Crescent City Real Estate News

Crescent City/Del Norte County Real Estate Market Report for January 2010 -

January 2010 had 43% more sales than January 2009and only 2 of those 14 sales were REO's, which is encouraging. 4 of January's sales were mobile/manufactured homes in parks bringing in the median price sale for the month at $163,000. 

Listings are at a seasonal low of 223 with the median price of listings at $229,500 and average days on market at 223.

For listings $200,000 and under, the DOM for the 98 listings in that price range are 168 days or 14 months.  The average DOM for listings above $200,000 is a whopping 253 DOM (or 21 months) for those 128 active listings.  The upper end homes are really taking a beating right now.   

REO's (foreclosed homes) make up 14% of all Del Norte County listings right now with most REO's selling in under 60 days. 

Last year most of the REO's I dealt with were owner occupy, but I'm seeing a definite increase in investor held foreclosures.  I think we are going to see foreclosures increase for the coming months with their continuing influence of lowering prices.  Click here for suggestions on purchasing Del Norte County foreclosed listings.

If you must sell in this buyer's market, be sure to have your home competitively priced and use a reputable, full-time agent who tracks your market.  Proper pricing is where it's at. 

Please call me if you're looking for an agent; I will be happy to give you an assessment of your property based on trends and my knowledge of the Del Norte County real estate market. 

Fran sold more homes in 2009 both in number and volume than any other Del Norte County agent.  Put her knowledge and experience to work for you!

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

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Crescent City/Del Norte County Market Report for October -

November has been a very stressful month as far as keeping escrows moving forward goes and I have put most of my time and attention into making sure the homes I have in escrow make it to closing; my clients deserve no less, however, that meant my market report and blogging in general was put on the back burner. 

I am feeling a little less stress and will spend the next few days getting caught up on various things including my market reports. 

October was an exciting month with 43% more closings than the same time period in 2008.  We can thank the first time home buyer tax credit for a flurry of buying as well as declining prices and low interest rates.  Rates are still low, the tax credit has been extended and prices are still coming down, so I anticipate we will continue to see investors and first time home buyers snapping up the affordable homes.  With the advent of the "move-up" tax credit, we may see an upsurge in sales in the over $200,000 market as well.

The median price for homes sold in October 2009 was $160,000, which is an improvement over September's abysmal $150,000.  42% of the homes sold in October were REO's or short sales, but REO listings make up less than 10% of the active listings. 

What does it all mean?  REO's are still a huge force in the Crescent City/Del Norte County real estate market and will continue to be throughout 2010.  My personal experience with listing REO's is that they are taking longer and longer to get through the pre-listing process and onto the MLS for sale. I perceive we will see a glut of REO listings in 2010 due to backlogged inventory that overwhelmed banks are trying to process.   This will in turn cause prices to continue to decline.  The Crescent City/Del Norte County market will not see a stabilization in prices until REO listings taper off, hopefully by the end of 2010. 

If you are a seller, inventory is low this time of year and it could be an opportunity for your home to shine in this environment of less competition.  The buyers are still out there looking for a bargain.  Your home needs to be competitively priced, so don't jump into this market unless you are prepared to beat out the competition.

Do not hesitate to call me if you would like more information on the Crescent City/Del Norte County real estate market.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

Crescent City/Del Norte County Real Estate Market Report for September 2009 - Number of sales were down.

Sales were down for September, however I expect a sizable increase in number of sales closing in October (keep reading for the reasons for this optimism). 

The median price home that sold in September was $145,000.  This supports my statement I have made 100 times or more over the past few weeks that, "What is selling is $200,000 and under." 

Why?  This segment of the market was shut-out for years because of skyrocketing housing prices and now, these home buyers are taking advantage of falling prices, awesome interest rates and the federal income tax credit of $8000 which goes away on December 1, 2009.  I've heard rumor the tax credit will be extended, but I have not seen anything official as yet.  If anyone can provide a link to an official statement on the subject in a comment on this post, I would be grateful.

What does it all mean?  It is a buyer's market and will continue to be, in my humble opinion, until foreclosures level off and decline to levels prior to 2008.  Everything I have read (that I trust) says foreclosures have not peaked yet and are expected to do so sometime in late 2010.

If you NEED TO SELL YOUR HOME, now may be the time to get serious about what comparables say is the true value of your home in THIS market.  Ask your agent to pull up comps from the last 30-60 days if they are available and price your home in the bottom half of that range or at least close to the halfway mark if you need to sell.  The Crescent City/Del Norte County real estate market historically slows way down November through February, so price your home to sell now if you need to sell.  If you don't, don't worry about it.  Springtime will come, the flowers will bloom, buyers will come back, but prices will more than likely be lower due to a continued influx of foreclosures.

Here is the market at a glance:

There was 1 commercial sale in Sept., no land sales.

And August's figures:

Seller's, don't get discouraged just yet. Only one of the September sales in the Crescent City/Del Norte County real estate market was a foreclosure versus 21% of sales in August.  The seller's who are pricing to compete with foreclosures are selling!  I have several clients who have priced their homes for THE CURRENT MARKET with good results.  Call your agent and ask for a CURRENT market analysis; using current market data to price your home may bring you the sale you've been looking for.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

Crescent City/Del Norte County Real Estate Market Report for July 2009 - Gettin' Better Everyday!

July's sales increased over June's encouraging figures with 26 escrows closing in Del Norte County.  21 of these were residential listings (33% of those sales were REO/short sales), the other 5 sales were vacant land.

A whopping 57% of sales in July were $199,000 and under with the median price increasing in July to $193,500. This figure was greatly enhanced by the only sale so far this year over $599,000, an ocean view home that sold for $750,000.

There are currently 278 active residential listings with an absorption rate of just over 1 year, which is an improvement over the high several months ago of over 20 months.  The absorption rate is how long it would take to sell all current inventory at the rate of 21 sales per month, in this case 13 months. 

What does it all mean for buyers?  REO/short sale listings currently comprise about 6% of the listings, but 33% of sales with multiple offers and usually those offers come in the first day of the listing.  If you are interested in purchasing an REO property, you must have all your ducks in a row, which means you have a pre-approval letter in hand when you start looking. 

The prominent form of financing in Del Norte County is the USDA Guaranteed Rural Housing Program. If you do not know about this program, please read this post.  Out of my current open escrows, 72% are financed with the GRH program and why? Please read the post and then call me and I'll refer you to a lender who will see if you qualify, and then... I will find you a home. 

Also buyers, be aware that the $8000 federal first time home buyer tax credit expires 12/1/09, which means you need to get moving to get your check!

What does it mean for sellers?  If you are selling a home $250,000 and under and competitively priced you should be able to sell your home quickly.  How do you know if you are competitively priced?  Ask your agent.  They should know what's selling and be able to provide comps that will give you a really good idea of the price range that will produce a timely sale.  If you NEED TO SELL, your home must be competitively priced...I can't stress that enough. 

I currently have sold 9% of the volume on our MLS for 2009.  I have been successful selling my clients homes because I watch the market like a hawk and I do my best to keep my clients listings competitively priced.  Listen to your agent and if you do not like the price range your real estate professional suggests, wait until prices tick back up to sell. 

There you have it, real estate 101.  Be the nicest home for the price and you will sell.

Here's the market at a glance:

Here are June's months stats:

Click here to see past market reports.

If you have any questions about buying or selling real estate in Del Norte County, give me a call.  I will give you an honest answer and base what I have to say on sound market research of all pertinent data.

I am here to assist you with all your Crescent City and Del Norte County real estate needs.  Thank you for stopping by and please leave a comment.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS