Magalia Weekly Real Estate Update

Wow! Another drop in the 30 year fixed rate in Magalia. It has been lowered to 5.48 this past week from 5.69. This is obviously great news for buyers; especially first time buyers who do not have a Magalia property to sell before buying a new one. Unfortunately, the amount of closings in Magalia is not quite as exciting. There were only 2 homes that were sold last week in Magalia. There were 11 new listings and 4 homes that went under agreement. Price reductions continue to be prevalent week after week, with a total of 11 price reductions occurring last week. The percentage of real estate properties under contract compared to total listings in is slowly starting to get better. We are now seeing that 10% of all listings in Magalia are now under contract, compared to 9% or lower in recent previous weeks.