Good news for the Del Norte County real estate Market!
My observations would show the market is picking-up in Del Norte County and statistics prove this out.
Homes priced over $400,000 have comprised only 10% of residential sales so far this year (1 sale) and only 5% for all of 2008 (9 sold). In other words, this segment of the market has been stalled.
As of this writing, 19% of residential listings that are in contingency or pending status are priced above $400,000.
What does that mean for buyers and sellers in my market?
In my opinion, confidence is coming back to the market for whatever reason, pick one, there are many...a new president, unbridled government spending (which scares me, but obviously not everyone), LOW interest rates--I have a client who just locked at 4.875--pent up demand, LOW prices, spring fever, relocation, and more.
Consumer confidence is a reliable meter as to how the market will perform. When it is low, as it was last year (election years bring traditionally lower performing markets), we saw a slump. When confidence is restored, consumers spend. I am optimistic in stating the market is picking up, while at the same time I realize that this could just be a blip on the real estate radar. Since the Del Norte County real estate market is so small, it is greatly affected by just a few homes being sold.
However, another, very strong indicator is showings are way up with all the agents I've talked with and they seem upbeat about our market as well. With only 6-9 homes selling a month for the last 6 months, it is exciting to see 27 homes in contingency and pending status.
Of course I will keep you abreast of how many actually close and if this is a blip or if the optimism is warranted.
First time home buyers are jumping into the market and there are some great programs to help them take advantage of these low prices. The GRH, VA and FHA programs are all worth looking into. Give me a call if you would like the name of a lender who can get you started on your home purchase.
Make sure you bookmark my blog to keep abreast of all the Del Norte County real estate market news.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
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Fran,
Good news never seems to attract many comments...!!! This is a refreshing post! Hope the trend keeps going...! Thanks, Fran