This charming Seal Rock cottage had tons of interest and closed after only 54 days on market. Priced at $149,000, it is a great example of pricing a property to sell vs. pricing it to sit on the market.
The number of closed sales in June is down slightly from May while the average price increased. As I see it, the drop in sales is due to the expiration of the “Home Buyer Federal Tax Credit” program. The credit expired on April 30, which led to a higher number of May closings. Congress extended the credit for Buyers who had offers in progress as of April 30. Estimates indicate that 160,000 Buyers are in the extension period. It was so successful, that as of today, Congress voted to extend the tax credit through September 30th.
Historically low interest rates (5% or less) make this a great time to buy – especially with a rich inventory. The number of bank owned properties is shrinking as Buyers are discovering the challenges of purchasing “distressed” properties. Good prices? Sure, but you really need an experienced broker to advise and assist. One other factor is the trend with Sellers to list at realistic prices. The aware Seller wants to market the home not be on the market.
| Property Type | # Sold in June | Average Sales Price | Days on Market | Avg % of List to Sale Price |
| Site Built | 44 | $287,704 | 146 | 92% |
| Manufactured | 10 | $123,360 | 119 | 96% |
| Condos | 5 | $160,326 | 217 | 88% |
| Land Residential | 9 | $90,733 | 258 | 77% |
| Multi Family | 3 | $201,067 | 99 | 95% |
| Bank Owned | 14 | $218,334 | 128 | 92% |
Plan a trip to the Coast! The weather is great, activities abound and you can find some excellent buys in homes.
