Crescent City/Del Norte County Market Report for February 2009...Improving or worsening, depending on your perspective.
Our market improved in the number of solds for February over January, however, the median price decreased yet again as ancy sellers continue to drop their prices and foreclosures continue to drag down neighborhood prices.
Our market continues to be wonderful for buyers and I will finally say that buyers seem to be aware that prices are really good and that now is a good time to buy.
I'm getting more inquiries than ever from first time home buyers and I'm still hearing from investors as well who are ready to get a great price on an REO or from a motivated seller who has priced their home for the current market conditions.
Buyers are pretty educated as to what is a good list price and what is overpriced and they seem to be avoiding the overpriced listings without a glance back. Inventory is still high and the case can be made with an absorption rate of 27 months (down from last months 35!), that it is still very much a buyer's market. One caveat to that would be the below market listing that occasionally pops up that gets multiple offers in a short period of time. You better have your pre-approval letter ready to get in on these deals.
Here is the market at a glance for February 2009:
|
|
2/09
Sold
|
2/09
Median
|
2/09
Average
|
2/09
Avg DOM
|
2/08
Sold
|
|
Residential Sold listings
|
10
|
162,250
|
181,850
|
151
|
9
|
|
Price range
|
% Active listings
|
% of 2/09 sales
|
|
199,000 & under
|
42%
|
70%
|
|
200,000-299,000
|
23%
|
10%
|
|
300,000-399,000
|
13%
|
10%
|
|
400,000-499,000
|
10%
|
10%
|
|
500,000-599,000
|
1%
|
-
|
|
600,000-699,000
|
1%
|
-
|
|
700,000-up
|
10%
|
20% of 2/09 sales were REO's.
|
There are currently 270 active listings with an average DOM of 198 days. Current Absorption rate is 27 months.
What does it all mean:
- Buyers, you need to be ready to go on the deals. Get pre-approved, have your letter in hand when making an offer and use a full-time REALTOR who is emailing you the deals as they come on the MLS (that would be me).
- Sellers, talk with your agent and have your home priced for this current market. If you can not price in the suggested price range, you may need to withdraw your listing and wait until the market improves.
Take a look at current listings and foreclosures for the Crescent City/Del Norte County market and give me a call if you are ready to buy or sell.
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.
;)
;)
