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Mariposa County Real Estate

Last Updated on Friday, 03 February 2012 04:57

Mortgage rates hit new low; 3.87 percent for 30-year fixed
Mortgage rates hit new historic lows this week, as the average 30-year fixed rate fell to 3.87 percent, according to Freddie Mac Mortgage Market Survey released Thursday. The 30-year dropped this week after nudging up a bit last week to 3.98 percent, but overall the rate has remained below 4 percent for a couple months. Other rates hit new lows, including the 15-year, which fell to an average 3.14 percent, down 0.8 percentage points.
Read More at the Washington Post...

Sierra Foothill Homes

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California December 2011 Pending Home Sales Index
California pending home sales lower in December; distressed sales rise as lenders push through more REOs, short sales, C.A.R. reports.
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California home sales rose for the third consecutive month in December 2011 according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
“With the economy slowly improving, home buyers – investors and first-time buyers alike – took advantage of affordable interest rates and made a push to close escrow by the end of year,” said C.A.R. President LeFrancis Arnold.
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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