It never fails when meeting someone new the first question they ask is “how’s the market”? Thus, this week I thought I would share some information for you on how our community of Colusa County is doing throughout the change in today’s real estate market.
Now that the days of the bank owned sales are no longer running the show, real estate is welcoming the return of the prevailing “equity sales”.
The share of equity sales has continued to rise month to month for 17 of the last 18 months and now makes up for more than 4 out of 5 sales. This is the highest since December of 2007. The chief economist for the California Association of Realtors, Leslie Appleton Young, says that “the increase in the share of equity sales reflects a market that is fully transitioning from investor purchases of distressed homes to primary home purchases by households. As a result, we’re seeing a significant decline in the supply of short sale and bank owned properties.”
In July 2012, equity sales of single family homes accounted for 59.2% of home sales. In July 2013, that number rose to 82.9%. Phenomenal! Now that the economy has begun to stabilize, people are making the move.
In addition, 6 of the 7 top metropolitan areas with the fastest rising median home prices are in California with the largest increase of 40% being in the greater Sacramento area. The average days on market have also dropped significantly statewide to 28 days. All of these factors make this a great market for sellers that are considering making the move.
According to the Sutter Yuba Association of Realtors MLS & greater Sacramento Metrolist MLS, there have been 104 single family homes sold within Colusa County from January 1- August 31, 2013. Here is the breakdown per city/town: Arbuckle: 17 homes; Stonyford: 2 homes; Princeton: 2 homes; Maxwell: 2 homes; Williams: 30 homes; Colusa: 51 homes.
Of the homes sold in 2013, 11% were short sales, down from 12% in 2012, 41% were bank owned properties, down from 51% in 2012 and equity sales were 48% UP from 37% in 2012. All good signs that we are moving in the right direction for recovery.
If you are curious what your home is worth today, I highly recommend obtaining a comparative market analysis on your home. This is a FREE service from your Realtor. It is always a great idea to know the current value of your investments and your home is your biggest investment! I am happy to assist you if you do not have a Realtor with which you are currently working.
If you would like more information on what is going on in the real estate market today or for questions on any other topic, please contact me at firstname.lastname@example.org or call 530-681-2532. I look forward to being of assistance to you.