1.3% 8.5% -10.7%
Humboldt $334,370 $340,000 $310,000 -1.7% 7.9% 11.0% 9.2%
Lake $249,000 $270,000 $249,950 -7.8% -0.4% 18.1% 28.9%
Lassen $225,000 $215,000 $185,000 4.7% 21.6% -8.0% -30.3%
Mariposa $281,400 $354,500 $327,750 -20.6% -14.1% -18.8% 8.3%
Mendocino $395,000 $399,000 $393,750 -1.0% 0.3% -10.2% -14.5%
Mono $692,500 $910,000 $899,500 -23.9% -23.0% -20.0% 0.0%
Nevada $445,000 $427,500 $419,500 4.1% 6.1% -1.5% -2.9%
Plumas $280,000 $340,000 $290,000 -17.6% -3.4% -2.6% -15.6%
Shasta $286,000 $289,900 $280,000 -1.3% 2.1% 11.3% 7.4%
Siskiyou $210,000 $270,250 $223,000 -22.3% -5.8% 20.5% 10.4%
Sutter $315,000 $313,000 $294,500 0.6% 7.0% 13.3% 21.4%
Tehama $255,000 $260,000 $223,000 -1.9% 14.3% 24.4% 54.5%
Tuolumne $300,000 $297,000 $315,000 1.0% -4.8% 28.6% 1.1%
Yolo $485,000 $463,500 $430,000 4.6% 12.8% 4.5% 8.8%
Yuba $299,900 $295,000 $289,000 1.7% 3.8% 12.7% -6.3%

r = revised

NA = not available

 

July 2019 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

July 2019 Unsold Inventory Index Median Time on Market
State/Region/County July 2019 June 2019 July 2018 July 2019 June 2019 July 2018
Calif. Single-family homes 3.2 3.4 3.3 21.0 19.0 18.0
Calif. Condo/Townhomes 2.9 3.1 2.7 21.0 21.0 16.0
Los Angeles Metro Area 3.5 3.7 3.7 26.0 24.0 23.0
Central Coast 4.1 4.0 4.2 22.0 21.0 20.0
Central Valley 2.7 2.9 3.0 15.0 14.0 15.0
Inland Empire 3.6 3.7 3.9 32.0 31.0 29.0
San Francisco Bay Area 2.5 2.5 2.2 18.0 16.0 15.0
San Francisco Bay Area
Alameda 2.0 1.9 1.7 14.0 13.0 13.0
Contra Costa 2.3 2.4 2.0 14.0 13.0 14.0
Marin 2.7 2.8 2.9 30.0 27.0 24.0
Napa 4.7 4.8 4.4 42.0 41.5 44.0
San Francisco 1.4 2.0 1.6 14.0 13.0 15.0
San Mateo 1.9 1.9 1.6 13.0 13.0 12.0
Santa Clara 2.3 2.5 2.2 14.0 12.0 11.0
Solano 2.8 2.9 2.8 33.0 33.0 32.0
Sonoma 3.8 3.8 3.9 38.0 35.0 36.0
Southern California
Los Angeles 3.2 3.4 3.5 21.0 19.0 18.0
Orange 3.5 3.8 3.5 24.0 20.0 19.0
Riverside 3.5 3.6 3.6 32.0 32.0 28.0
San Bernardino 3.8 4.0 4.3 32.0 28.0 29.0
San Diego 3.0 3.3 3.2 15.0 13.0 14.0
Ventura 4.6 4.9 4.9 47.0 45.0 43.0
Central Coast
Monterey 4.1 4.6 4.4 22.0 21.0 24.0
San Luis Obispo 3.9 3.8 4.5 22.0 21.0 23.5
Santa Barbara 4.4 3.9 4.6 21.0 27.0 25.0
Santa Cruz 4.2 3.6 3.1 22.5 16.0 13.0
Central Valley
Fresno 3.0 3.1 3.1 16.0 15.0 13.0
Glenn 5.4 5.2 4.3 19.5 23.0 r 20.0
Kern 2.5 2.9 3.1 18.0 14.0 r 20.0
Kings 3.5 2.9 3.0 26.5 19.0 r 22.5
Madera 4.3 4.2 5.1 20.0 25.0 27.0
Merced 3.3 3.9 2.9 29.0 24.0 r 25.0
Placer 2.7 2.7 2.9 16.5 12.0 r 14.5
Sacramento 2.2 2.4 2.6 11.0 11.0 r 12.0
San Benito 3.3 3.2 3.3 28.0 28.5 r 12.5
San Joaquin 3.0 3.1 2.8 18.0 17.0 r 15.0
Stanislaus 2.5 2.9 3.2 15.0 11.0 r 16.0
Tulare 3.4 3.1 3.4 28.0 29.0 r 23.0
Other Calif. Counties
Amador 8.3 5.0 r NA 33.5 25.0 r 30.0 r
Butte 2.8 2.9 3.4 12.0 10.0 18.0
Calaveras 5.6 6.7 5.9 36.5 33.0 40.0
Del Norte 9.5 8.7 6.1 178.0 84.5 82.0
El Dorado 4.9 5.3 3.7 36.0 24.0 28.0
Humboldt 4.7 5.0 5.7 18.0 17.5 19.0
Lake 5.4 6.4 6.3 39.5 37.0 38.0
Lassen 6.9 6.3 5.8 72.0 66.0 93.0
Mariposa 9.2 7.7 8.2 r 36.0 21.5 49.0 r
Mendocino 8.2 7.6 7.8 60.0 66.0 59.5
Mono 11.5 8.2 9.1 76.0 102.5 78.5
Nevada 5.6 5.4 4.6 18.0 19.0 23.0
Plumas 11.8 10.9 8.7 73.0 123.0 66.0
Shasta 4.4 4.8 4.5 23.0 21.0 18.0
Siskiyou 6.2 8.1 6.8 42.0 38.0 32.0
Sutter 2.5 2.9 3.5 14.0 14.0 15.0
Tehama 5.0 5.6 7.5 48.0 36.0 38.0
Tuolumne 6.7 7.9 5.1 23.0 32.0 22.0
Yolo 2.6 2.6 2.7 14.0 12.5 11.0
Yuba 3.2 3.0 2.6 14.0 9.0 13.0

