Crescent City/Del Norte County market report for June 2007 - Activity is down a bit from this time last year, but has increased from May's activity. We are hanging in there with people relocating to our smog free, traffic jam free environment.
The decline that a lot of the U.S. is experiencing is not present in Del Norte County for a few reasons.
The declining employment that many communities are suffering happened here a decade ago when the fishing and timber industries were regulated almost out of existence.
The area searched for, and found, a stable industry (albeit a prison) that has brought economic relief to our area.
Another, is that overbuilding has not happened in Del Norte County and therefore you do not have contractors afraid to go ahead with new projects, because previously built homes have sold and are continuing to sell.
This is buttressed by the statistics of 316 building permits issued between Jan. 1 and June 28. Fifty-seven of them were issued during May. (The population of Del Norte County is approximately 28,000.) At least eight new subdivisions have either broken ground or are about to - another bellwether for the local economy.
We still have high inventory at 293 residential listings with an absorption rate of 14.65 months (the Absorption Rate is the ability of the real estate market to sell off all of the houses that are for sale).
Here are the statistics for June:
| 6/07 # sold | 6/07 median | 6/07 avg | 5/07 sold | 6/06 sold | 6/06 median |
Residential | 20 | $250,000 | $239,975 | 22 | 31 | $195,000 |
Land | 7 | $90,000 | $128,000 | 4 | 5 | $57,000 |
Commercial | 0 | 0 | 0 | 0 | 0 | 0 |
Multi-family | 1 | $205,000 | $205,000 | 0 | 2 | $212,500 |
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