GOOD NEWS FOR OUR MARKET
Posted on: Tuesday, 03/03/2009

The California Association of Realtors reports that sales of existing homes doubled in our state last month passing the 600,000 homes mark for the first time since October 2005. Other positive indicators are; the inventory of unsold houses in the state stood at 6.7 months in January compared to 16.6 months the month of January 2008. the median number of days to sell a home fell from 70.8 days in January 2008 to 49.9 days last January 2009.

The strength of this latest market move in recent months signifies the market gradually is getting rid of large amounts of foreclosure properties. James Liptak, Association president was quoted saying “Affordability is now at its highest since the start of the decade.”

Good news for our area. All we have to do is continue to sell all of the distressed properties and prices will stabilize to a realistic level once again.

Information researched from the California Association of Realtors

The Editor
Clovis Real Estate Agents