Crescent City/Del Norte County Real Estate Market Report - Improving.
The Crescent City real estate market continues to improve as far as amount of sales, but prices continue to decline. Prices are down 29% over May sales last year.
I think we can thank declining prices, lower interest rates and tax incentives for maintaining sales.
54% of May residential sales were under $200,000 (62% of all 2009 residential sales were under $200,000), with 15% of total May sales being REO/Short Sale listings, although REO/Short sale listings only comprise 6% of active listings (REO listings are continually receiving multiple offers).
The absorption rate, the rate at which it would take to sell all inventory at the current sales rate of 13 homes a month, is 21 months, which is still abysmal. Inventory is higher than we would like to see for a market our size at 279 active residential listings.
The upper end home market, homes $400,000 and up, comprised 23% of sales in May, an increase over April; encouragement for that segment of the market.
I would like to do a plug for myself right here as 67% of homes over $400,000 sold in 2009 have been my listings. I am currently #1 in total sales in both number and volume and have more listings sold than any other agent for 2009. This is not by accident, but has been the result of hard work, a wonderful internet presence and loads of time spent marketing my listings, however, the most important ingredient is proper pricing. My clients who take my recommendations to heart regarding pricing have good success in getting their homes sold. My recommendations are based on statistics and closely monitoring my markets active and sold inventory.
It's a great time to be a buyer with low interest rates, REO inventory, which had been producing some real deals, and some good loan programs. They key here is to have your pre-approval done and letter in hand when you write an offer. Call me if you need the name of a local lender who will give you outstanding customer service.
If you find yourself overwhelmed with your house payment, please call your lender and ask for information on a loan modification. You do not have to pay for this service, so if you are told there is an upfront fee, run, don't walk, and contact your lender direct, where there will be no fee for this service if you qualify.
May 2009 market at a glance:
|
|
5/09 #
Sold
|
5/09
Median
|
5/09
Average
|
|
Residential Sold Listings
|
13
|
185,000
|
229,508
|
|
Price Range
|
% Active listings
|
% of May 2009 Sales
|
% of 2009 Sales
|
|
$199,000 and under
|
40%
|
54%
|
62%
|
|
$200,000 - $299,000
|
23%
|
23%
|
18%
|
|
$300,000 - $399,000
|
16%
|
0
|
8%
|
|
$400,000 - $499,000
|
9%
|
15%
|
10%
|
|
$500,000 - $599,000
|
2%
|
8%
|
2%
|
|
$600,000 - $699,000
|
1%
|
0
|
0
|
|
$700,000 and up
|
9%
|
0
|
0
|
April 2009 Market at a glance if you would like to compare:
|
|
4/09 #
Sold
|
4/09
Median
|
4/09
Average
|
|
Residential Sold Listings
|
10
|
235,000
|
219,200
|
|
Price Range
|
% Active listings
|
% of April 2009 Sales
|
% of 2009 Sales
|
|
$199,000 and under
|
40%
|
40%
|
64%
|
|
$200,000 - $299,000
|
23%
|
20%
|
17%
|
|
$300,000 - $399,000
|
15%
|
20%
|
11%
|
|
$400,000 - $499,000
|
9%
|
20%
|
8%
|
|
$500,000 - $599,000
|
3%
|
0
|
0
|
|
$600,000 - $699,000
|
2%
|
0
|
0
|
|
$700,000 and up
|
9%
|
0
|
0
|
I am here to answer all your Crescent City / Del Norte County real estate questions. Thank you for stopping by.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
;)
;)
