HomeStreet Bank MARKET UPDATE FE, CA 92067 Current Real Estate Market Conditions for Single Family Homes Trends in Pricing Current Levels of Supply and Demand Value Metrics Report for the week of June 13, 2016 Presented by HomeStreet Bank High Bluff Home Loan Center www.homestreet.com/branches/high-bluff-home-loan-center 858-259-6070 Powered by Altos Research LLC www.altosresearch.com Copyright 2005-2014 Altos Research LLC
City Overview FE, CA This Week Real-Time Market Profile Trend The median list price in RANCHO SANTA FE, CA this week is $3,195,000. The 258 properties have been on the market for an average of 206 days. With inventory trending up but dayson-market trending down and the Market Action Index essentially flat recently, conditions do not seem to have strong up or down pull. Supply and Demand Home sales have begun exceeding new inventory. This is a Buyer's market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller's zone, we may see upward pressure on pricing. Median List Price Average List Price Asking Price Per Square Foot Average Days on Market (DoM) Inventory of Properties Listed Most Expensive Listing Least Expensive Listing Average Age of Listing Percent of Properties with Price Decrease Percent Relisted (reset DOM) Percent Flip (price increased) Median House Size (sq ft) Median Lot Size Median Number of Bedrooms Median Number of Bathrooms Market Action Index Altos Research Value Statistics Strong Buyer's $ 3,195,000 $ 566 206 36 % 15 % 5 % 6112 1.0-2.5 5.0 6.0 22.7 The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer. Trend Key: ±+ No change $ 3,797,969 258 $ 23,000,000 $ 975,000 ±+ ±+ == == Strong upward trend Strong downward trend = Slight upward trend Slight downward trend 24 = Characteristics per Quartile Quartile Median Price Sq. Ft. Lot Size Beds Baths Age Inventory New Absorbed DOM Top/First $ 5,922,500 8966 2.5-5.0 6.0 7.0 16 64 2 2 268 Most expensive 25% of properties Upper/Second $ 3,850,000 6610 1.0-2.5 5.0 6.5 16 64 4 2 177 Upper-middle 25% of properties Lower/Third $ 2,798,000 5600 1.0-2.5 5.0 5.5 20 65 4 1 240 Lower-middle 25% of properties Bottom/Fourth $ 1,950,000 4125 1.0-2.5 4.0 4.5 26 65 5 5 141 Least expensive 25% of properties Page 2 of 11
City Overview FE, CA Median Price The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend. Quartile Prices Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels. Page 3 of 11
City Overview FE, CA Price per Square Foot The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels. Inventory of Properties Listed for Sale Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply. Page 4 of 11
City Overview FE, CA Market Action Index The FE market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 22.73. With several months of inventory available at the current sales rate, buyers should find ample choice. Buyers/Sellers Cutoff Market Action Index per Quartile Three of the four quartiles of the market are in the Buyer's Market zone with several months of inventory given the current rate of demand for homes in the quartile. Notice that Quartile 4 (the lowest price group) is showing stronger demand than the others. Buyers seem to be placing emphasis on the easiest entry point in the market. Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer s Advantage zone (below 30) for a long period, prices are likely in for a downward correction. Page 5 of 11
City Overview FE, CA Days on Market The properties have been on the market for an average of 206 days. Half of the listings have come newly on the market in the past 119 or so days. Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. Page 6 of 11
Neighborhood Detail FE, CA 92067 This Week Real-Time Market Profile Trend The median list price in RANCHO SANTA FE, CA 92067 this week is $3,195,000. The 170 properties have been on the market for an average of 209 days. With inventory trending up but dayson-market trending down and the Market Action Index essentially flat recently, conditions do not seem to have strong up or down pull. Supply and Demand Home sales have begun exceeding new inventory. This is a Buyer's market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller's zone, we may see upward pressure on pricing. Median List Price Average List Price Asking Price Per Square Foot Average Days on Market (DoM) Inventory of Properties Listed Most Expensive Listing Least Expensive Listing Average Age of Listing Percent of Properties with Price Decrease Percent Relisted (reset DOM) Percent Flip (price increased) Median House Size (sq ft) Median Lot Size Median Number of Bedrooms Median Number of Bathrooms Market Action Index Altos Research Value Statistics Strong Buyer's $ 3,195,000 $ 576 209 36 % 14 % 4 % 6051 1.0-2.5 5.0 5.5 22.6 The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer. Trend Key: ±+ No change $ 3,844,524 170 $ 23,000,000 $ 1,245,000 ±+ ±+ == == Strong upward trend Strong downward trend = Slight upward trend Slight downward trend 27 = Characteristics per Quartile Quartile Median Price Sq. Ft. Lot Size Beds Baths Age Inventory New Absorbed DOM Top/First $ 5,597,000 8256 2.5-5.0 5.5 6.5 16 42 2 2 256 Most expensive 25% of properties Upper/Second $ 3,950,000 6638 2.5-5.0 5.0 6.0 18 42 2 1 175 Upper-middle 25% of properties Lower/Third $ 2,850,000 5435 1.0-2.5 5.0 5.5 25 43 4 0 244 Lower-middle 25% of properties Bottom/Fourth $ 1,995,000 4094 1.0-2.5 4.0 4.0 30 43 2 3 163 Least expensive 25% of properties Page 7 of 11
Neighborhood Detail FE, CA 92067 Median Price In the last few weeks we've seen prices in this zip code bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels. Quartile Prices In the quartile market segments, we see prices in this zip code generally settled at a plateau, although Quartile 2 is on a bit of an up trend in recent weeks. We'll need to see a persistent shift in the Market Action Index before we see prices across the board move from these levels. Page 8 of 11
Neighborhood Detail FE, CA 92067 Price per Square Foot The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels. Inventory of Properties Listed for Sale Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply. Page 9 of 11
Neighborhood Detail FE, CA 92067 Market Action Index The FE, 92067 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 22.64. With several months of inventory available at the current sales rate, buyers should find ample choice. Buyers/Sellers Cutoff Market Action Index per Quartile Three of the four quartiles of this zip code are in the Seller's Market zone with relatively low amounts of inventory given the current levels of demand. It's not uncommon that the premium segment of the market takes longer to sell than the rest of the group. Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer s Advantage zone (below 30) for a long period, prices are likely in for a downward correction. Page 10 of 11
Neighborhood Detail FE, CA 92067 Days on Market The properties have been on the market for an average of 209 days. Half of the listings have come newly on the market in the past 112 or so days. Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. Page 11 of 11