rNA = not available

 

 

California Home Sales and Price Activity

April-19 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County Apr-19 Mar-19 Apr-18 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
CA SFH (SAAR) $602,920 $565,880 $584,460 6.5% 3.2% -0.1% -4.8%
CA Condo/Townhomes $470,000 $465,000 $471,500 r 1.1% -0.3% 13.4% -3.8%
Los Angeles Metropolitan Area $536,450 $517,000 $515,000 3.8% 4.2% 13.9% -2.0%
Central Coast $699,450 $645,000 $661,750 8.4% 5.7% 5.6% -4.1%
Central Valley $330,730 $325,000 $325,000 1.8% 1.8% 10.1% -0.4%
Inland Empire $378,240 $374,900 $360,000 0.9% 5.1% 6.8% -7.0%
S.F. Bay Area $988,000 $940,000 $1,010,000 r 5.1% -2.2% 17.8% -1.0%
S.F. Bay Area Apr-19 Mar-19 Apr-18 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Alameda $940,000 $911,000 $969,300 3.2% -3.0% 20.4% 2.4%
Contra Costa $679,000 $644,000 $689,660 5.4% -1.5% 11.8% -4.8%
Marin $1,350,000 $1,300,000 $1,385,000 3.8% -2.5% 44.9% 2.9%
Napa $705,000 $699,000 $682,500 0.9% 3.3% 44.6% 0.0%
San Francisco $1,632,500 $1,637,500 $1,650,000 -0.3% -1.1% 27.1% 16.1%
San Mateo $1,601,000 $1,610,000 $1,770,000 -0.6% -9.5% 22.5% 10.4%
Santa Clara $1,315,000 $1,300,000 $1,425,000 1.2% -7.7% 12.1% -8.4%
Solano $435,000 $438,500 $447,500 -0.8% -2.8% 4.8% -0.5%
Sonoma $645,000 $633,750 $685,000 1.8% -5.8% 29.0% -2.0%
Southern California Apr-19 Mar-19 Apr-18 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Los Angeles $544,170 $525,520 $528,550 3.5% 3.0% 18.2% -0.1%
Orange $825,000 $809,500 $818,000 1.9% 0.9% 17.1% 0.5%
Riverside $423,000 $412,000 $400,000 2.7% 5.8% 7.4% -6.5%
San Bernardino $305,000 $309,950 $289,900 -1.6% 5.2% 5.8% -7.7%
San Diego $649,000 $623,800 $635,000 4.0% 2.2% 13.7% 2.4%
Ventura $650,000 $640,000 $665,000 1.6% -2.3% 27.8% 15.2%
Central Coast Apr-19 Mar-19 Apr-18 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Monterey $600,000 $579,000 $607,750 3.6% -1.3% 11.9% -4.7%
San Luis Obispo $650,000 $629,500 $597,505 3.3% 8.8% 9.5% 3.5%
Santa Barbara $760,500 $555,000 $650,000 37.0% 17.0% -8.9% -4.0%
Santa Cruz $977,750 $918,000 $899,000 6.5% 8.8% 15.4% -15.0%
Central Valley Apr-19 Mar-19 Apr-18 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Fresno $271,250 $280,000 $260,000 -3.1% 4.3% 6.1% -6.5%
Glenn $241,250 $250,000 $215,000 -3.5% 12.2% -18.5% 69.2%
Kern $250,000 $249,950 $235,000 0.0% 6.4% 12.9% 16.0%
Kings $240,000 $232,000 $235,000 3.4% 2.1% -10.5% -23.8%
Madera $271,950 $265,000 $244,000 2.6% 11.5% 43.7% 18.8%
Merced $276,000 $275,000 $259,000 0.4% 6.6% 22.5% 22.5%
Placer $498,500 $475,000 $489,000 4.9% 1.9% 13.1% -4.7%
Sacramento $385,000 $365,000 $369,000 5.5% 4.3% 12.2% -6.8%
San Benito $550,900 $610,000 $569,217 -9.7% -3.2% 32.5% -10.2%
San Joaquin $375,000 $355,000 $374,990 5.6% 0.0% 11.2% 6.9%
Stanislaus $319,500 $320,000 $306,000 -0.2% 4.4% 7.1% 1.1%
Tulare $244,950 $230,000 $229,250 6.5% 6.8% -7.5% 4.1%
Other Counties in California Apr-19 Mar-19 Apr-18 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Amador NA NA $335,000 NA NA NA NA
Butte $360,000 $369,000 $316,000 -2.4% 13.9% -27.3% -4.3%
Calaveras $340,000 $308,250 $340,000 10.3% 0.0% -5.4% -10.3%
Del Norte $216,500 $253,025 $239,000 -14.4% -9.4% 90.0% -17.4%
El Dorado $524,000 $506,165 $499,999 3.5% 4.8% -1.3% -20.2%
Humboldt $305,000 $310,000 $309,000 -1.6% -1.3% 0.9% -1.7%
Lake $262,400 $243,500 $285,000 7.8% -7.9% 18.0% -24.4%
Lassen $200,950 $220,000 $155,500 -8.7% 29.2% -4.8% 33.3%
Mariposa $286,500 $277,500 $344,850 3.2% -16.9% 20.0% -29.4%
Mendocino $418,500 $394,500 $430,000 6.1% -2.7% 22.2% 25.7%
Mono $717,250 $800,000 $520,000 -10.3% 37.9% 433.3% 128.6%
Nevada $397,000 $412,500 $408,738 -3.8% -2.9% 1.6% 12.7%
Plumas $395,000 $287,500 $280,250 37.4% 40.9% 0.0% 116.7%
Shasta $275,000 $285,000 $258,950 -3.5% 6.2% -1.9% 0.0%
Siskiyou $208,500 $205,000 $217,250 1.7% -4.0% -2.2% 29.4%
Sutter $305,000 $310,000 $280,000 -1.6% 8.9% 11.5% -9.3%
Tehama $232,500 $315,000 $210,000 -26.2% 10.7% -6.1% 12.2%
Tuolumne $316,000 $315,000 $305,000 0.3% 3.6% 18.0% -15.3%
Yolo $419,330 $450,000 $495,000 -6.8% -15.3% 21.8% -8.8%
Yuba $268,000 $290,000 $285,000 -7.6% -6.0% 1.4% -6.3%
Note: The MLS median price and sales data in the table below are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes may exhibit unusual fluctuation.

