Crescent City/Del Norte County market report - things are picking up, yippee!
The absorption rate is high at almost 23 months. We are still in a buyers market.
Things are looking up, however. Inventory is down from the high last fall of 315, sales are increasing and the median price jumped up over $100,000 from the low of $135,000 in January.
Short sales are on the increase with some real deals for the investor and homeowner as well. If you are one of the many homeowners who find yourself in a must sell situation, please consider a short sale before letting your home go to foreclosure. You will take less of a hit on your credit and if you use a REALTOR experienced in short sales (me), the process is not that difficult.
Here's the Market At A Glance:
| 2/08 # Sold | 2/08 Median | 2/08 Average | 2/08 Avg DOM | 1/08 # Sold | 1/08 Median | 2/07 # Sold | 2/07 DOM | 2/07 Median |
Residential | 6 | $246,000 | $265,864 | 270 | 6 | $135,500 | 16 | 210 | $347,500 |
Vacant land | 3 | $60,000 | $85,000 | 290 | 3 | $169,000 | 1 | 23 | $125,000 |
Commercial | 1 | $324,586 | $324,586 | 0 | 1 | $550,000 | 0 | 0 | 0 |
Multi-family | 0 | 0 | 0 | NA | 0 | 0 | 1 | 196 | $167,000 |
Buyers - now is the time to jump into the market right alongside those investors. DON'T WAIT FOR PRICES TO INCREASE TO JUMP IN!!!
Sellers - If you need to sell, please properly price your home and list with a real estate professional who is knowledgable in your market (me) and IT WILL SELL. If you find yourself behind in your house payments and can't get caught up, before losing your home to foreclosure consider a short sale with a real estate agent who has experience in that area of real estate. Short sales are not your standard, everyday transaction, so list with someone who knows the short sale ropes so to speak.
Happy house hunting and selling and catch the market update next month. Click here for previous market up-dates.
Del Norte County is a great place to live. Come find out why.
Del Norte County...The Other California.2008 all rights reserved/Fran Gatti
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Fran is "The Redwood Coast Real Estate Connection" and #1 Buyer's Agent in Del Norte County for 2007. Put her experience to work for you.
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This is a very nice market report, Fran. I'm glad to see that things are looking up in your beautiful area. You've given some great advice about short sales. I hope people pick up the phone and give you a call.
Fran - that is great news, that you are seeing a turning point in your market. And a beautiful market it is, from the gorgeous coast to the redwoods. I enjoy it every time we head to the coast from the Rogue Valley. See lots of your signs along the way, too! Will be happy to see more "solds" on them next trip :->