The Crescent City/Del Norte County market report for September is better than August, however when you consider summer is our busiest time of year and sales were down 44% from September 2007, saying it was better is being kind.
The average DOM (days on market) for September sales looked better over Augusts report, which is good, but the absorption rate, the rate at which it would take to sell existing inventory at the current rate of 14 sales a month is still very high at 20 months.
It is very much a buyer's market although the current U.S. financial woes are negatively impacting the buyers ability to get a loan.
My guess after reading up on the subject is that the election isn't going to make a huge difference and that the economy will be in disarray for quite sometime. Liquidity is disappearing from our markets and loans are getting more and more difficult to find, although not impossible, hence the slowdown.
Here is the market at a glance:
|
Active List Price range
|
% of active listings
|
% of 2008 sold listings
|
Average DOM for 208 solds in the price range
|
|
199,000 & under
|
31%
|
52%
|
167
|
|
200,000 - 299,000
|
29%
|
33%
|
209
|
|
300,000 - 399,000
|
14%
|
10%
|
236
|
|
400,000 - 499,000
|
11%
|
2%
|
92
|
|
500,000 and up
|
15%
|
3%
|
294
|
The above stats show that the market is being driven by the lower priced properties. It also shows that the upper-end homes have a significant amount of competition.
More market stats:
|
|
9/08
Sold
|
9/08
Median
|
9/08
Average
|
9/08
Avg DOM
|
8/08
Sold
|
8/08
Median
|
9/07 # Sold
|
9/07 DOM
|
9/07 Median
|
|
Residential
|
14
|
208,000
|
200,263
|
130
|
10
|
176,000
|
25
|
169
|
200,000
|
|
Vacant land
|
-
|
-
|
-
|
-
|
2
|
56,250
|
4
|
688
|
199,500
|
|
Commercial
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Multi-family
|
-
|
-
|
-
|
-
|
1
|
295,000
|
2
|
137
|
383,500
|
If you are a buyer, now is the time to buy, but get pre-qualified with a reputable lender. I have a client who went with a lender who solicited her business over the phone and she is sorely regretful after having one lie after another convert into bringing far more money to the closing than was originally promised.
If you do not know a reputable lender, I know several who have integrity and are professional, so call me.
If you are a seller, especially in the upper price ranges, I know you don't want to hear it, but it may take awhile to sell your home. The average days on market for homes over $300,000 is 207 days. Buyers in that price range seem to be sitting back and waiting to see what is going to happen to their investments and the economy as a whole. Try to make your home the nicest in it's price range and give it good curb appeal and with property pricing it will find a buyer.
I am here to assist you with your real estate needs!
Fran Gatti - Realtor® Crescent City CA Real Estate
Brought to you by Fran Gatti at 
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