ONE WARM COAT DRIVE

 

FOR IMMEDIATE RELEASE

Contact Name: Diana Escobar

Daytime Phone Number: 925.255.6320

Contact email: PPM4rent@aol.com

 

Professional Property Management Seeks Coat Donations

 

Professional Property Management and One Warm Coat®,

spreading warmth…one coat at a time.

 

[El Sobrante, Calfornia, November 15, 2018 – Professional Property Management is hosting a coat drive to collect clean, gently worn, warm coats on November 15, 2018 thru January 31, 2019 between 9:00 AM and 5:00PM at 5054 El Portal Drive, Suite C, El Sobrante, CA . Area residents are invited to make a difference in our local community by donating to the coat drive and helping Professional Property Management reach their goal of collecting 500 coats and $1,000.00 dollars.

 

“We are so excited about our upcoming One Warm Coat drive and hope the community will support us.  There are nearly 50 million Americans currently living in poverty and struggling to provide a warm coat for themselves or their families.  One Warm Coat’s program helps us keep all of the coats we collect in this community, which will make a big difference for our neighbors who need a coat” said Coat Drive Ambassador and Professional Property Management’s Assistant Manager, Diana Escobar and Gene Smith, President.

 

Customers who do not have a coat to donate can still get involved:

  • Professional Property Management will be asking for donations for One Warm Coat during check-out at the register.
  • Text “WARM” to 80100 to donate $10 to One Warm Coat
  • Visit onewarmcoat.org/donate

 

Each year, hundreds of thousands of gently worn coats are distributed across North America to children, women and men in need through One Warm Coat’s Coat Drive program. “We are so grateful for our partners like Professional Property Management!  It is because of our incredible volunteers that we have been around for 26 years, helping get coats to our neighbors who need them. Thanks to Professional Property Management’s efforts, many people in this community will have a much warmer winter”, commented Jennifer Stockard, President and Chief Executive Officer of One Warm Coat.

 

One Warm Coat is a national non-profit organization that works to provide a free, warm coat to any person in need and raises awareness of the vital need for warm coats.  One Warm Coat supports individuals, groups, companies and organizations across the country by providing the tools and resources needed to hold a successful coat drive.  Coats are distributed in the communities where they were collected, to any person in need, without charge, discrimination or obligation. Over the past 26 years, One Warm Coat has worked with its volunteers to give away nearly 5 million coats.

 

Professional Property Management is a full service Real Estate Brokerage specializing in Residential and Commercial Real Estate Leasing, Management and Sale throughout the East Bay Area. Professional Property Management is located at 5054 El Portal Drive, Suite C, El Sobrante, CA 94803 510-758-5636  DRE 01902148 PPM4rent@aol.com

 

###

California median home price sets new record as home sales dial back, C.A.R. reports

June 19, 2018


California median home price sets new record as home sales dial back, C.A.R. reports

– Existing, single-family home sales totaled 409,270 in May on a seasonally adjusted annualized rate, down 1.8 percent from April and down 4.6 percent from May 2017.

– May’s statewide median home price was $600,860, up 2.8 percent from April and 9.2 percent from May 2017, hitting a new high for the first time in more than 10 years.

