| Sonora CA Real Estate Weekly Update |
| Sonora CA Real Estate Weekly Update for January 24, 2008 Over all prices have eased slightly over the past few weeks and the inventory is down again for single family Sonora CA Real Estate. Homes in Tuolumne County were just a little less affordable with a yearly average price of $335,313 for a 3, 2, 2, 1200 to 1800 sqft. If you look at this weeks average sold price you might be shocked. This new stat takes an average of all types of residential property, conventional and non- conventional homes on lots or acreage. The # of DOM (Days on the Market) for this week is high when compared with previous years. One weeks average does not make a market in Real Estate. There are a few investment strategies that call for a decline in basis price. However most of us want to see a consistent gain from our investments. So far the Tuolumne County Real Estate market is holding firm. There is no denying that there are people, even in this county, who are desperate to sell. There are properties that have sold at a lower than listed price. Comparing the list price to the sold price is no way a measure of what a market is doing. Example, even in the bull market we just experienced, buyers still relied on sold comparisons and not the asking price. Those sellers who over valued there homes ended up keeping them. You have to compare the location and features of homes that have recently SOLD to get a reasonable estimate of value. A great example……… At the bottom of this article there is a property that was listed at $825,000 and sold for $575,000. There are some that would say “Wow what a deal, prices in Tuolumne County are really falling”. Well, when you take into consideration that it was only 1794 sqft and it was listed at almost $460 a sqft. Obviously, way over priced, there were no comps to even begin to justify this starting figure, even if you did cost of construction estimates. The seller had to settle for $320 a square, still far above the county average. (BTW the land was purchased in 2004 for $57,000, yeah, $57K.) Sellers in this market are still over valuing their property. Here is another example, take Real Estate in Sonora and Twain Harte. Homes in these areas were for the most part custom built. Being familiar with the actual homes that have sold in that area will give you a distinct advantage. Websites like Zillow can only tell you part of this important story. They are not able to assess the present condition of the properties or the neighborhoods they value. In an area like ours these comparisons are of little value. That is why trusting and working with the right Realtor will help you to make the best investment decision. If you are selling a home in Tuolumne County remember that houses are selling around 10% lower on average of your asking price. So don’t be surprised if you agent brings you an offer of 20% or less of what you feel your home is worth. More on this next week…………………… Oh and just as an after thought. Today the Modesto Bee featured an article about foreclosures. Tuolumne County had an increase of 263% while the rest of the state rose 566% over the previous year………………….. In North Tuolumne County during the past 7 days, 4 Residential properties went into contract and 9 sold with an average price of $393,722 and 168 DOM In the year 2007, 5 went into contract and 6 sold with and average price of 370,833 and 57 DOM............ This week in 2006, 6 properties went into contract and 9 sold with an average price of $416,179 and 133 DOM. Back in 2005, 6 sold average with an average price of $318,100 and 86 DOM.........and way, way back in 2004, 10 Residential properties sold with an average price of $246,250 and 146 DOM 466 residential Homes are for sale from Pinecrest to Jamestown (up 3 from last week) ................ 121 Homes priced under $300k (up 4 from last week) 239 priced between $300 and $500k, (down 5 from last week) 24 Listings expired, 6 were withdrawn and 0 are TOM (Temporarily off the market). North Tuolumne County Real Estate average 3 bedroom, 2 bath, 2 car garage home price over the previous 12 months is, $335,313 Tuolumne County CA Homes have an average market time of 127 days. There are 466 (Northern) Tuolumne County Homes for Sale. Sonora CA Real Estate average 3 bedroom, 2 bath, 2 car garage home price over the previous 12 months is, $370,545. Sonora Homes have an average market time of 90 days. There are 75 Sonora CA Homes for Sale. Twain Harte Real Estate average 2-3 bedroom, 1-2 bath home priceover the previous 12 months is, $ 349,647 Twain Harte Cabins have an average market time of 167 days. There are still 21 Twain HarteHomes for sale this week. Tuolumne County Homes Sold Report for this Week This report shows the original price and not the subsequent price reductions during the course of the listing. RESIDENTIAL 002-COLUMBIA 20061614 23049 Italian Bar Rd $519,000 $365,000 639 003-SONORA 20072168 17952 Avenida Bonita $499,900 $496,000 78 20071387 248 Arbona Circle $510,000 $440,000 198 005-PHOENIX LAKE 20072273 21261 CURTIS CREEK CT. $235,000 $230,000 64 009-Tuolumne Rd N 20071786 21079 Tionesta Rd. $624,900 $511,250 141 010-Twain Harte 20072343 22767 Spruce Drive $289,000 $276,250 48 20071848 22890 Placer DR. $415,000 $385,000 50 20072346 18094 Bonanza $275,000 $265,000 38 013-Pinecrest 20071640 27040 Summerhill Drive $825,000 $575,000 163 This information is deemed reliable but not guaranteed. |