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Crescent City/Del Norte County Market Report for November 2008 - Nothing unexpected here.
The results are in and I'm afraid there are no surprises...the housing market it slow. The majority of sales are $250,000 and under with most under $200,000. With foreclosures increasing, prices are continuing to come down, good news for buyers.
Seller's, be realistic about this market and your asking price. If you have foreclosures in your neighborhood, they will affect the value of your home, so ask your agent what's happening in your neighborhood with real estate sales.
Real estate is a very local business and your agent should be an expert in their market and know what is happening in your price range.
There are currently 267 active listings with an average DOM (days on market) of 197 days. Here is the market at a glance for November:
|
|
11/08
Sold
|
11/08
Median
|
11/08
Average
|
11/08
Avg DOM
|
10/08
Sold
|
10/08
Median
|
11/07 # Sold
|
11/07 DOM
|
11/07 Median
|
|
Residential Sold listings
|
9
|
181,000
|
173,311
|
198
|
14
|
193,000
|
13
|
166
|
130,000
|
Residential Listing Detail:
|
Price range
|
% Active listings
|
% of 11/08 sales
|
% of 2008 sales
|
|
199,000 & under
|
36%
|
67%
|
56%
|
|
200,000-299,000
|
24%
|
22%
|
31%
|
|
300,000-399,000
|
14%
|
0
|
9%
|
|
400,000-499,000
|
9%
|
0
|
3%
|
|
500,000-599,000
|
4%
|
0
|
2%
|
|
600,000-699,000
|
2%
|
0
|
0
|
|
700,000-up
|
8%
|
0
|
Less than 1%
|
The median price and number of sales decreased from October and the percentage of sales that were REO's and short sales increased from 21% in October to 33% for November. This is a trend that experts say will continue as foreclosures increase.
Buyer's, I had a client lock their interest rate at 5.5% on an FHA loan just 2-3 weeks ago and that was with 3% down. His payment is $150 a month less than originally projected when he was pre-approved. His lender was watching out for him. Now is a good time to be a buyer.
I wish I had a crystal ball and could tell you on which date prices and interest rates will converge to be the lowest they will ever be, but I don't. In lieu of that, I have to use common sense which says we are looking at low prices, in some instances, the lowest in 5 years, and interest rates are looking good.
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.
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Hi Fran,
I've been reading some of your posts, and they all look wonderful. Your information about the Top Producer keyword tracking was useful. I'm wondering though if you would share how you created the "buttons" at the bottom of your post (with links to Search the MLS, Foreclosures, etc.) I've been searching for a post about this, but can't find anything quite right. I would appreciate it! Thanks