– Homebuyers in San Francisco County paid an average of 18 percent higher than asking price, as the average price per square foot in the county reached more than $1,000.

LOS ANGELES (June 19) – California’s median home price reached a new high in May, while home sales retreated both on a monthly and annual basis, wiping out most of the gains posted for the year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 409,270 units in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May’s sales figure was down 1.8 percent from the revised 416,750 level in April and down 4.6 percent compared with home sales in May 2017 of 428,870. May marked the first year-over-year sales decline in four months and the lowest sales level in more than a year.

“The softening in May home sales was due in part to the spike in interest rates in mid-April, when the 30-year fixed mortgage rate jumped 20 basis points in just one week to reach the highest level since 2014,” said C.A.R. President Steve White. “Homebuyers may have postponed escrow closings to wait out the effects of the rate surge. Additionally, the specter of rate increases earlier in the year may have pulled sales forward into the first quarter, which resulted in the subpar performance in the last couple of months. Looking ahead, higher mortgage rates and elevated home prices will heighten affordability constraints that will likely temper the housing market in the coming months.”

For the first time in 11 years, the statewide median home price surpassed its previous peak price of $594,530, which was recorded more than 10 years ago during the last housing boom. The May statewide median price was $600,860, up 2.8 percent from a revised $584,460 in April and up 9.2 percent from a revised $550,230 in May 2017. The year-over-year price growth pace was the highest rate of growth since May 2014.

The statewide median price per square foot rose to $286 in May, the highest figure since November 2007, and marks “real” growth in home values rather than a shift in the market toward sales of larger or higher-end homes. However, with the Bay Area outperforming the rest of the state, there is undoubtedly some pressure on the median price as the Bay Area made up a larger share of home sales.

“As we predicted last month, California’s statewide median home price broke the previous pre-recession peak set in May 2007 and hit another high as tight supply conditions continued to pour fuel on the price appreciation fire,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “With inventory starting to show signs of improvement, however, home price appreciation could decelerate in the second half of the year, especially since further  rate increases are expected to hamper homebuyers’ affordability and limit how much they are willing to pay for their new home.”

Other key points from C.A.R.’s May 2018 resale housing report include:

  • On a regionwide, non-seasonally adjusted basis, only the San Francisco Bay Region recorded both solid month-to-month and year-over-year sales gains. Sales in the Bay Area rose 17.3 percent monthly and 2.1 percent annually. Sales in the Inland Empire increased 7.6 percent from April and was down 5.0 percent from a year ago. The Los Angeles metro region experienced a 12.6 percent monthly sales jump but was down 5.6 percent annually.
  • The Bay Area Region, which has recorded annual sales increases for the past four months, continued to lead the state in home sales. Five of nine Bay Area counties posted year-over-year sales gains – with San Francisco increasing by double-digits – while Napa, Sonoma, Santa Clara, and Solano counties experienced annual sales declines.
  • The Central Valley Region maintained its momentum for the fifth consecutive month as regionwide sales experienced a slight 0.9 percent improvement and nine of 12 counties in the region performed better than the previous year. Three counties – including Glenn, Kern, and San Benito – posted double-digit increases, but their gains were mostly offset by the losses of San Joaquin, Placer, and Stanislaus.
  • The Southern California Region continued to lag the state. Overall sales in the region declined by 5.8 percent compared to a year ago, and sales in five of the six counties dropped on a year-over-year basis. Sales in Riverside County declined the most, followed by Orange County, and San Diego. Only San Bernardino County recorded an annual sales gain.
  • The bottom end of the market continued to bear the brunt of the housing shortage as the availability of homes priced under $200,000 declined by 28.7 percent on an annual basis, and those priced between $200,000 and $299,999 dropped 13.1 percent. On the other hand, inventory of properties priced $1 million and above increased by more than 18 percent. In general, supply constraints continue to limit sales in market segments priced below $500,000, but higher-priced properties continue to show modest to strong growth in sales in the recent month.
  • Home prices in the Bay Area remained robust in May, with the region’s median price spiking 16.4 percent from $935,000 in May 2017 to $1,088,000. In fact, the median price for the region remained above the $1 million benchmark for the second straight month and set a new record high. Five of the nine counties in the region had a median price above $1 million in May 2018, with Alameda becoming the latest member to join the million-dollar club ($1,025,000). Other million-dollar club members include San Francisco ($1,620,000), San Mateo ($1,600,000), Marin ($1,415,000) and Santa Clara ($1,400,000). Home prices increased in all nine counties on a year-over-year basis, and prices in three counties climbed by more than 10 percent.
  • Home prices in Southern California were more tepid by comparison, but still showed a steady upward trend. Prices in San Bernardino and Los Angeles increased the most with near double-digit growth rates, while prices throughout the rest of the region grew at a more modest rate ranging between 4.6 percent and 5.8 percent.
  • The number of statewide active listings improved for the second consecutive month, increasing 8.3 percent from the previous year. The year-over-year increase was the largest since January 2015, when active listings jumped 11.0 percent. Perhaps more homeowners are listing their homes for sale in an effort to cash out on recent home price surges. The increase in active listings was also partly due to the sales decline, which led to a boost in inventory.
  • As sales declined from a year ago, the unsold inventory index, which is a ratio of inventory over sales, increased on a year-over-year basis as well. The statewide unsold inventory index edged up to 3.0 months in May from 2.9 months in May 2017. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate.
  • The median number of days it took to sell a California single-family home remained low at 15 days in May compared with 14 days in May 2017.
  • C.A.R.’s statewide sales price-to-list price ratio* was 100 percent in May, unchanged from May 2017.
  • The average statewide price per square foot** for an existing, single-family home statewide was $286 in May, up from $268 in May 2017.
  • Mortgage rates have been on the rise since breaking the 4.0 percent barrier in January. The 30-year, fixed-mortgage interest rates averaged 4.59 percent in May, up from 4.47 percent in April and from 4.01 percent in May 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also perked higher in May to an average of 3.79 percent from 3.66 percent in April and from 3.12 percent in May 2017.

