Local Market Trends
The following information is from the local MLS database, as of November 3, 2008 and is compared to (October 1, 2008). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.
Summary:
The current market has slowed down some. All of the bad press is really scaring everyone. The stock market appears to be getting more stable and we are starting to see more buyers and investors starting to come out from the shadows.
With all the election hype, people are waiting to see what, and if, the lenders are going to really try and help people stay in there homes through numerous different ways (NOTE: re-structuring and loan modification).
I think the banks are going to have to cooperate more than they have been. The government is getting involved to help make the banks cooperate more so that we can back to a "somewhat normal" market. Let's hope it works!
Tracy, CA
ACTIVE Status
Total # of residential properties for sale in the city of Tracy: 652 (646)
# of REO (foreclsoures): 298 (278)
# of Short Sales: 287 (293)
Average # of days on market: 69 (65)
The median price of all homes for sale in Tracy: $245,000 ($249,900)
The average price of all homes for sale in Tracy: $266,381 ($280,302)
Lowest priced home: 1bd/594 sq. ft./$75,000
Highest priced home: 6bd.4,472 sq. ft./$1,102,939
PENDING Status
Number of properties currently under agreement: 397 (404)
# of REO: 322 (325)
Average pending price: $246,664 ($254,526)
Average pending home is 4 bedrooms, 2,045 square feet at a price of $246,664 that stays 42 days on the market.
SOLD Status
Residential property sold over previous 30 days: 163 homes or $42,527,215 in sales (160 homes or $41,283,365 in sales)
REO's sold in the last month: 136 (144)
Average sale price: $260,903 ($258,021)
Median sale price: $255,000 ($250,000)
High: 530K (6bd, 4,098 sq. ft. home)
Low: 47.5K (2bd, 936 sq. ft. home)
Summary:
Forecloures are being priced right and picked up by buyers taking advantage of the low prices. There are still at least 2 builders still competeing for buyers in the small boom town of 10,000 people. It's hard to tell what all of the builders out there are doing becuase some post their sales on the MLS. I am guessing that the builders do have more sales than what is represented. The majority of all homes pending and sold are "bank owned" properties. It is the BEST time in years to buy. Interest rates are at all time lows and there is a ton of inventory to choose from. Which ever one you are, call the local experts to show you the way. We also can negotiate with the new home builders for you. The builder pays us but we act as your buyer's agent! Call or e-mail us at tiger@bpbarringer.com or (800) 894-7282.
Lathrop, CA
ACTIVE Status
Total # of residential properties for sale in the city of Lathrop: 260 (251)
# of REO (foreclosures): 138 (115)
# of Short Sales: 99 (112)
Average # of days on market: 65 (61)
The median price of all homes for sale in Lathrop: $209,900 ($219,900)
The average price of all homes for sale in Lathrop: $235,831 ($253,016)
Lowest priced home: 2bd/871 sq. ft./$60,000
Highest priced home: 6bd/4,165 sq. ft./$1,275,000
PENDING Status
Number of properties currently under agreement: 169 (169)
# of REO: 143 (146)
Average pending price: $214,359 ($226,535)
Average pending home is 4 bedrooms, 2,251 square feet at a price of $214,359 that stays 42 days on the market.
SOLD Status
Residential property sold over previous 30 days: 51 homes or $11,243,040 in sales (64 homes or $14,341,800 in sales)
REO's sold in the last month: 46 (62)
Average sale price: $220,452 ($224,091)
Median sale price: $230,000 ($217,500)
High: 335K (6bd/3,463 sq. ft. home)
Low: 39.9K (3bd/1,105 sq. ft. home)
Summary:
Prices are still going down but sales are pickin gup. This is a REO market at it's strongest. Prices are at an all time low. Buyers have their choice in this market. We are seeing multiple offers here too. Buyers with down payments RULE! A lot of lenders are frowning on F.H.A down payment assistance programs. The market is picking up, pendings and solds are going up every month. Buyers are jumping off the fence. Rates are at an all time low. These are all signs of a BOTTOM or close to it. If you are looking to buy or sell, ge ta pro on your team with 22 years in the business. Call the Barringer Team to represent you (209) 833-7777 or e-mail at tiger@bpbarringer.com.
Weston Ranch, CA
ACTIVE Status
Total # of residential properties for sale in Weston Ranch: 284 (264)
# of REO (foreclosures): 156 (141)
# of Short Sales: 105 (99)
Average # of days on market: 58 (67)
The median price of all homes for sale in Weston Ranch: $161,200 ($169,900)
The average price of all homes for sale in Weston Ranch: $172,396 ($180,553)
Lowest priced home: 2bd/1,100 sq. ft./$76,000
Highest priced home: 6bd/3,153 sq. ft./$420,000
PENDING Status
Number of properties currently under agreement: 186 (194)
# of REO: 166 (171)
Average pending price: $157,110 ($169,985)
Average pending home is 4 bedrooms, 1,935 square feet at a price of $157,110 that stays 42 days on the market.
SOLD Status
Residential property sold over prvious 30 days: 59 homes or $10,067,563 in sales (80 homes or $13,749,550 in sales)
Average sale price: $170,637 ($171,869)
Median sale price: $165,000 ($170,000)
High: 260K (5bd/3,000 sq. ft. home)
(275K (6bd/3,153 sq. ft. home))
Low: 112K (3bd/1,120 sq. ft.home)
65K (2bd/864 sq. ft. home))
800.894.7282
http://www.tracyhomes.com/ and www.tracyrealestate.blogspot.com
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