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Mariposa County Real Estate

Last Updated on Thursday, 17 May 2012 04:12

US housing starts rose to 717,000 in April
The Commerce Department said Wednesday that builders broke ground in April at a seasonally adjusted annual pace of 717,000 homes. That's a 2.6 percent increase from an upwardly revised March figure and near January's three-year high of 720,000. Construction rose for both single-family homes and apartments.
Read More at the SF GATE...

Sierra Foothill Homes in Mariposa, California
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CALIFORNIA ASSOCIATION OF REALTORS® reports Spring 2012 home buying season off to a strong start
California home sales and median price both jumped in April, with sales shooting up to their highest level in more than two years, and the median price rising above $300,000 for the first time in 16 months. The statewide median price of an existing, single-family detached home climbed 5.7 percent in April to $308,050.
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CALIFORNIA ASSOCIATION OF REALTORS® reports March 2012 California pending home sales up for third straight month, highest level in nearly three years
Additionally, the share of distressed sales dropped for the second consecutive month, as equity sales typically increase with the start of the spring home buying season.
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CALIFORNIA ASSOCIATION OF REALTORS® reports March 2012 home sales declined from February but home prices posted a year over year gain
The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011. The month-to-month increase was the largest since March 2004.
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2011 Year End Review of Mariposa County Real Estate provided by Daily & Company Real Estate

As of 12/28/2011 we may have 1 or 2 more closings for the year but that should not change the overall picture that I am about to paint.

National news highlights that the Job Market is up for over 2010 and the Real Estate Market is slightly brighter than in the earlier months of 2011. Nationally new housing starts are up and the inventory is down for existing home sales. Mariposa typically lags the rest of the world so maybe the improvement will catch up with us in 2012.

This report will be focused on the southern 4 zip codes in Mariposa County: 95338, 95345, 95306 and 95325 (this is due to the area that Mariposa County Board of Realtors services).

The current inventory (residential properties for sale) is 75, 68 of which are single family, 6 mobile/manufactured homes and 1 commercial/residential property. Unimproved properties number 113. You can buy 5.48 acres for as low as $22,000 today but the banks are still resisting financing for unimproved properties.

2011 Residential Sales were up 22% over 2010 while the Average Price per Sq. ft. declined 21%, partly due to the number of distressed homes for sale. 2011 land and lots sales were down 24% but the price per acre was up 15%.

2010 Residential	Sales: 102	Average Price: $224,566	Average Price per square foot: $131
2010 Land/lots	Sales: 30	Average Price: $121,730	Average Price per Acre: $17,236
2011 Residential	Sales: 130 +22%	Average Price: $182,352	Average Price per square foot: $104 (-21%)
2011 Land/lots	Sales: 23 -24% (minimal financing available)	Average Price: $88,186	Average Price per Acre: $20,412 (+15%)

Some other facts to be noted, of the 130 residential sales, 52% of the sales (68) were distressed sales (Foreclosures & Short Sales).
Breaking down the distressed properties versus the standard sales we find:

2011 Distressed	Sales: 68	Average Price: $169,978	Average Price per square foot: $93.78
2011 Standard	Sales: 62	Average Price: $228,728	Average Price per square foot: $120.89 (+22.5%) Standard over Distressed.

The good news is that Mortgage Rates remain at record lows. A 30 year fixed mortgage at 4% interest or less is available for buyers with perfect credit. That is as low at $477 per month (Principal & Interest) for a $100,000.00 mortgage. It is a strong Buyers Market.

provided by
Jerry Feroben, Broker
Daily & Company Real Estate