Crescent City/Del Norte County Real Estate Market Report for August 2008 - still slow.
I have put off writing this report because I'm a little tired of constantly being the bearer of bad news for sellers, however, it behooves all of us who are involved in the home buying and selling process to know our market, good or bad.
August had 9 residential closings, which is very low. We currently, as of today, have 306 active residential listings, which is very high. The absorption rate, the rate it would take to sell all the active listings at the current rate of 9 a month, is almost 3 years, which is the highest I have seen since I have been tracking these statistics (about 2 years).
If you have tried to get a loan or know someone who has, you know that money has tightened up and it is much more difficult to get a loan than it was a year ago.
42% of the listings in our market are $300,000 and up, but have comprised only 16% of the sold residential listings for 2008. I know I sound like a broken record, but if you are selling a home in the over $300,000 price range, you have a lot of competition and you need to be at the lower end of your price spectrum if you want to sell.
If you are a buyer...the world is your oyster...sort of. Do yourself a favor and get pre-approved BEFORE you house hunt. With money as tight as it is, you may not qualify for the same amount you were approved for 4 month ago. Things have changed in lending quite a bit in the last few months and lenders are still failing. It would benefit you to go with a strong lender that will be there in 45 days when you need to have your loan funded to complete the purchase of your home.
There may be a brighter day approaching; there are 26 homes in contingency sale or pending status. That is encouraging, but as I previously stated, lenders are still failing and money is getting tight. Escrows are being impacted by these changes and just because a home is in escrow, it doesn't mean a thing until it reaches the Big Kahuna of real estate...recording title in the buyers name.
Here is the market at a glance:
|
|
8/08 Sold |
8/08 Median |
8/08 Average |
8/08 Avg DOM |
7/08 Sold |
7/08 Median |
8/07 # Sold |
8/07 DOM |
8/07 Median |
|
Residential |
9 |
172,000 |
180,278 |
198 |
11 |
180,000 |
22 |
157 |
181,500 |
|
Vacant land |
2 |
56,250 |
56,250 |
122 |
3 |
95,000 |
2 |
282 |
159,500 |
|
Commercial |
- |
- |
- |
- |
1 |
150,000 |
- |
- |
- |
|
Multi-family |
1 |
295,000 |
295,000 |
181 |
- |
- |
- |
- |
- |
Now, more than ever, you need a real estate agent who knows your market and can assist you with properly pricing your home. Please give me a call for assistance with the purchase or sale of your home.
I am here to assist you with your real estate needs!
 Brought to you by Fran Gatti at  Bus: 707-464-5400, Cell: 707-218-8162 Email: fgatti@charter.net Website: FranGattiHomes.com My Blog: Fran's Blog Fran is the #1 buyer's agent for 2007per CCMLS |
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!
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