When my husband and I first moved to Land Park, my husband had his car stolen. A few years later, he almost had his bumper swiped right in front of our home, but the police scared off the thieves before the thugs could remove the last of 30-some screws. That's what he got for driving a Honda. So, I bought him a Prius.
Now, if I'm driving more than one buyer to see homes in Land Park, I take my husband's car because my vehicle is a roadster. The other day I took the Prius to the car wash on Broadway and 17th. You may not know this, but a Prius doesn't require a key to start it. There is a place somewhere in the car to stick a key for emergency situations -- in case you want to turn on the lights or something when the car isn't turned on -- but I don't know where that secret location is. So, I had to leave the car running for the car wash attendants.
Here are the facts and trends for the real estate market in Land Park and Curtis Park. The chart below shows the last 15 months of activity through January 2009:
Pending sales dropped by more than half over last January. The median price in 95818 for January slid to $340,000. A year ago at this time, the median price was $466,000. That doesn't mean that home values in Land Park and Curtis Park have fallen. What this means is homes priced over $400,000 aren't selling. It's the lower-priced homes that are attracting buyers right now.
Here is another chart that shows the average days on market in 95818 and the original sales prices versus the closed sales prices:
Wow. Will you look at those average days on market? They jumped from 2 months to more than 3 months in January 2009 over December 2008. Inventory numbers spiked from 2.4 months in December to 5.9 months in January. It will take almost 6 months to sell every home that is presently for sale in Land Park and Curtis Park. Hello buyer's market.
And look at that downward arrow for price ratios. At 84% for January, it means that, on average, sellers had to reduce their original sales prices by 16% to sell. Many of the homes that closed in January, though, went into escrow in December. I've always said that December is the absolutely best month to buy a home in Land Park.
If you're interested in more information about the real estate market in Land Park or Curtis Park, call your Land Park Real Estate Specialist Elizabeth Weintraub at 916.233.6759. I'd love to show you homes in Land Park. And maybe you can help me figure out where the stupid key goes in my husband's Prius.
The Short Sale Savior, by Elizabeth Weintraub, coming June 2009.
Charts: TRENDGRAPHIX, available exclusively to Lyon Real Estate agents.