In our Humboldt Couty Real Estate market, the big discussion these days is the economy of course. And when it comes to Humboldt County Real Estate most people want to know how bad our market is? ie: How many foreclosures and short sales are selling compared to retail homes by sellers who have a reason to move.
I'll admit now. I don't have a crystal ball and the number of foreclosures and short sales may rise or fall this next year. All I know is what I see today. And today, out of the 590 homes currently selling in our Humboldt County Real Estate market, only 20 of those homes are Bank Owned Properties (Homes that the have already foreclosed and have been taken over by the bank to sell back to the public) and 26 are Short Sales (sellers who owe more to the bank than their home is currently worth in this market). That means 7.8% of the homes currently for sale fall into this category. The rest are regular Humboldt residential home sales.
Compare that to Stockton or Sacramento where majority of their market is driven by short sales and foreclosures.
Our Humboldt County Real Estate market has not come to a screeching hault either. 66 homes sold in January 2009. Not to shabby. Especially when our inventory isn't going through the roof, comparatively speaking. And the median home price (because I think averages are worthless to track home values, especially when a $1 million dollar property can throw everything off) is currently $270,000 throughout Humboldt County CA.
This doesn't mean however that the median sales price is $270,000 for homes sold in Arcata CA. Each local market is a bit different. Arcata CA for example is a stronger market that has a higher median sales price than Eureka CA does. The average or median home in Arcata CA sells for approximately $30,000 more than homes in Eureka CA.
For Humboldt County Real Estate Sellers this is good news. Because you are not competing with an overwhelming number of short sales and foreclosures that usually sell for less than fair market value. And if you have a home that is "market ready", meaning your home has great curb appeal (immaculate front and back yard) is clean, clutter free, smells nice and is in move in condition inside, and is priced appropriately to compete with the other homes on the market - (usually slightly below your competition), you have a much highter chance of selling your home for a good fair price in a reasonable amount of time.
If you're thinking about selling your home and you want to know how your home compares to the current competition I'm more than happy to chat with you about it.
Information courtesy of the Humboldt Association of Realtors MLS. Information is deemed reliable, but not guaranteed.
Copyright 2009. Jessica Bigger. All Rights Reserved *Humboldt Real Estate Market Has One of the Lowest Foreclosure and Short Sale Rates in California*
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Contact Jessica Bigger, Realtor®, RE/MAX Humboldt Realty at 707-496-5770 to list your home for sale or to purchase your first or next home in Eureka, Cutten, Bayside, Arcata, McKinleyville, Westhaven, Trinidad and the rest of Humboldt County California.
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