Mike’s Market Data for September—2009
The market for September’s Sales. I’ve added something new to the mix this month. I’m taking a harder look at the “normal” market. I’ve designated this category “REO&Short-Sales Excluded”. I do this to show you there IS an alternative to the “REO offer shut-out” and the “Short-Sale run around!”
Many folks still need a courageous Realtor to have a frank discussion with them about the current market conditions. Remember, you Sellers need to price your properties “In-front” of the current market trends.
I’ve been using Foreclosure Radar for a client balking at pricing it correctly. I go-online and show them their neighborhood. Foreclosure action is an indicator of tough competition coming for the homeowner. Many “Pre”, “Auction” or “Post” foreclsurethe bigger the impact! Conversely I did this to a buyer who thought he was going to go into Oakmont and get a steal of a price. I pulled a foreclosure radar search map up for Oakmont and there was virtually NOTHING THERE! No market distress, no upcoming distress, hence no market pressure!
Many a reluctant seller will see the wisdom after showing the map on their neighborhood. If there is plenty of “action” in the pre, auction or post foreclosure market (it will look like someone spilled a bag of M&M’s on the map!) then I advise, “Mr. and Mrs. Seller, as you can see the neighborhood here has much foreclosure activity. When these become bank owned they will be put on the market at a bargain price. Most likely undercutting your price substantially. They then become the new “comp on the block”. Wouldn’t you rather sell at a strong price today or risk substantial equity erosion in the future?” Continue reading Median drops ONLY 9%!! Can you spell B-O-T-T-O-M? But where are the REOs?
So is the market turning northward!! Here’s the data for August of 2009:
All Listings—The REO and Short-Sale segments below are NOT in addition to these numbers but are simply what COMPRISES or makes up, these base numbers!
Base Numbers: # DOM (Days on the market) Median Home Price
Actives: 1506 DOM: 121 $625,000 Median
CTS: 1087 DOM: 116 $299,000
Pend: 226 DOM: 103 $315,000
Sold: 450 DOM: 101 $325,000
Sold’08: 466 DOM: 93 $355,000 ONLY down 8.5% over last year! Good News Here! Compare this to the historic 25-30% slips of the past few years!! Can you spell “Bottom”??But wait! If the REO market comes roaring back count on this number to falter and fall. That’s IF the Asset Managers insist on “dumping” inventory. Continue reading August Market Data Featured on the Show this Sunday!
2009 July Sales:
ALL CATEGORIES (Single family,condos,Farms and Ranches ONLY) :
Continue to show or just in escrow:—1058
Pending—firmed up escrows: 227
Sold: 500 Up 6.5% over last year at this time—not spectacular by any means!
However, Median Price down ONLY 11.25%!! Continue reading Sales Data–July 2009 Sonoma County
The big news is we hit 500 Sales for the first time since October! Yeah! But we ARE in PRIME TIME so we’d better beat that wild and crazy October sales number.
- The other BIG news is the median, usually dropping some 25%+ per month is down ONLY 10% over last years median!
- Sales are up a modest 6.5% mainly due to the LACK of inventory. Last year at this time we had 2600 listings but are limping along in ’09 at just 1574 total homes on the market in Sonoma County!
- Here’s some other categories and numbers:
- REO’s or Real Estate Owned-those ‘post’ foreclosure–sales are down 32% over last year!
- We only have 131 “Active” REO’s! REO’s make up ONLY 8% of the active market but 29% of ALLSALES! Wow!
- Short-Sales: those with loan amounts HIGHER than the list price-sales have fallen 14% over last month at 86 but are up a whopping 42% over last year! However, the average time on the market is still a huge 176 Days! Of our 1058 in escrow or Continue to Show homes, 645 are Short-Sales! We ONLY have 67 pending which is a firmer transaction!
- Oddly, the number of VACANT omes is now at 535 of All Active listings and 303 of ALL the 500 Sales or 60%! The foreclosure sales toal 46% (REO’s and Short-Sales”) but 14% more ARE Vacant! Interesting?!!