Barringer Team PodCast 6/01/09

Click on the link above to listen. This is a audio file that is a great reference to our market report.... Listen to the wisdom of my dad(Bill Barringer) speak about our current market activity. :)



Brian Barringer

brian@tracyhomes.com

CENTRAL VALLY REAL ESTATE MARKET TRENDS: May 4, 2009 compared to (April 2, 2009).

The following information is from the local MLS database, as of May 4, 2009 and is compared to (April 2, 2009). 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.

Current market conditions are very competitive and fast moving. Our inventory is at approximately 400 homes on the market for sale at the present time. We have an all time high 394 homes pending, meaning they have an accepted ratified contract on them and are going through the escrow and title search process.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 399 (494)

# of REO (foreclosures): 74 (144)

# of Short Sales: 266 (284)

Average # of days on market: 118 (103)

The median price of all homes for sale in Tracy: $293,000 ($228,155)

The average price of all homes for sale in Tracy: $397,710 ($330,687)

Lowest priced home: 1bd/660 sq. ft./$55,000

Highest priced home: 6bd/7,004 sq. ft./$2,650,000

PENDING Status

Number of properties currently under agreement: 394 (365)

# of REO: 268 (272)

Average pending price: $219,013 ($222,824)

Average pending home is 4 bedrooms, 1,990 square feet at a price of $219,013 that stays 54 days on the market.

SOLD Status

Residential property sold over previous 30 days: 162 homes or $35,210,164 in sales (169 homes or $36,522,500 in sales)

REO's sold in the last month: 122 (142)

Average sale price: $217,347 ($216,109)

Median sale price: $215,000 ($220,000)

High: 585K (6bd, 3,899 sq. ft. home)

Low: 52K (2bd, 800 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 98 (102)

# of REO (foreclosures): 13 (16)

# of Short Sales: 74 (74)

Average # of days on market: 64 (61)

The median price of all homes for sale in Mountain House: $317,400 ($337,400)

The average price of all homes for sale in Mountain House: $321,404 ($321,116)

Lowest priced home: 2bd/1,260 sq. ft./ $184,900

Highest priced home: 5bd/3,706 sq. ft./$477,604

PENDING Status

Number of properties currently under agreement: 80 (70)

# of REO: 40 (40)

Average pending price: $305,481 ($295,465)

Average pending home is 4 bedrooms, 2,614 square feet at a price of $305,481 that stays 36 days on the market.

SOLD Status

Residential property sold over previous 30 days: 26 homes or $7,710,800 in sales (21 homes or $6,427,702 in sales)

REO's sold in the last month: 17 (15)

Average sale price: $296,569 ($306,081)

Median sale price: $275,000 ($315,412)

High: 470K (5bd, 4,051 sq. ft. home)

Low: 200K (3bd, 1,260 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 117 (149)

# of REO (foreclosures): 29 (61)

# of Short Sales: 78 (79)

Average # of days on market: 77 (72)

The medianprice of all homes for sale in Lathrop: $174,900 ($173,527)

The averageprice of all homes for sale in Lathrop: $197,993 ($195,130)

Lowest priced home: 2bd/1,037 sq. ft./$77,500

Highest priced home: 6bd/4,165 sq. ft/$395,950

PENDING Status

Number of properties currently under agreement: 148 (152)

# of REO: 117 (126)

Average pending price: $177,338 ($185,980)

Average pending home is 4 bedrooms, 2,216 square feet at a price of $177,338 that stays 50 days on the market.

SOLD Status

Residential property sold over previous 30 days: 57 homes or $9,524,177 in sales (63 homes or $11,276,050 in sales)

REO's sold in the last month: 48 (57)

Average sale price: $167,091 ($178,985)

Median sale price: $161,100 ($180,000)

High: 286K (6bd/3,870 sq. ft.home)

Low: 69K (3bd/1,037 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 121 (153)

# of REO (foreclosures): 34 (48)

# of Short Sales: 80 (95)

Average # of days on market: 53 (81)

The median price of all homes for sale in Weston Ranch: $139,900 ($144,950)

The average price of all homes for sale in Weston Ranch: $144,338 ($154,179)

Lowest priced home: 1bd/1,079 sq. ft./$49,500

Highest priced home: 6bd/43,650 sq. ft./$249,000

PENDING Status

Number of properties currently under agreement: 146 (166)

# of REO: 115 (135)

Average pending price: $140,564 ($136,827)

Average pending home is 4 bedrooms, 2,051 square feet at a price of $140,564 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 73 homes or $10,125,476 in sales (57 homes or $7,731,908 in sales)

Average sale price: $138,705 ($135,648)

Median sale price: $135,000 ($130,000)

High: 225K (5bd/3,376 sq. ft. home)

($206,670 (5bd/2,790 sq. ft. home))
Low: 39.9K (3bd/1,085 sq. ft. home)

(85K (3bd/1,234 sq. ft. home))

800.894.7282

Where Home Prices Crashed Early, Signs of a Rebound

A good article by the NYtimes. I think even the news papers are starting to catch on. The market in Tracy at least for now has appeared to make a turn. The environment has shifted to more of a sellers market. At least in the fact that now sellers are picking who they want to be in contract with from multiple offers. Its pretty normal to see 5-10 offers on a house in Tracy now.

Business / Economy
Where Home Prices Crashed Early, Signs of a Rebound
By DAVID STREITFELD
Published: May 5, 2009
In areas hardest hit by the housing crisis, like Sacramento, and parts of Florida and Nevada, more robust markets suggest the housing sector may be in the early stages of recovery.

What drives the market here, then, are all those foreclosures. Two-thirds of the 2,092 existing single-family houses and condominiums sold here in March were bank repossessions, up from 8.5 percent two years ago, according to MDA DataQuick, a real estate research firm.These cut-rate properties are engendering the same frenzy and frustration that symbolized the boom, as Rebecca and Chris Whitman discovered when they started looking for a house in December. Ms. Whitman’s new job as an athletics director at Sacramento State required an immediate move from Chico, two hours north.In two months the couple looked at 100 houses, nearly all foreclosures priced under $200,000, making verbal offers on 20. Only rarely did they get a response. Banks trying to unload large numbers of properties are less interested in traditional transactions with individuals than all-cash offers from investors.As interest rates fell, the Whitmans were able to increase their price limit. They ended up buying from investors. A syndicate had bought a three-bedroom foreclosure on a cul-de-sac in eastern Sacramento last fall for $172,000, made a few improvements and was flipping it — another boom-era element that is back. The Whitmans bought it three weeks ago for $224,500.

Brian Barringer

brian@tracyhomes.com

800.894.7282