In preparing the summary of the 2008 statistics from the Yosemite Gateway Association of REALTORS®, I included all our mountain and foothill areas and excluded those classified as out of area. I also included statistics comparing the years 2008, 2007, and 2006. This provides a better picture as to what our local area has experienced over the past three years.
Moving into 2009, there is positive news for those in a position to buy. With falling prices and falling mortgage rates, housing is more affordable. Thus, before I get to the 2008 statistics, I’d like to first share the current opportunities in our mountain and foothill areas. As of the beginning of this year (January 1, 2009), our residential listings range from a one-bedroom home on one acre for $62,000 to an estate property on the lake for $21 million (the next highest listing is for $2.75 million). Our land listings range from a one-acre property for $25,000 to a large commercial piece of land for $2.7 million. We have the following number of local listings: residential, 413; land, 313; manufactured/mobile homes in a park, 29; commercial, 18; and business opportunities, 5.
The number of active listings in 2006 and 2007 in all categories was approximately the same at about 2,300. In 2008 we had a reduction of about one third with a total of 1,556. Our current average for days on market for active residential listings is 222; for active land listings, it is 394.
Due to a decrease in buyers—as well as other contributing factors—we saw a larger number of listings expire; this was especially heartfelt by many sellers. We have seen an increase in expired listings of about 40% in land and 20% in residential since 2006. This year, 76% of our land listings expired and approximately 45% of our residential listings. In 2007 and 2006 we had 50% and 33% respectively of our land listings that expired and 36% and 23% respectively of our residential listings that expired.
The total real estate sales volume for 2008 was over $110 million; almost $80 million of that volume was in residential sales. This is a reduction of approximately 50% of the total volume we saw in 2006 and just over a 30% reduction in volume since last year. I anticipate we will see more action from our elected officials with the focus on stabilizing our economy. Plus, with more affordable homes and lower interest rates, I would expect the sales volume in 2009 to improve. However, I’m going to the California Association of REALTORS® conference this month and expect to have an update on the 2009 forecast from one of our state economists. I will share that forecast in a future Sierra Star article.
The median sales price of land and residential listings was down approximately 17 to 18% when compared to last year. For 2008, the median sales price of land was $125,000 and for residential it was $275,500. The median sale price for land was 10% higher in 2006 than in 2007. The median sales price for residential property in 2006 was actually lower than what it was in 2007—by only 1%.
Sales of residential homes, land, and manufactured/mobile homes in a park have dropped dramatically between 44 and 50% since 2006 and just over 30% since last year. Our end-of-the-year sold figures for 2008 were 241 homes, 65 land listings, and 14 homes in a park. This year, we had 6 commercial and 4 business opportunity listings that sold. Overall, the number of listings that sold in all categories was down 46% since 2006 and down 32% since 2007.
When comparing the 2008 days on market for our closed listings to the 2007 days on market, the numbers are relatively the same. However, when comparing 2008 to 2006, the days on market number increased by 57 days for residential and 74 days for land. The average days on market for our residential closed escrows in 2008 was 197, in 2007 it was 191, and in 2006 it was 140. The average days on market for our land closings in 2008 was 269, in 2007 it was 271, and in 2006 it was 195. Considering that our numbers from 2008 and 2007 were about the same, I see this as a positive indicator for 2009.
For a more thorough breakdown by category or by town, please contact me at Beverly@OakhurstRealEstate.net or by calling 559-760-7600.
Showing posts with label california. Show all posts
Showing posts with label california. Show all posts
Saturday, January 3, 2009
Winter Water Diversion
Whether you are thinking of selling, buying, or just want to take care of your investment, water damage can be time consuming, aggravating, and costly; something I found out the hard way. After a recent storm, my daughter’s room became flooded due to drainage issues around our home.
“Proper drainage through rain gutters will save you a lot of time and money in the long run. When performing home inspections, one area that I see overlooked much too often, is the rain gutter system. They need to be installed properly and maintained regularly. By collecting and carrying water safely away from the home you can protect your home in many ways,” said Ken Card with Advanced Home Inspections.
Card added that most gutter problems can be easily identified. He recommends you take a walk in the rain. “You will want to look for leaking gutters, improperly installed gutters, damaged or misplaced downspouts, or clogged gutters. If untreated, these small problems can turn into large problems.”
This is what happened at my own home. A clogged and misplaced downspout dumped gallons of water directly onto the ground next to the foundation. In my case, we had flooding requiring a dehumidifier, wet vacuum, and lots of fans! We have now begun the evaluation process to correct the issues leading to our flooding.
Keep in mind that the gutters and downspouts are only as effective as the conditions that exist around the perimeter of your home. They can either act in harmony with those conditions or negate their value entirely. I would encourage you to evaluate your home prior to experiencing water drainage issues; this could save you much frustration and money.
