FROM REALTOR MAGAZINE-Daily Real Estate News | January 25, 200830-Year Mortgage Rates Fall to 4-Year Low
Housing industry observers are hopeful that the recent decline in mortgage rates will lead to a recovery in the market. Freddie Mac reports that interest on 30-year, fixed loans fell for the fourth straight week, landing at their lowest level in nearly four years. Economists say mortgage rates averaged 5.48 percent for the week ended Jan. 24 -- down from 5.69 percent a week ago -- because of the latest reports about the economy and because the Federal Reserve made its biggest cut in 20 years to a key interest rate. Freddie Mac also reports that rates on 15-year mortgages declined to 4.95 percent from 5.21 percent, rates on five-year adjustable-rate mortgages dropped to 5.13 percent from 5.4 percent, and rates on one-year ARMs slipped to 4.99 percent from 5.26 percent. Source: Baltimore Sun (01/25/08)
Total amount of homes actively on the market in Hidden Valley Lake as of January 1, 2008 is 125.
41 homes currently on the market are in SOME FORM OF FORECLOSURE-either pre-forclosure or already bank owned. That is 32.8% of the Hidden Valley Lake market as shown in the Lake County MLS.
Asking prices range from $167,990-$829,000.
Current Median ASKING PRICE-$339,000.
Current Average ASKING PRICE-$369269.
20% of Current Inventory is 2006/2007 built.
Active Listings Median Days on Market-120.
Active Average Days on Market-149.
Active Square footage ranges from 900 to 4058.
Number of Bedrooms ranges from 2-5.
Contingent Homes-12
Pending Homes-5
Contingent-7
Median asking price of homes pending or contingent WITHIN the gates of Hidden Valley Lake is $279,900.
Average asking price of homes pending or contingent WITHIN the gates of Hidden Valley Lake is $326,400.
16 Sold properties in the last 3 months from October 1, 2007 to January 1, 2008.
Median SOLD PRICE-$288,000. AVERAGE SOLD PRICE-$296,900.
Sold Homes Median Days on Market-162
Sold Homes Average Days on Market-190
Lot sales were only slightly down from 2006. But the median selling price was down a whopping 37.5%. All figures below include only lots within the gates of Hidden Valley Lake.
Lots sold in Hidden Valley Lake 2006= 30
Lots sold in Hidden Valley Lake 2007= 23
Median lot sold price 2006= $72,000
Median lot sold price 2007= $45,000
Average Days on Market 2006= 180
Average Days on Market 2007= 250
Lowest Sales Price 2006= $40,000
Lowest Sales Price 2007= $15,000
Highest Sales Price 2006=$118,000
Highest Sales Price 2007= $110,000 (waterfront)
Are things really as bad as "they" say they are?
Total Homes Sold From January 1, 2007 to December 31, 2007= 97.
Total Homes Sold From January 1, 2006 to December 31, 2006= 134.
27.6% Less homes sold in 2007 then in 2006.
Median Sold Price for all of 2007=$325,000
Median Sold Price for all of 2006= $383,875
15.3% Drop in the median sold price from 2006 to 2007.
Average Days on Market 2007=171
Average Days on Market 2006=169
Average days on market remains nearly the same.
Lowest Sales Price 2007=$175,000
Lowest Sales Price 2006=$210,000
16.7% decrease.
Highest Sales Price 2007=$797,000
Highest Sales Price 2006=$758,000
5% increase.
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