Graphics (click links to open):

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

# # #

May 2018 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

May 2018 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County May 2018 April 2018   May 2017   Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
Calif. Single-family home $600,860 $584,460   $550,230 r 2.8% 9.2% -1.8% -4.6%
Calif. Condo/Townhomes $474,400 $476,010   $440,940 r -0.3% 7.6% 8.5% -2.0%
Los Angeles Metro Area $530,000 $515,000   $485,000 r 2.9% 9.3% 12.6% -5.6%
Inland Empire $360,000 $360,000   $340,000 r 0.0% 5.9% 7.6% -5.0%
San Francisco Bay Area $1,088,000 $1,025,890 r $935,000 r 6.1% 16.4% 17.3% 2.1%
                   
San Francisco Bay Area                  
Alameda $1,025,000 $969,300   $862,000   5.7% 18.9% 15.5% 6.7%
Contra Costa $687,500 $689,660   $653,000   -0.3% 5.3% 18.9% 5.1%
Marin $1,415,000 $1,385,000   $1,315,000   2.2% 7.6% 15.5% 3.5%
Napa $702,500 $682,500   $673,250   2.9% 4.3% 10.6% -14.8%
San Francisco $1,620,000 $1,650,000   $1,501,680   -1.8% 7.9% 26.9% 10.8%
San Mateo $1,600,000 $1,770,000   $1,480,000   -9.6% 8.1% 31.0% 2.5%
Santa Clara $1,400,000 $1,425,000   $1,200,000   -1.8% 16.7% 14.2% -1.7%
Solano $451,000 $447,500   $415,000   0.8% 8.7% 15.1% -0.7%
Sonoma $698,500 $685,000   $625,000   2.0% 11.8% 13.0% -3.2%
Southern California                  
Los Angeles $536,940 $528,540   $492,040   1.6% 9.1% 17.6% -5.5%
Orange $838,000 $818,000   $795,000   2.4% 5.4% 12.4% -7.4%
Riverside $409,925 $400,000   $375,000   2.5% 9.3% 6.5% -8.7%
San Bernardino $285,000 $289,900   $272,500   -1.7% 4.6% 9.5% 2.1%
San Diego $640,000 $635,000   $605,000   0.8% 5.8% 10.2% -6.1%
Ventura $670,000 $665,000 r $636,500 r 0.8% 5.3% 13.3% -5.9%
Central Coast                  
Monterey $677,000 $607,750   $617,000   11.4% 9.7% 15.3% 16.7%
San Luis Obispo $638,660 $597,505   $569,000   6.9% 12.2% 23.4% 0.3%
Santa Barbara $680,000 $650,000   $725,000   4.6% -6.2% 8.4% -10.0%
Santa Cruz $865,000 $899,000   $875,000   -3.8% -1.1% 8.4% 34.1%
Central Valley                  
Fresno $279,980 $260,000 r $250,000   7.7% 12.0% 12.0% 0.9%
Glenn $230,000 $215,000   $200,000   7.0% 15.0% 138.5% 40.9%
Kern $247,750 $235,000   $230,000   5.4% 7.7% 33.0% 20.9%
Kings $235,000 $235,000   $211,000   0.0% 11.4% 3.0% 8.3%
Madera $259,000 $244,000 r $249,000 r 6.1% 4.0% 22.9% 3.5%
Merced $262,000 $259,000   $243,500   1.2% 7.6% 30.6% 2.1%
Placer $499,650 $489,000   $460,000   2.2% 8.6% 11.4% -6.5%
Sacramento $375,000 $369,000   $342,100   1.6% 9.6% 9.4% 2.4%
San Benito $579,900 $569,217   $520,000   1.9% 11.5% 10.2% 38.3%
San Joaquin $367,855 $374,990   $331,950   -1.9% 10.8% 21.1% -6.9%
Stanislaus $325,000 $306,000   $290,000   6.2% 12.1% 12.9% -5.8%
Tulare $234,950 $229,250   $225,000   2.5% 4.4% 18.2% 6.4%
Other Calif. Counties                  
Amador $331,500 $335,000   $350,000   -1.0% -5.3% 6.8% -20.3%
Butte $324,100 $316,000   $308,000   2.6% 5.2% 1.2% -7.3%
Calaveras $329,000 $340,000   $300,000 r -3.2% 9.7% 34.0% 17.1%
Del Norte $214,000 $239,000   $220,000   -10.5% -2.7% -17.4% 18.8%
El Dorado $552,000 $499,999   $469,000   10.4% 17.7% 0.7% -0.7%
Humboldt $314,900 $309,000   $289,500   1.9% 8.8% -2.6% 10.8%
Lake $263,400 $285,000   $240,000   -7.6% 9.7% 3.8% -15.6%
Lassen $215,000 $155,500   $192,500   38.3% 11.7% 93.3% 93.3%
Mariposa $324,500 $344,850   $271,000   -5.9% 19.7% 7.7% -26.3%
Mendocino $420,000 $430,000   $410,000   -2.3% 2.4% 62.9% -1.7%
Mono $852,500 $520,000   $627,500   63.9% 35.9% 42.9% -16.7%
Nevada $404,000 $408,738   $389,000   -1.2% 3.9% 10.0% -20.4%
Plumas $310,000 $280,250   $285,000   10.6% 8.8% 225.0% 14.7%
Shasta $264,000 $258,950   $255,000   2.0% 3.5% 2.7% 3.4%
Siskiyou $210,000 $217,250   $211,500   -3.3% -0.7% 47.1% -7.4%
Sutter $281,000 $280,000   $283,000   0.4% -0.7% 22.7% 5.7%
Tehama $197,500 $210,000   $203,000   -6.0% -2.7% -14.6% -32.7%
Tuolumne $300,000 $305,000   $299,000   -1.6% 0.3% -14.1% -5.2%
Yolo $476,500 $495,000   $453,450   -3.7% 5.1% 13.2% -5.3%
Yuba $297,500 $285,000   $255,570   4.4% 16.4% 7.6% -4.5%