Card said that when evaluating your system you need to check the flow. “A good rule of thumb is to have the gutters slope downward ¼ inch for every 10 linear feet. Be sure all downspouts are in place and diverting the water at least 8 to 10 feet away from your home. The earth should slope away from your house at about a 5 percent grade or 3 inches for 5 feet. Look around for any standing water.”
It is also important to keep your gutters clear of debris such as leaves, pine needles, and twigs. Trimming trees and vegetation away from your home helps. Gutters filled with debris may allow water to back up on the roof, which can result in water damage to eaves and roofing material as well as cause the water to overflow and be deposited in an area resulting in damage. At my home, we trimmed some of our trees; however, we hired a professional for the larger limbs and cleanup.
“If there is a crawlspace, water can eventually get under the house. Not only will it affect the integrity of the foundation and footings, it could lead to cracking, settling, or an eventual collapse,” warned Card.
In addition, these problems can also affect your homes structural integrity. Card said this happens when water damages the fascia, soffit, or the wood framing of the house.
“Another concern resulting from improper water diversion is termites or other wood destroying insects. These pests need water to thrive and reproduce. Poor drainage can encourage termite infestation,” said Card.
Fungus can also be a concern. The corrective action will depend on the severity of the damage. I would encourage you to seek professional advice on the control measures for fungus, which will generally include identifying the type of fungus, removing or treating it, and, of course, how to prevent it.
Card added, “To keep the repair man at bay, divert the water away.” If you have any questions for Ken Card with Advanced Home Inspections, call 559-642-3335 or email him at kencard@sti.net.
You can find more winter home protection tips on snow accumulation, water intrusion, ice dams, flood damage, bursting pipes, and more, on The Weather Channel’s website. You can find their tips at www.weather.com. Click on site in the search box and type in winter home tips.
“Proper drainage through rain gutters will save you a lot of time and money in the long run. When performing home inspections, one area that I see overlooked much too often, is the rain gutter system. They need to be installed properly and maintained regularly. By collecting and carrying water safely away from the home you can protect your home in many ways,” said Ken Card with Advanced Home Inspections.
Card added that most gutter problems can be easily identified. He recommends you take a walk in the rain. “You will want to look for leaking gutters, improperly installed gutters, damaged or misplaced downspouts, or clogged gutters. If untreated, these small problems can turn into large problems.”
This is what happened at my own home. A clogged and misplaced downspout dumped gallons of water directly onto the ground next to the foundation. In my case, we had flooding requiring a dehumidifier, wet vacuum, and lots of fans! We have now begun the evaluation process to correct the issues leading to our flooding.
Keep in mind that the gutters and downspouts are only as effective as the conditions that exist around the perimeter of your home. They can either act in harmony with those conditions or negate their value entirely. I would encourage you to evaluate your home prior to experiencing water drainage issues; this could save you much frustration and money.
Card said that when evaluating your system you need to check the flow. “A good rule of thumb is to have the gutters slope downward ¼ inch for every 10 linear feet. Be sure all downspouts are in place and diverting the water at least 8 to 10 feet away from your home. The earth should slope away from your house at about a 5 percent grade or 3 inches for 5 feet. Look around for any standing water.”
It is also important to keep your gutters clear of debris such as leaves, pine needles, and twigs. Trimming trees and vegetation away from your home helps. Gutters filled with debris may allow water to back up on the roof, which can result in water damage to eaves and roofing material as well as cause the water to overflow and be deposited in an area resulting in damage. At my home, we trimmed some of our trees; however, we hired a professional for the larger limbs and cleanup.
“If there is a crawlspace, water can eventually get under the house. Not only will it affect the integrity of the foundation and footings, it could lead to cracking, settling, or an eventual collapse,” warned Card.
In addition, these problems can also affect your homes structural integrity. Card said this happens when water damages the fascia, soffit, or the wood framing of the house.
“Another concern resulting from improper water diversion is termites or other wood destroying insects. These pests need water to thrive and reproduce. Poor drainage can encourage termite infestation,” said Card.
Fungus can also be a concern. The corrective action will depend on the severity of the damage. I would encourage you to seek professional advice on the control measures for fungus, which will generally include identifying the type of fungus, removing or treating it, and, of course, how to prevent it.
Card added, “To keep the repair man at bay, divert the water away.” If you have any questions for Ken Card with Advanced Home Inspections, call 559-642-3335 or email him at kencard@sti.net.
You can find more winter home protection tips on snow accumulation, water intrusion, ice dams, flood damage, bursting pipes, and more, on The Weather Channel’s website. You can find their tips at www.weather.com. Click on site in the search box and type in winter home tips.
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