Archives

June 2008

The most frequently asked real estate question today

Posted at 2:28 PM, Jun. 18, 2008

Hardly a day goes by when I don't encounter someone I know who asks me: "How is the real estate market?" The answer is simply, "spotty". There are buyers showing up, but there are very few who are actually purchasing property. The current buyer expectation is that there will be a better deal tomorrow. That's not necessarily so - and when tomorrow comes and prices are rising, that buyer is not going to be happy. So, if you are serious about buying property in this market, do it now. There is plenty to choose from and deals can be made.

May 2008 Market results

Posted at 4:56 PM, Jun. 6, 2008

As expected, May 2008 was a spotty month for sales (closings). Adding that to the normal slow market at this time of the year and the results make sense. That's not to say the market isn't "off", but it is hard to tell what is happening during a traditionally slow market time. Having said that, the numbers for escrows don't look so bad and they more accurately reflect "sales" that occurred in may, but did not close. (In my case, I didn't have any closings in May, but I had three properties go into escrow.) Now for the numbers: One home sold for the listing price of $390,000. Three lots sold at a total value of $337,000; about 92% of listing price. -- For the first 5 months of 2008, 15 homes sold at an average price of $432,560 (95% of listing price) and 225 days on market. The median price per square foot was $206. There were 19 land sales at an average price of $139,626 and 125 days on market. The median price per acre was $15,600. June closings and (beyond) include 7 homes and 5 lots. Included in this is one home listed at $1,800,000 which has been on the market for several years. It is still a buyer's market. There are 76 homes currently for sale which represents about a two year supply! They range in price from $105,000 to$1,525,000. Our primary market of under $400,000 homes included 29 properties which is unusually high. --- There are 182 parcels of land for sale ranging from $31,900 to $1,445,000. If you are interested in this area, now is as good a time to buy as I have ever seen! Check our website, www.SonoitaProperties.com, to search for properties that are of interest to you. Happy hunting!