r = revised

 

 

 

May 2018 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

May 2018 Unsold Inventory Index Median Time on Market
State/Region/County May 2018 April 2018   May 2017   May 2018 April 2018   May 2017  
Calif. Single-family home 3.0 3.2   2.9   15.0 15.0   14.0 r
Calif. Condo/Townhomes 2.3 2.4   2.3 r 13.0 12.0   13.0 r
Los Angeles Metro Area 3.4 3.6   3.2   20.0 21.0   20.0 r
Inland Empire 3.6 3.7   3.3 r 27.0 29.0   25.0 r
San Francisco Bay Area 2.0 2.1   2.1   12.0 11.0 r 12.0 r
                     
San Francisco Bay Area                    
Alameda 1.6 1.7   1.7   11.0 10.0   12.0 r
Contra Costa 2.0 2.1   2.1   11.0 11.0   11.0 r
Marin 2.5 2.7   2.6   21.0 22.0   27.0 r
Napa 4.5 4.3   3.8   33.5 37.5   38.0 r
San Francisco 1.5 1.9   1.9   14.0 14.0   14.0 r
San Mateo 1.6 1.9   1.7   11.0 10.0   11.0 r
Santa Clara 1.6 1.6   1.7   8.0 8.0   9.0 r
Solano 2.5 2.6   2.3   27.0 29.0   31.0 r
Sonoma 3.1 3.0   3.0   31.0 33.0   33.0 r
Southern California                    
Los Angeles 3.1 3.2   3.0   15.0 17.0   16.0 r
Orange 3.3 3.5   3.1   15.0 14.0   15.0 r
Riverside 3.4 3.6   3.2   27.0 29.0   26.0 r
San Bernardino 3.8 3.9   3.3 r 26.0 28.0   24.0 r
San Diego 2.9 3.0   2.6   13.0 11.0   11.0 r
Ventura 5.2 5.5   5.0   42.0 39.0   42.0 r
Central Coast                    
Monterey 3.3 3.8   4.2   16.0 22.0   16.0 r
San Luis Obispo 3.7 4.3   3.6   20.0 19.5   15.0 r
Santa Barbara 4.6 4.5   4.0   17.0 20.5   19.0 r
Santa Cruz 2.8 2.7   4.0   12.0 11.0   14.0 r
Central Valley                    
Fresno 2.7 2.8 r 2.7 r 11.0 12.0 r 14.0 r
Glenn 2.7 6.1   3.7   21.0 16.0   40.5 r
Kern 2.8 3.5   3.3   21.0 19.0   19.0 r
Kings 2.9 2.9   3.0   13.5 16.0   15.5 r
Madera 3.8 4.9 r 5.4 r 24.0 19.0 r 28.0 r
Merced 3.0 4.1   2.7   23.0 28.0   15.0 r
Placer 2.5 2.5   2.2 r 10.0 10.0   10.0 r
Sacramento 2.2 2.2   2.0   9.0 10.0   8.0 r
San Benito 2.2 2.5   3.7   15.0 13.0   16.0 r
San Joaquin 2.6 2.8   2.3   12.0 12.0   12.0 r
Stanislaus 2.6 2.7   2.4   12.0 13.0   12.0 r
Tulare 3.2 3.8   3.5   26.0 23.0   23.0 r
Other Calif. Counties                    
Amador 5.2 5.3   3.8   31.0 16.0   27.0 r
Butte 3.4 3.2   2.9   11.0 9.0   8.0 r
Calaveras 4.6 5.7   4.8   30.0 28.0   24.0 r
Del Norte 7.3 5.3   9.4   99.0 145.0   73.0 r
El Dorado 4.1 3.5 r 4.2   25.0 20.0   16.0 r
Humboldt 5.9 5.0   5.0   22.0 22.0   11.0 r
Lake 6.1 6.0   4.6   35.0 39.5   36.0 r
Lassen 6.1 10.5   10.9   97.0 137.0   61.0 r
Mariposa 6.7 6.9   4.2   45.0 15.0   18.0 r
Mendocino 8.4 12.7   5.8   74.0 70.0   69.0 r
Mono 8.3 10.6   8.4   81.5 170.0   144.0 r
Nevada 4.9 4.7   3.2   16.0 22.5   13.0 r
Plumas 8.4 22.0   10.4   129.0 178.5   207.0 r
Shasta 4.4 4.4   4.3   17.0 22.0   20.0 r
Siskiyou 6.0 7.8   5.1   16.0 25.0   29.0 r
Sutter 2.2 2.9   2.4   11.0 32.0   14.0 r
Tehama 6.0 5.0   4.3   43.0 55.0   41.0 r
Tuolumne 5.2 3.8   5.0   24.0 23.0   39.0 r
Yolo 2.0 2.1   2.2   9.0 10.0   9.0 r
Yuba 2.8 3.0   2.3   10.0 17.0   11.0 r

