Local angle
A few items to note before you review the March 2007 numbers. We now have 3,910 homes on the MLS. That is a 13 months supply of homes. The sales numbers are declining and inventory is growing. Also, the sales numbers include foreclosures. This distorts the sales activity and when taken out the months supply of actual sold homes approaches 16 months. Second, the days to sell is a total JOKE. This number, as reported numerous times, does not adjust for the re-listing scam. From the Bakersfield Californian :
Bakersfield home sales volume declined by nearly half in March as compared with a year before, while the median price of an existing home fell 4 percent, according to new data.
A report released Tuesday by local real estate appraiser Gary Crabtree indicates hat 292 existing homes sold in Bakersfield in March, down 47.7 percent from March 2006. New home sales fell 45.8 percent during that period to 169.
The median price of a new home in Bakersfield — the point at which half the houses sold for more money and half sold for less — declined 1.2 percent to $320,000, Crabtree reported. For existing homes, March’s median price was $278,500.
Crabtree also reported that homes stayed an average of 65 days on the market in March — an increase of 41.3 percent over a year before.
Wednesday, April 25, 2007
Local market update for March 2007
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3 comments:
And let's not forget the inevitable sales that were made to "straw buyers", i.e. sales to a bag holder that was actually a bail-out for a trapped specuvestor, with the bank holding the bag after the property goes to foreclosure down the road...
Can't wait for the Foreclosure Commissions to start Rolling in !!
Dont hold your breath. 40-50% of all NOD's are becoming foreclosures. So little short sale chance. Also, sales are down 70% from the peak (per month) so good luck generating a sale...
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