Crescent City/Del Norte County real estate market report for July, 2010...Ouch!
The market report for July is fairly depressing with only 5 sales all month.
The highest priced sale was $237,000 for a home on 1.53 acres, three REO's (foreclosures) sold and a mobile in a park for $8000.
I checked my search 3 times to make sure I was not in error. 5 sales is abysmal for winter months sales, but in July!!!! Ouch.
Here are the market stats for July:
- Median price sold - $105,000
- Average price sold - $121,600
- Average days on market - 159
Another trend that is hard to miss is the upper end market, especially homes on Pebble Beach Drive, one of the premier neighborhoods in Del Norte County for its outstanding views. There are currently 13 homes listed for sale on this street that is about a mile long. What makes this particularly noteworthy is that there are still homes on Pebble Beach priced over $1,000,000, which seems out of line with what is happening in the market.
There are currently 309 active residential listings, 33% of those listings are priced over $300,000, however they only comprise 9% of sales so far in 2010.
- 98 active listings over $300,000 or 32% of listings
- Sales over $300,000 comprise 9% of sales for 2010
- Sales between $200,000 and $299,000 comprise 23% of sales
- 67% of sales so far in 2010 are homes priced under $200,000 approximately 40% of those sales were foreclosures
- At the current rate of 5 sales a month, it would take 5 years to sell all current inventory
What does it all mean? Here is a post I wrote recently that sums it up, Home prices are not expected to bounce back anytime soon. It is a tough time to be a seller. It is difficult to see your homes value plummet, especially if you have to sell. Del Norte County prices have declined 32% over 2006 prices, which is better than the rest of the state, but still a hard pill to swallow, especially if you purchased in 2005-2006 at the height of the market. The end of the federal tax credit and more stringent lending standards are both contributors to July's 74% drop in sales from June.
There are still buyers in the market and they are looking for a deal. Sellers who price their homes competitively should still be able to find a buyer.
If I was limited to only one suggestion to a buyer or seller in this market, the most important factor is to choose your real estate agent wisely. Not every agent works full time, knows how to write offers that involve seller contributions and will stay on top of all the support people who make a transaction successful.
Call me if you have real estate needs in Del Norte County and thank you for stopping by my blog.
As of today, no one has sold more listings or represented more buyers in Del Norte County for 2009 and 2010 than Fran. Why? Fran works full time, knows her market and handles every aspect of each transaction as if it were her personal purchase. Fran's focus is to make sure your escrow closes instead of crashes. Put Fran's 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, 2010 and 2011--*in units sold and volume--than Fran Gatti. Put Fran to work for you!
 |
Brought to you by Fran Gatti at |
*PER DNAOR-MLS
Wow, Fran.
Those are sobering numbers.
Our high end ...and especially our country/outlying area properties also have a huge inventory - about a 40 month supply for homes over $300,000 in those areas. Our metro numbers are better. So are homes below our median - about $220,000.
Hi Fran. Love market reports!
I have seen similar results for real estate sales in Illinois this summer...
Love the new picture!
Ken
Thank you for the feedback on the picture. It was time to update. No one recognized me if they saw my picture on the internet before meeting me. I guess short and red it a far cry from long and blond, LOL.