r = revised

SALES AND PRICE ACTIVITY REGIONAL

SALES AND PRICE ACTIVITY (SFH Homes)
Regional/ Sales Data and Condo Sales Data Not Seasonally Adjusted
February-18 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County Feb-18 Jan-18 Feb-17 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
CA SFH (SAAR) $522,440 $527,780 R $480,270 R -1.0% 8.8% 3.3% 5.4%
CA Condo/Townhomes $461,400 $433,160 R $407,100 R 6.5% 13.3% 5.5% -2.4%
Los Angeles Metropolitan Area $497,730 $492,450 $454,520 R 1.1% 9.5% -7.3% -2.5%
Inland Empire $352,570 $349,710 $327,440 R 0.8% 7.7% -3.6% -1.2%
S.F. Bay Area $893,690 $809,900 $784,470 10.3% 13.9% 7.5% 7.1%
S.F. Bay Area Feb-18 Jan-18 Feb-17 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
Alameda $832,000 $840,000 $786,000 -1.0% 5.9% 5.4% 6.8%
Contra Costa $610,000 $555,000 $554,250 9.9% 10.1% 0.7% 11.2%
Marin $1,371,000 $1,317,500 $1,174,500 4.1% 16.7% 1.2% 1.2%
Napa $713,500 $662,000 $660,000 7.8% 8.1% -7.9% 18.6%
San Francisco $1,730,000 $1,330,000 $1,276,000 30.1% 35.6% 8.6% -4.7%
San Mateo $1,610,000 $1,437,500 $1,352,000 12.0% 19.1% 30.2% 16.1%
Santa Clara $1,383,500 $1,170,000 $1,100,000 18.2% 25.8% 19.3% 5.7%
Solano $430,000 $425,000 $382,500 1.2% 12.4% 8.0% 3.1%
Sonoma $689,000 $670,000 $598,640 2.8% 15.1% -5.5% 3.9%
Southern California Feb-18 Jan-18 Feb-17 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
Los Angeles $527,280 $564,100 $470,200 R -6.5% 12.1% -6.0% -3.9%
Orange $805,380 $780,000 $745,000 3.3% 8.1% 5.0% -1.0%
Riverside $396,250 $397,250 $367,250 -0.3% 7.9% 1.7% -0.8%
San Bernardino $278,000 $277,000 $265,000 R 0.4% 4.9% -11.2% -2.0%
San Diego $605,000 $590,000 $559,950 2.5% 8.0% 4.7% -3.9%
Ventura $609,000 $660,720 $582,500 R -7.8% 4.5% -17.7% -7.1%
Central Coast Feb-18 Jan-18 Feb-17 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
Monterey $590,000 $571,500 $535,000 3.2% 10.3% -8.2% 7.7%
San Luis Obispo $605,000 $565,000 $556,000 7.1% 8.8% -21.9% -4.3%
Santa Barbara $755,000 $567,000 $844,000 33.2% -10.5% 1.3% 16.7%
Santa Cruz $800,000 $790,000 $799,000 1.3% 0.1% -23.5% -9.3%
Central Valley Feb-18 Jan-18 Feb-17 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
Fresno $265,000 $245,450 R $230,000 R 8.0% 15.2% 4.0% 5.7%
Glenn $219,600 $228,500 $181,500 -3.9% 21.0% -31.3% -8.3%
Kern $237,000 $225,500 $218,000 5.1% 8.7% 3.4% 4.2%
Kings $215,000 $238,000 $222,500 -9.7% -3.4% -11.1% -17.9%
Madera $255,000 $275,000 $230,000 R -7.3% 10.9% 17.6% -55.6%
Merced $267,850 $257,000 $231,000 4.2% 16.0% 2.8% 31.0%
Placer $472,370 $446,000 $435,000 5.9% 8.6% -0.6% 0.0%
Sacramento $350,000 $350,000 $324,900 0.0% 7.7% 0.4% 11.4%
San Benito $545,000 $555,000 $517,500 -1.8% 5.3% -18.6% -7.9%
San Joaquin $365,000 $350,000 $314,730 4.3% 16.0% -4.8% 9.4%
Stanislaus $300,000 $295,000 $270,500 1.7% 10.9% -5.9% -4.5%
Tulare $225,000 $215,730 $216,500 4.3% 3.9% -0.4% 3.5%
Other Counties in California Feb-18 Jan-18 Feb-17 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
Amador $318,500 $330,000 $265,000 -3.5% 20.2% 15.2% 65.2%
Butte $297,000 $314,750 $290,000 -5.6% 2.4% 0.0% -6.1%
Calaveras $311,500 $306,500 $294,500 1.6% 5.8% 7.5% 22.9%
Del Norte $216,500 $198,500 $265,000 9.1% -18.3% -10.0% 28.6%
El Dorado $468,000 $480,000 $419,500 -2.5% 11.6% -5.0% 24.3%
Humboldt $291,700 $300,000 $297,500 -2.8% -1.9% -7.0% 17.6%
Lake $234,500 $279,000 $230,000 -15.9% 2.0% -7.4% 8.7%
Lassen $280,000 $217,750 $171,000 28.6% 63.7% -35.0% 44.4%
Mariposa $357,000 $276,500 $335,000 29.1% 6.6% 37.5% -26.7%
Mendocino $420,000 $425,000 $381,500 -1.2% 10.1% -26.3% -9.7%
Mono $830,000 $480,000 $520,880 72.9% 59.3% 80.0% 50.0%
Nevada $400,000 $382,000 $390,000 4.7% 2.6% 33.3% 28.0%
Plumas $261,500 $265,950 $210,000 -1.7% 24.5% -30.0% 16.7%
Shasta $255,000 $249,000 $235,000 2.4% 8.5% -2.6% 7.4%
Siskiyou $200,000 $193,000 $240,000 3.6% -16.7% -17.5% 43.5%
Sutter $283,500 $284,200 $269,120 -0.2% 5.3% 8.3% 69.6%
Tehama $189,000 $227,500 $225,000 -16.9% -16.0% 3.1% 73.7%
Tuolumne $274,000 $265,000 $287,500 3.4% -4.7% -25.5% -14.6%
Yolo $397,500 $383,000 $372,000 3.8% 6.9% 6.2% -4.4%
Yuba $269,000 $265,360 $256,500 1.4% 4.9% 5.2% -11.6%
Note: The  MLS median price and sales data in the table below are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only.   sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  Due to the low sales volume in some areas, median price changes may exhibit unusual fluctuation.
Los Angeles Metropolitan Area is a 5- region that includes Los Angeles , Orange , Riverside , San Bernardino , and Ventura
S.F. Bay Area has been redefined to include the following counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma
Inland Empire includes Riverside  and San Bernardino
Note: “r” = revised
Scheduled Date for Press Release: 03/19/17

