This is an update for Crescent City/Del Norte County Home Sellers -
The time is quickly approaching for my monthly market report, which is for the general public; however times are tough for Crescent City home sellers right now and I thought I would do an update just for my those of you with active Crescent City/Del Norte County listings.
32 listings have sold since 9/1/09 (I included land sales because many of you have land listed and are concerned with what is going on with that segment of the market).
The median priced Crescent City/Del Norte County residential listing to sell in that time period is $150,000. 19% of those sales were REO's (foreclosed homes), which is down from previous months. The sellers that sold their home in that time period had their home priced to sell. The price was at the lower end of the price range for their size and condition of home. Several upper end homes sold because they were priced to sell. In some cases, the owner financed the home offering good terms and/or kicked in the buyers loan fees and other concessions. That is very common in the current market.
The vacant land sales show an acre dropping from the high of $125,000 for an unimproved acre several years ago to $80,000 and well below. The acre that sold for $80,000 had well and septic in and electricity on the parcel.
Crescent City/Del Norte County buyers are sophisticated! They generally know as much about what's out there as their agent and they know a competitive price because they have researched it on the internet. Buyers are all looking for a bargain. That can make it tough on a seller.
Several of my clients have been following my market reports and know very well what's going on with this market and have priced their home to sell. As we enter what is generally regarded as our slow time of year in the Crescent City/Del Norte County real estate market, I would expect, even with a slow down, those listings that are priced to sell, will.
Please let me know if you have questions, concerns, or would like to discuss this information in more detail. I am happy to speak with you at your convenience.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
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