The Crescent City/Del Norte County market report for October 2008 is improving...thanks to REO's which comprised 21% of sales.
If you look at the table below, it continues to tell the story, homes under $200,000 are selling and the upper end homes are languishing on the market with stagnant sales. In order to stand out in the upper-end home market, your home must be priced competitively.
With an average days on market (DOM) of 264 days for listings sold in October, and an average DOM of 197 days for active listings, pricing your home competitively is THE important factor if you want to sell.
If you are a buyer, holy cow, are there a plethora of deals out there. Call me and I'll email them to you or click on my links below to check out the MLS and REO listings. Now would be a good time if you are in the market for investment property.
Here is the market at a glance:
|
|
10/08
Sold
|
10/08
Median
|
10/08
Average
|
10/08
Avg DOM
|
9/08
Sold
|
9/08
Median
|
10/07 # Sold
|
10/07 DOM
|
10/07 Median
|
|
Residential Sold listings
|
14
|
193,000
|
204,786
|
264
|
15
|
207,000
|
20
|
178
|
202,500
|
|
|
|
Price range
|
% Active listings
|
% of 10/08 sales
|
% of 2008 sales
|
There are currently 264 active listings with an average DOM of 197 days. Current Absorption rate is 14 months.
21% of Oct sales were REO's
|
|
199,000 & under
|
31%
|
57%
|
53%
|
|
200,000-299,000
|
26%
|
29%
|
32%
|
|
300,000-399,000
|
14%
|
7%
|
9%
|
|
400,000-499,000
|
9%
|
7%
|
3%
|
|
500,000-599,000
|
5%
|
0
|
2%
|
|
600,000-699,000
|
2.5%
|
0
|
0
|
|
700,000-up
|
8%
|
0
|
Less than 1%
|
Buyers, have a pre-approval letter to submit with any offers. A pre-approval letter has always been required when submitting an offer on an REO or short sale, but it is now standard practice in my market to have a pre-approval letter to submit with every offer. If your offer is cash, it would be a good idea to have a letter showing you have the funds readily available.
If you are looking to purchase or sell your property in Del Norte County, I would like the opportunity to show you what Fran Gatti and Re/max Coastal Redwoods can do for you.
I am here to assist you with your real estate needs!
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
Brought to you by Fran Gatti at 
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