Aug.R.E.Update: July sales,More foreclosures? Values have risen how much this year? interest rates
Hi Friends- I hope all is well. Had a great time last Friday at the Grizzlies game. I took my niece to her 1st baseball game. She was in from manzanillo, colima. MX.
How much have values have risen for the year?
At over the halfway mark of the year, values have risen approximately 9% overall for the local market. Please keep in mind this does not apply to all neighborhoods. Some have risen more. Some less.
Foreclosures are .016% of the market. Short sales are about .022%.
Significantly down. Combine total of approx 4% of the active market.
Gas prices are steady. Though, the State of California is considering a gas tax increase. I hope they reconsider. Higher taxes on gas, increases prices on everyday items like groceries,household supplies,etc.
Homes sold last month, July.'16: 680
The previous July'15 were 704.
We have,what I call, a present monthly absorption rate of approx.54%.
To clarify,In July, approx.54% of the homes on the market sold!
Ask me how much your home is worth?
How much have values have risen for the year?
At over the halfway mark of the year, values have risen approximately 9% overall for the local market. Please keep in mind this does not apply to all neighborhoods. Some have risen more. Some less.
Foreclosures are .016% of the market. Short sales are about .022%.
Significantly down. Combine total of approx 4% of the active market.
Gas prices are steady. Though, the State of California is considering a gas tax increase. I hope they reconsider. Higher taxes on gas, increases prices on everyday items like groceries,household supplies,etc.
We still need more water storage. San Luis Reservoir was started under President Kennedy Hopefully, a new local water storage will be started under President Obama.
Anyway, with basically good gas prices & good interest rates, these are good signs that the local real estate market continues to be healthy.
Please see my stats & additional commentary on the local market Below.
LAST MONTH'S REAL ESTATE SALES
As per information garnered from the Fresno Multiple Listing service, in the Fresno/Clovis area:
Homes sold last month, July.'16: 680
The previous July'15 were 704.
675 homes sold the previous month, June '16.
Average sales price was $257,673.
(July'16)
Average sales price was $244,326 a year ago.
(July'15)
Median sales price was $235,250
(July'16)
(July'16)
Median sales price was $225,250 a year ago.
(July '15)
Breakdown per price range & Days on Market
377 homes sold from $200-400,000.The avg. D.O.M.: 43
70 homes sold from $400,000 Plus. The avg. D.O.M.: 75
__________________________________________
As of today, Last month's inventory of homes in the Fresno/Clovis area was
1,238. The present inventory stands at about 1,261. We have,what I call, a present monthly absorption rate of approx.54%.
To clarify,In July, approx.54% of the homes on the market sold!
Homes are selling.
Presently, good interest rates.
3.50-3.65% for FHA/VA
3.50% for Conv. 30 yr/ 3.00 for Conv. 15 yr.
Always confirm interest rates with your trusted lender. If you do not have one,
I can refer you to one. I have excellent lenders I work with.
Loan availability is good. The real estate market remains healthy. Good time to buy. Good time to make that move.
3.50-3.65% for FHA/VA
3.50% for Conv. 30 yr/ 3.00 for Conv. 15 yr.
Always confirm interest rates with your trusted lender. If you do not have one,
I can refer you to one. I have excellent lenders I work with.
Loan availability is good. The real estate market remains healthy. Good time to buy. Good time to make that move.
As you probably know, most real estate decisions are made with wise counsel.
Do not hesitate to contact me.
Do not hesitate to contact me.
Put my experience & know-how to work for you! "Don't Settle for less"
Ask me how much your home is worth?
Contact me for your Free, no obligation consultation.
Have a great day!
Derek Monreal
Realtor
7050 N. Fresno St., #204
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