Crescent City/Del Norte County Real Estate Market Report for September 2009 - Number of sales were down.
Sales were down for September, however I expect a sizable increase in number of sales closing in October (keep reading for the reasons for this optimism).
The median price home that sold in September was $145,000. This supports my statement I have made 100 times or more over the past few weeks that, "What is selling is $200,000 and under."
Why? This segment of the market was shut-out for years because of skyrocketing housing prices and now, these home buyers are taking advantage of falling prices, awesome interest rates and the federal income tax credit of $8000 which goes away on December 1, 2009. I've heard rumor the tax credit will be extended, but I have not seen anything official as yet. If anyone can provide a link to an official statement on the subject in a comment on this post, I would be grateful.
What does it all mean? It is a buyer's market and will continue to be, in my humble opinion, until foreclosures level off and decline to levels prior to 2008. Everything I have read (that I trust) says foreclosures have not peaked yet and are expected to do so sometime in late 2010.
If you NEED TO SELL YOUR HOME, now may be the time to get serious about what comparables say is the true value of your home in THIS market. Ask your agent to pull up comps from the last 30-60 days if they are available and price your home in the bottom half of that range or at least close to the halfway mark if you need to sell. The Crescent City/Del Norte County real estate market historically slows way down November through February, so price your home to sell now if you need to sell. If you don't, don't worry about it. Springtime will come, the flowers will bloom, buyers will come back, but prices will more than likely be lower due to a continued influx of foreclosures.
Here is the market at a glance:
|
|
9/09 # Sold
|
9/09 Median
|
9/09 Average
|
|
Residential Sold Listings
|
15
|
$145,000
|
$173,267
|
|
Price Range
|
% Active listings
|
% of Sept. 2009 Sales
|
% of 2009 Sales
|
|
$199,000 and under
|
39%
|
73%
|
62%
|
|
$200,000 - $299,000
|
29%
|
20%
|
22%
|
|
$300,000 - $399,000
|
13%
|
-
|
9%
|
|
$400,000 - $499,000
|
6%
|
7%
|
5%
|
|
$500,000 - $599,000
|
2%
|
-
|
2%
|
|
$600,000 - $699,000
|
2%
|
-
|
-
|
|
$700,000 and up
|
9%
|
-
|
Less than 1%
|
|
|
|
|
|
There was 1 commercial sale in Sept., no land sales.
And August's figures:
|
|
8/09 #
Sold
|
8/09
Median
|
8/09
Average
|
|
Residential Sold Listings
|
19
|
$195,000
|
$217,460
|
|
Price Range
|
% Active listings
|
% of June 2009 Sales
|
% of 2009 Sales
|
|
$199,000 and under
|
41%
|
55%
|
63%
|
|
$200,000 - $299,000
|
27%
|
27%
|
23%
|
|
$300,000 - $399,000
|
11%
|
11%
|
9%
|
|
$400,000 - $499,000
|
8%
|
6%
|
6%
|
|
$500,000 - $599,000
|
3%
|
6%
|
2.5%
|
|
$600,000 - $699,000
|
1%
|
0
|
0
|
|
$700,000 and up
|
9%
|
0
|
Less than 1%
|
|
|
Seller's, don't get discouraged just yet. Only one of the September sales in the Crescent City/Del Norte County real estate market was a foreclosure versus 21% of sales in August. The seller's who are pricing to compete with foreclosures are selling! I have several clients who have priced their homes for THE CURRENT MARKET with good results. Call your agent and ask for a CURRENT market analysis; using current market data to price your home may bring you the sale you've been looking for.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
;)
;)
