Real Estate Market Report for January 31st 2008
1 Comments Published by Brian W. Barringer on Thursday, January 31, 2008 at 12:52 PM.
The following info is from the local MLS database, as of January 31st 2008 as compared to December 28, 2007. If you are interested in a little more market infomation feel free to give me a call, I am always happy to talk about the market.
ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 902 (902)
# of REO (foreclosures): 328 313
# of Short Sales: 221 200
Average # of days on market: 88 91
The Median price of all Homes for sale in Tracy: $369,975 $380,000
The Average price of all Homes for sale in Tracy: $398,734 $406,552
Lowest priced home: 1bd/1.00ba/502 sq.ft/$119,000
Highest priced home: 7bd/6ba/6500 sq.ft/$1,699,000
PENDING Status:
Number of properties currently under agreement: 111 104
# of REO: 76 69
# of Short Sales: 12 16
Average pending price: $386,227 ($408,632) (($408,775))
Avr. pending home is 4bd, 3ba, 2238 sq.ft at a price $396,450 and 64 days on the market.
SOLD Status:
Residential property sold over previous 30 days: 46 Transactions or $16,666,252 in sales. (35 transactions or $16,107,700 in sales.)
REO's Sold in last month: 33
Average sale price: $362,310 $395, 159
Median sale price: $356,557 $362,500
High: 599K (5/5bd 3882 sq.ft home).
Low: 150K (440 sq.ft home)
Summary: Busy! (But not too busy to help all of my clients.)The market is picking up because homes are affordable. The banks are giving great deals. Out of the 46 closed transactions last month, 33 were bank owned foreclosure's. A majority of pending homes are also bank owned. This shows the banks have fingered out the price that buyers are willing to pay for a home..... And its catching on, people who are renting are finding out that it would be the same if not cheaper to actually own a home......Now is the time that inventory( vacant foreclosed homes) from the sub prime lending crisis will change hands. In a few months I think we will see more competition between buyers for listings once this affordability idea really catches on. I have already had 3 multiple offer situations in the last two weeks alone. The truth is if its priced the best its going to get all the activity.
I also think that we have seen the majority of the price correction for this market cycle.
Brian Barringer
(My wife and I at Texas Roadhouse W/the in-laws last month)
brian, how're the number looking for the 1st half of Feb? are things moving faster now? thanks.