Crescent City/Del Norte County Market Report for January 2009 - Slooooowwwww
Residential sales slipped from 8 in December to 9 in January making it a slow start for 2009 real estate sales in Del Norte County.
With inventory climbing back toward the 300 mark and currently resting at 275 listings, the absorption rate is an appalling 35 months. That means at the rate of January sales of 8 houses a month, it would take 3 years to sell the current inventory of 275 homes.
The price per square foot of those 8 homes that sold last month averaged about $135 a sq. ft. much lower than most current listings (other than foreclosures) that are listed at $150 a sq. ft. and up. The homes that were priced correctly for the current market are the homes that sold.
CAN YOU STILL SELL A HOME IN THE CURRENT MARKET? - Yes, but...seller's need to have an agent who is keeping an eye on the local market now more than ever if they want to sell in a timely manner.
"I don't want to give it away," has little meaning in our current market. If you do not want to price competitively for the current market, than withdraw your listing to list another day when prices crawl back up. In my opinion it's going to be a very long, slow crawl, so keep that in mind if you have to sell.
Buyer's, I know your are nervous that you'll buy and prices will continue to fall. Well, that is more than likely what is going to happen, but taking advantage of low interest rates could be the key to getting qualified to be able to purchase at all, so talk to a reputable lender about the variables of having a lower interest rate and slightly higher price or a higher interest rate and slightly lower price, either way, it's good to be informed.
Here is the market at a glance:
|
|
1/09
Sold
|
1/09
Median
|
1/09
Average
|
1/09
Avg DOM
|
1/08
Sold
|
1/08
DOM
|
1/08
Median
|
|
Residential Sold listings
|
8
|
187,220
|
183,505
|
92
|
10
|
237
|
148,000
|
|
Price range
|
% Active listings
|
% of 1/09 sales
|
|
|
199,000 & under
|
39%
|
75%
|
|
|
200,000-299,000
|
25%
|
25%
|
|
|
300,000-399,000
|
13%
|
-
|
|
|
400,000-499,000
|
9%
|
-
|
|
|
500,000-599,000
|
3%
|
-
|
|
|
600,000-699,000
|
2%
|
-
|
|
|
700,000-up
|
8%
|
25% of 1/09 sales were REO's.
|
|
There are currently 275 active listings with an average DOM of 197 days. Current Absorption rate is 35 months.
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.
;)
;)
Fran you market sounds similar to mine. Nice illustration of the data. This is the kind of information people in your area like to have at their finger tips.