Crescent City/Del Norte County Market Report for August 2009 - Sales are down from July, but still looking good.
Active listings are up to 278 and 19 residential listings sold in August, giving us an *absorption rate of approximately 15 months, which is not bad when you consider we have had months in the last 12 month period with an absorption rate of over 3 years!
The federal tax incentive, low prices and REO's are spurring on first time home buyers and investors with cash for the summer's end flurry of buying our market is currently experiencing. As every year, now is our busy time and closings in October will probably be very good, but don't expect that to last. November closings will no doubt drop off as they historically do every year. Who wants to move during Thanksgiving or Christmas? That's right, no one does.
Here is the market at a glance:
|
|
8/09 # Sold |
8/09 Median |
8/09 Average |
|
Residential Sold Listings |
19 |
$195,000 |
$217,460 |
|
Price Range |
% Active listings |
% of June 2009 Sales |
% of 2009 Sales |
|
$199,000 and under |
41% |
55% |
63% |
|
$200,000 - $299,000 |
27% |
27% |
23% |
|
$300,000 - $399,000 |
11% |
11% |
9% |
|
$400,000 - $499,000 |
8% |
6% |
6% |
|
$500,000 - $599,000 |
3% |
6% |
2.5% |
|
$600,000 - $699,000 |
1% |
0 |
0 |
|
$700,000 and up |
9% |
0 |
Less than 1% |
|
21% of sales were REO/Short Sales, average DOM for 8/09 sales = 165 days (most REO's have multiple offers and sell quickly). |
As you can see, the under $200,000 price range is still going crazy with investors and first time home buyers jumping in taking advantage of low prices, good interest rates (several of my clients locked with 5.5% in August), the $8000 tax credit that expires on December 1st (escrow has to close by that date to get the credit) and anxious sellers who are more negotiable than ever with the slow season looming in the not-to-distant future.
I would like to blow my offices horn for a moment and show you the sales per agent ratio for the leading offices in Del Norte County for August 2009:
- RE/MAX Coastal Redwoods - 1.6 sales per agent (5 agents)
- Bayside Realty - .9 sales per agent (8 agents)
- North Woods Realty - .8 sales per agent (8 agents)
- Century 21 - .7 sales per agent (7 agents)
- Investment Realty - .6 sales per agent (5 agents)
- Ming Tree - .4 sales per agent (12 agents)
RE/MAX Coastal Redwoods didn't just have one good month. Here are 2009 totals so far:
- Bayside - 7.13 sales per agent for 2009
- RE/MAX Coastal Redwoods - 5.8 sales per agent for 2009
- Century 21- 4 .29 sales per agent for 2009
- Ming Tree - 4.16 sales per agent for 2009
- Investment Realty - 3.8 sale per agent
- North Woods Realty - 3.5 sales per agent for 2009
RE/MAX Coastal Redwoods has only been in existence for approximately 3 years, so why are we doing so much business in comparison to offices that are well-established and have been around for 20+ years? We work hard for you! We want you to be happy and we want you to refer us to your friends and family; our excellent customer service shows in our stats.
Out of the 9 listings that have sold in 2009 with a sales price over $400,000, 6 of those 9 listings have been RE/MAX Coastal Redwoods listings and 4 of those have been mine. I am a full time agent who works 5 days a week (usually more) to find you the perfect home or find your home the perfect buyer. Why would you go anywhere else for your real estate needs?
* Absorption rate is the rate is would take to sell all current listings at the current rate of sales, in this case 278 active listings at the rate of 19 listings sold each month.
DelNorteCountyREOForSale.com & REOAgent95531.com
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 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!
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*PER CCMLS
