2011 Statistical Data
It was no surprise that the second half of the year represented 62% of the sales due to the winter conditions. The Valley area had 61 residences sold in 2011 compared to 28 & 51 for 2009 and 2010 respectively. The “bank owned” or repossessed properties and “short sales” where the selling price is less than the mortgage amount was up by 4% to 41% of the total sales. Also noteworthy is that 46% of the total were residences that sold for less than $200,000.
2011 Sales of Residential and Lots&Land2011
This report shows sales in Eastern Plumas County by area. It further breaks down the data by single family residence, condo/townhome or lots & land, giving gross listed value vs gross selling price: 2011 Sold Analysis
The following report is a chart comparing a number of neighborhood sales data over a seven year period: Local Area Market Sales ‘11
This report shows the Valley data by price range: Graeagle Stats 2011
VACATION HOMES Emerge as Hot Market!
Vacation communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been been seen since the days of the housing boom, The Wall Street Journal reports.
The increase has been driven by deep discounts and cash purchases, analysts say.
“We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough,” says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract.
The following is a sampling of vacation-home communities that saw an increase last year (percentage is the increase in home sales from 2009 to 2010):
▪ Barnstable County, Cape Cod, Mass.: 9 percent
▪ Hilton Head, S.C.: 13.6 percent
▪ Mercer Island, Wash. (waterfront): 181.8 percent
▪ Palm Beach, Fla.: 39.3 percent
National Association of REALTORS® Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.
Source: “Market for Vacation Homes Is On the Rise,” The Wall Street Journal (Jan. 10, 2011)
Real Estate Tax for Healthcare?
3.8% tax on your next Real Estate transaction?
Buying vs Building
Conventional wisdom seems to say that most buyers are seeking a completed home as compared to “starting from scratch”. It appears that, not unlike the current home market, if the lot is attractively priced it could persuade a buyer to commit. To see a current list of building lots in Eastern Plumas County click below.
Active Building Lots
First-Time Homebuyers to Repay
Inspector General reports on IRS’s handling of First-Time Home Buyers program.