Stockton Real Estate Market Trends 7/30/09, "The Way it is".
We are still waiting for the flood of foreclosures and bank owned homes to come on the market. The inventory in Stockton, Ca is very low. There has been a shift in the market in the last few months from foreclosures dominating the market to short sales. 56% of active listing are short sales, normal sales (local owners, non-distressed active listings) 10% and 34% of the active listings in Stockton, CA are foreclosures. Only about 10% of the short sales actually close in contrast to 80% of foreclosures close escrow.
Upcoming foreclsoures and the willingness of lenders to cooperate with short sales, increased mortgage delinguencies will result in an increase of homes on the market in Stockton and the San Joaquin Valley. Investors and buyers please keep in mind that trends are local and local information has more to do with your purchase than national trends. At the Lilly Dorton Goup we always privide our buyers with price comparable in order to make and intelligent buy.
Market Trends as of July 30th 2009
Number of home currently on the market 1,131
Condos and Town Houses 63
Minimum Listing Price $14,900
Median List Price $149,900
Maximum List Price $2,990,000
Market notes: Why the low inventory with record mortgage delinguencies? Perhaps it is that many of the taxpayer subsidized financial institutions are trying to manage price by using traditional laws of supply and demand. We are seeing that prices are stablizing.
The Lilly Dornton Real Estate Group Advises:
Buyers, it is time buy, the market is very close to the bottom. It costs more to build a home than the price of existing homes.
There are good deals out there and the Lilly Dorton can help you find that perfect home. Prices are low and interest rate are the best in years.
1st time buyers tax advantage of the $8,000 tax credit.
Investors it is time to buy: homes pencil out at these prices and interest rates rents will more than cover the mortgage and there should be a tremendous upside on appreciation.
Call us today at 209-631-8552 for your free foreclosure list or visit our web site at www.Your-new-address.com. tune in tomorrow for more thoughts on the real estate market trends and helpful knowledge on the market in Stockton, CA, and that's the way it is on July 30th 2009.