SHARE THE WARMTH…

 

FOR IMMEDIATE RELEASE

Contact Name: Diana Escobar

Contact email: PPM4rent@aol.com

 

Professional Property Management Seeks Coat Donations

 

Professional Property Management and One Warm Coat®,

spreading warmth…one coat at a time.

 

[El Sobrante, Calfornia, October, Day,2017 – Professional Property Management is hosting a coat drive to collect clean, gently worn, warm coats on October 16, 2017 thru January 31, 2018 between 9:00 AM and 5:00PM at 5054 El Portal Drive, Suite C, El Sobrante, CA . Area residents are invited to make a difference in our local community by donating to the coat drive and helping Professional Property Management reach their goal of collecting 500 coats and $1,000.00 dollars.

 

“We are so excited about our upcoming One Warm Coat drive and hope the community will support us.  There are nearly 50 million Americans currently living in poverty and struggling to provide a warm coat for themselves or their families.  One Warm Coat’s program helps us keep all of the coats we collect in this community, which will make a big difference for our neighbors who need a coat” said Coat Drive Ambassador and Professional Property Management’s Assistant Manager, Diana Escobar.

 

Customers who do not have a coat to donate can still get involved:

  • Professional Property Management will be asking for donations for One Warm Coat during check-out at the register.
  • Text “WARM” to 80100 to donate $10 to One Warm Coat
  • Visit onewarmcoat.org/donate

 

Each year, hundreds of thousands of gently worn coats are distributed across North America to children, women and men in need through One Warm Coat’s Coat Drive program. “We are so grateful for our partners like Professional Property Management!  It is because of our incredible volunteers that we have been around for 25 years, helping get coats to our neighbors who need them. Thanks to Professional Property Management’s efforts, many people in this community will have a much warmer winter”, commented Jennifer Stockard, President and Chief Executive Officer of One Warm Coat.

 

One Warm Coat is a national non-profit organization that works to provide a free, warm coat to any person in need and raises awareness of the vital need for warm coats.  One Warm Coat supports individuals, groups, companies and organizations across the country by providing the tools and resources needed to hold a successful coat drive.  Coats are distributed in the communities where they were collected, to any person in need, without charge, discrimination or obligation. Over the past 25 years, One Warm Coat has worked with its volunteers to give away nearly 5 million coats.

 

Professional Property Management is a full service Real Estate Brokerage specializing in Residential and Commercial Real Estate Leasing, Management and Sale throughout the East Bay Area. Professional Property Management is located at 5054 El Portal Drive, Suite C, El Sobrante, CA 94803 510-758-5636 CAL BRE 01902148

 

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