January Home Sales – Fresno & Clovis

Home sales seemed to have slow slightly in January 2012 with a total of 466 sold in the Fresno and Clovis areas. This figures to be an 11% drop from the 520 sold homes in January 2011. The main factor we’re seeing for the drop is the lack of inventory. We all have the buyers ready and willing to buy ‘the right home’, but with so few homes listed it’s becoming a struggle. The bright side is the low inventory is causing a rise in home prices letting home owners feel some relief.

It looks as though the median price will stay at about $135k.  This is largely due to what is selling.  Seventy-four percent of Januarys home sales were $200k or below and 34% were $100k and under.  There was good sales number above $200k, but the market is still being driven by first-time homebuyers and investors buying the lower-end homes.

The foreclosure (REO) inventory has really seen a considerable drop and pre-foreclosure (short sales) are still rising in numbers. This is as lenders seem to be approving short sales at a higher rate and seeing the value of selling before foreclosing.  As many of us have seen, once a home is foreclosed on it quickly become a distressed property and loses value. Because short sales go directly from one owner to the next, the properties condition tends to be better.  Of the 466 January sales: 38% were foreclosures and 25% were short sales for a combined 63% leaving 37% as traditional home sales. Yes there are still traditional sales!

That was my optimistic view – now on my pessimistic side.  Since December 1^st of 2011 there have been more that 500 expired short sales that have neither re-listed nor closed in a sale. So I believe we will be seeing an increase in trustee sales soon and a rise in foreclosure inventory. Not a huge rise, but there will be some coming and hopefully quickly so they don’t become distressed.

If you or someone you know is looking to buy or sell I would appreciate the call and opportunity to assist!