Crescent City/Del Norte County Real Estate Market Report for July 2009 - Gettin' Better Everyday!
July's sales increased over June's encouraging figures with 26 escrows closing in Del Norte County. 21 of these were residential listings (33% of those sales were REO/short sales), the other 5 sales were vacant land.
A whopping 57% of sales in July were $199,000 and under with the median price increasing in July to $193,500. This figure was greatly enhanced by the only sale so far this year over $599,000, an ocean view home that sold for $750,000.
There are currently 278 active residential listings with an absorption rate of just over 1 year, which is an improvement over the high several months ago of over 20 months. The absorption rate is how long it would take to sell all current inventory at the rate of 21 sales per month, in this case 13 months.
What does it all mean for buyers? REO/short sale listings currently comprise about 6% of the listings, but 33% of sales with multiple offers and usually those offers come in the first day of the listing. If you are interested in purchasing an REO property, you must have all your ducks in a row, which means you have a pre-approval letter in hand when you start looking.
The prominent form of financing in Del Norte County is the USDA Guaranteed Rural Housing Program. If you do not know about this program, please read this post. Out of my current open escrows, 72% are financed with the GRH program and why? Please read the post and then call me and I'll refer you to a lender who will see if you qualify, and then... I will find you a home.
Also buyers, be aware that the $8000 federal first time home buyer tax credit expires 12/1/09, which means you need to get moving to get your check!
What does it mean for sellers? If you are selling a home $250,000 and under and competitively priced you should be able to sell your home quickly. How do you know if you are competitively priced? Ask your agent. They should know what's selling and be able to provide comps that will give you a really good idea of the price range that will produce a timely sale. If you NEED TO SELL, your home must be competitively priced...I can't stress that enough.
I currently have sold 9% of the volume on our MLS for 2009. I have been successful selling my clients homes because I watch the market like a hawk and I do my best to keep my clients listings competitively priced. Listen to your agent and if you do not like the price range your real estate professional suggests, wait until prices tick back up to sell.
There you have it, real estate 101. Be the nicest home for the price and you will sell.
Here's the market at a glance:
|
|
7/09 # Sold
|
7/09 Median
|
7/09 Average
|
|
Residential Sold Listings
|
21
|
$193,500
|
$208,951
|
|
Price Range
|
% Active listings
|
% of July 2009 Sales
|
% of 2009 Sales
|
|
$199,000 and under
|
39%
|
57%
|
62%
|
|
$200,000 - $299,000
|
26%
|
24%
|
22%
|
|
$300,000 - $399,000
|
13%
|
14%
|
9%
|
|
$400,000 - $499,000
|
9%
|
0
|
5%
|
|
$500,000 - $599,000
|
2%
|
0
|
1%
|
|
$600,000 - $699,000
|
2%
|
0
|
0
|
|
$700,000 and up
|
9%
|
1%
|
1%
|
|
|
|
|
|
Here are June's months stats:
|
|
6/09 # Sold
|
6/09 Median
|
6/09 Average
|
|
Residential Sold Listings
|
22
|
$174,750
|
$186,114
|
|
Price Range
|
% Active listings
|
% of June 2009 Sales
|
% of 2009 Sales
|
|
$199,000 and under
|
39%
|
66%
|
62%
|
|
$200,000 - $299,000
|
24%
|
27%
|
21%
|
|
$300,000 - $399,000
|
14%
|
9%
|
8%
|
|
$400,000 - $499,000
|
7%
|
0%
|
7%
|
|
$500,000 - $599,000
|
2%
|
0%
|
1%
|
|
$600,000 - $699,000
|
2%
|
0
|
0
|
|
$700,000 and up
|
8%
|
0
|
0
|
Click here to see past market reports.
If you have any questions about buying or selling real estate in Del Norte County, give me a call. I will give you an honest answer and base what I have to say on sound market research of all pertinent data.
I am here to assist you with all your Crescent City and Del Norte County real estate needs. Thank you for stopping by and please leave a comment.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
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i like your chart. The low end is hot. The high end is not.
Same here.