Preparations are underway for our famed ATT Pebble Beach Pro-Am Golf Tournament which will be held next week. Practice rounds start on Monday. This year’s top 10 celebrities include Wayne Gretzky, Aaron Rodgers, Kelly Rohrback, Andy Roddick, Kelly Slate, Justin Timberlake, Kenny G, Josh Donaldson, Jake Owen, Colt Ford. The weather is supposed to clear up by the end of the week so that bodes well for the finalist. It sounds like it will be another wonderful event again this year. I am a member of the Monterey Cannery Row Rotary Club and we will be working ticket sales at CSUMB next week. I’ll be volunteering on Thursday and Friday so maybe I will see you out there!
Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the past seven days:
New listings – 46Off Market - 13
New escrows – 30
Closed sales – 32
Largest sale - $9M in Carmel
Inventory – 438
Price reductions – 25
Both sales and listings ticked up this week and the number of price reductions declined slightly. Things are moving in the right direction and inventory is creeping upward!
There were 30 new escrows this week. 23% came from the Pacific Grove and 23% from the Carmel market. The rest were scattered throughout the Peninsula
There were 25 price reductions. Average Days on Market was 139. 58% of the reductions were below $1 million, 3 were above $2 million
The largest sale was in Pebble Beach. It sold for $9 million. Here are the details: Located in the Carmel Point, ocean front property, 4087 SF, 3 bedrooms, 3 ½ baths. .
The notable listing of the week is in Pebble Beach. Listed at $37.9 million, it is located above the Lodge in the Estate area. It is 11,903 SF boasts 8 bedrooms and 9 ½ bathrooms, a guest house and a pool house. Views are spectacular and the landscaping and contemporary interior are stunning! I’ll be keeping my eye on this one. It will be fun to see what happens.
ATT week is a busy week for all of us. Many of us will be holding open houses and those that have golf or ocean property listings will probably host some private events. We don’t always see an increase in sales during the week but the exposure on television and the influx of visitors help to promote the Peninsula. I will be holding Santa Rita 2 SE of 1st open on Saturday and Sunday so if you are out and about, stop by and say hi. It’s a beautiful Cape Cod style home with 3 bedrooms, high open beamed ceilings and a beautiful garden. The owners are also including the adjoining lot in the sale. Listed at $2,2445,000, it’s a great opportunity!
NATIONAL REAL ESTATE NEWS:
Mortgage Rates Move Down Again
INTEREST RATES THIS WEEK
Here are this week’s interest rates brought to you by our in house lender, Princeton Capital:
30 year fixed conf: 4.25% no points 4.00% 1 point
30 year conf jumbo: 4.375% no points 4.125% 1 point
5 year ARM conf: 3.375% no points 3.125% 1 point
5 year jumbo: 3.5% no points 3.25% 1 point
30 year Jumbo fixed: 4.25% no points 4.0 0%1 point
Sellers See Biggest Profit Since 2007
DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 03, 2017
Homeowners who sold in 2016 saw an average home price gain since purchase of $38,206 – or a 21 percent, on average, increase since purchase, ATTOM Data Solutions repots in its Year-End 2016 U.S. Home Sales Report. That's up from an average 13 percent gain in 2015, and it is the highest increase since 2007.
The largest metro areas to see the highest average percent gain since purchase for home sellers in 2016 were:
San Francisco, Calif.: 69% gain
San Jose, Calif.: 69%
Santa Rosa, Calif.: 52%
Los Angeles, Calif. 49%
Seattle, Wash.: 48%
The median home sales price across the country in 2016 was $218,175, according to ATTOM Data Solutions, which is up 6.8 percent from 2015. Of the 201 largest metro areas with populations of at least 200,000, 179 of the areas posted a year-over-year increase in home prices. Twenty-seven of the metros posted double-digit year-over-year price gains. Notably, the following cities posted the highest gains:
Tampa-St. Petersburg, Fla.: up 14%
Jacksonville, Fla.: 12.9%
Portland, Ore.: 12.1%
Denver, Colo.: 11.3%
Orlando, Fla.: 10.1%
Meanwhile, the following counties had the highest actual median home prices in 2016:
New York County (Manhattan), N.Y.: $1,400,000
San Francisco County, Calif.: $1,175,000
San Mateo County, Calif.: $1,075,000
Marin County, Calif.: $950,000
Santa Clara County, Calif.: $860,000
I welcome your feedback and I hope you find the information helpful.
Have a great weekend