Tracy Real Estate Market Report for May 2ed 2008
0 Comments Published by Brian W. Barringer on Friday, May 02, 2008 at 4:12 PM.
The following info is from the local MLS database, as of May 2nd 2008 as compared to April 4th 2008. If you are interested in a little more market information feel free to give me a call, We are always happy to talk about the market. Just either give us an E-mail at tiger@bpbarringer.com or a call at 209-833-7777 or toll Free @ 1-800-894-7282 We look forward to being of service.
ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 809
854
# of REO (foreclosures): 319
328
# of Short Sales: 332
346
Average # of days on market: 87
87
The Median price of all Homes for sale in Tracy: $305,000
The Average price of all Homes for sale in Tracy:
$348,734
Lowest priced home: 1bd/1.ba/502 sq.ft/$100,000
Highest priced home: 7bd/6ba/5000 sq.ft/$1,949,900
Pending Status
# of properties currently under agreement: 334
299
# of REO: 269
225
# of Short Sales: 46
45
Average pending price: $312,102
$322,227
Avr. pending home is 4bd, 3ba, 2089 sq.ft at a price $322,102 and 61 days on the market.
SOLD Status:
Residential property sold over previous 30 days:
112 homes or 35,913,463 in sales
69 homes or $23,666,252 in sales
REO's Sold in last month: 93
54
Average sale price: $320,178
$342,310
Median sale price: $327,444
$350,557
High: 629K (5/5bd 3782 sq.ft home).
Low: 140K (810 sq.ft home)
Summary:
We are now deep into our foreclosure market. The banks have caved on there prices and are now successfully moving there inventory. One trend we are seeing is the banks are giving concessions to buyers as much as 6% of the purchase price, 3% toward closing costs and 3% toward buyers down payment. That makes it possible for a first time buyer to buy a home with a 97% loan. Also one thing we always do for our buyers is negotiate the bank paying all title fees. This is because the banks want to choose there own overpriced title company in a different state. Now a days the banks are making it so that you can buy a foreclosure with no money out of your pocket.
Another change in the market is the amount of offers received on each property. This is because of the simple fact that the pool of buyers in Tracy has increased two fold. There seems to be 3+ offers on each Xtreme home and they are usually getting bid up, so we think the days of making and getting a low-ball offer excepted are over for now.
One reason is because most of the overpriced REO's are at that price because they are not willing to sell at market value price. They want to spend a few months fishing for that imaginary buyer that is willing to pay over appraisal, is that smart? Just like regular sellers there are some people who are wishing and hoping. In this case they are hoping to IMPRESS there BOSS at the fact that they can get a higher price than the market allows. Well just as in a regular market this will not happen. Buyers from the web have the entire market at there finger tips so there is no way of fooling them. MARKET VALUE IS MARKET VALUE!
We are seeing a lot of buyer activity due to the low prices. Personally our office has been bustling with business.
Our Sold inventory over the last month increased 2X, from 69 homes to 120. Our pending inventory is also been holding steady at around 300 homes per month. So whether you are Buying or selling get the pros on your side and contact the Barringer Team.
E-mail us tiger@bpbarringer.com or you can call us @ our toll Free # 1-800-894-7282
ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 809
854
# of REO (foreclosures): 319
328
# of Short Sales: 332
346
Average # of days on market: 87
87
The Median price of all Homes for sale in Tracy: $305,000
The Average price of all Homes for sale in Tracy:
$348,734
Lowest priced home: 1bd/1.ba/502 sq.ft/$100,000
Highest priced home: 7bd/6ba/5000 sq.ft/$1,949,900
Pending Status
# of properties currently under agreement: 334
299
# of REO: 269
225
# of Short Sales: 46
45
Average pending price: $312,102
$322,227
Avr. pending home is 4bd, 3ba, 2089 sq.ft at a price $322,102 and 61 days on the market.
SOLD Status:
Residential property sold over previous 30 days:
112 homes or 35,913,463 in sales
69 homes or $23,666,252 in sales
REO's Sold in last month: 93
54
Average sale price: $320,178
$342,310
Median sale price: $327,444
$350,557
High: 629K (5/5bd 3782 sq.ft home).
Low: 140K (810 sq.ft home)
Summary:
We are now deep into our foreclosure market. The banks have caved on there prices and are now successfully moving there inventory. One trend we are seeing is the banks are giving concessions to buyers as much as 6% of the purchase price, 3% toward closing costs and 3% toward buyers down payment. That makes it possible for a first time buyer to buy a home with a 97% loan. Also one thing we always do for our buyers is negotiate the bank paying all title fees. This is because the banks want to choose there own overpriced title company in a different state. Now a days the banks are making it so that you can buy a foreclosure with no money out of your pocket.
Another change in the market is the amount of offers received on each property. This is because of the simple fact that the pool of buyers in Tracy has increased two fold. There seems to be 3+ offers on each Xtreme home and they are usually getting bid up, so we think the days of making and getting a low-ball offer excepted are over for now.
One reason is because most of the overpriced REO's are at that price because they are not willing to sell at market value price. They want to spend a few months fishing for that imaginary buyer that is willing to pay over appraisal, is that smart? Just like regular sellers there are some people who are wishing and hoping. In this case they are hoping to IMPRESS there BOSS at the fact that they can get a higher price than the market allows. Well just as in a regular market this will not happen. Buyers from the web have the entire market at there finger tips so there is no way of fooling them. MARKET VALUE IS MARKET VALUE!
We are seeing a lot of buyer activity due to the low prices. Personally our office has been bustling with business.
Our Sold inventory over the last month increased 2X, from 69 homes to 120. Our pending inventory is also been holding steady at around 300 homes per month. So whether you are Buying or selling get the pros on your side and contact the Barringer Team.
E-mail us tiger@bpbarringer.com or you can call us @ our toll Free # 1-800-894-7282
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