Magalia Weekly Real Estate Market Update

It feels as though more Magalia prospective buyers are out looking at properties and that the market may finally being waking up from its long winter slumber. Unfortunately, this activity does not seem to be reflected in the area statistics. The Magalia real estate market had another very slow week with only 1 property closing escrow and 3 properties going under agreement. Available inventory increased again this past week as 13 new listings hit the market and another 10 listings underwent price reductions. The majority of activity being seen in the Magalia market still remains within two categories; those single family homes being priced under $250,000 and manufactured homes. At the end of last week there were 235 real estate listings on the market in Magalia with 126 of them being single family properties, 59 of them being manufactured homes, and the remaining 50 being lots of land.