| Sonora CA Real Estate Weekly Update |
| Sonora CA Real Estate Weekly Update for 3/06/08 Prices made a move downward this week as inventory rose slightly for single family Sonora CA Real Estate. Homes in Tuolumne County continued on a slow descent this week with a yearly average price of $329,226.* This week home sales sparked with 7 units of residential Real Estate closing and escrows are still being opened at an above average pace. In North Tuolumne County during the past 7 days, 15 Residential properties went into contract and 7 sold with an average price of $263,714 and 122 DOM In the year 2007, 12 went into contract and 10 sold with an average price of $344,065 and 156 DOM............ This week in 2006, 11 properties went into contract and 15 sold with an average price of $410,687 and 101 DOM. Back in 2005, 10 sold with an average price of $321,065 and 134 DOM.........and way, way back in 2004, 13 Residential properties sold with an average price of $344,808 and 178 DOM 432 residential Homes are for sale from Pinecrest to Jamestown (up 2 from last week) ................ 109 Homes priced under $300k (up 1 from last week) 212 priced between $300 and $500k, (down 2 from last week) 7 Listings expired, 1 was withdrawn and 2 are TOM (Temporarily off the market).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,* $329,226 North Tuolumne County CA Homes have an average market time of 127 days.* There are 432 (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. (unchanged again) Sonora Homes have an average market time of 93 days.* After an average 148 days, there are 66 Sonora CA Homes for Sale. Twain Harte Real Estate average 2-3 bedroom, 1-2 bath home price over the previous 12 months is, $342,290 (down from last week) Twain Harte Cabins have an average market time of 178 days. The 19 Twain Harte Homes for sale this week have been on the market an average of 121 days. The world of Real Estate is largely unknown and misunderstood by the public. If you have a few moments I’d to clarify a common misunderstanding. There is a difference between Real Estate Brokers and Real Estate Agents. Brokers have the right to collect a fee or commission for the sale of Real Property. Agents on the other hand are not allowed to directly collect these earnings. Therefore, they must work for a Broker in order to make a living. Although the State has issued a license to an Agent, the Agent is in no way ready to enter the profession of selling Real Estate. They need a Broker to fill their minds with the catalyst that will make them successful. For this reason a Broker can demand up to 50% of the commission that an Agent is responsible for producing. Now in each transaction there are typically 2 Brokers and 2 Agents involved. On one side of the transaction you have the Broker and their Agent, who represent the Seller(s) and on the other a Broker and their Agent, who represent the Buyer(s). So, in this ordinary transaction, there are 4 real estate professionals involved. Now if we use a hypothetical figure, like “6%” as the commission, 4 people will share in the earnings that are produced at the closing. It never ceases to amaze me how may people think that one Real Estate Agent makes the total “6%”. (At this point I must remind everyone that while real estate commissions are always negotiable, in life the old adage “you get what you pay for” usually applies.) So how does an Agent become a Broker you may ask? Well, after 2 years of this tutelage an Agent may, through continuing education obtain a Brokers license. Thus another Real Estate mystery is exposed. In this weeks association meeting I was surprised to hear of the number of homeowners in Tuolumne County who were selling their homes “short”. A short sale occurs when a borrower becomes unable to fulfill their mortgage obligation and asks the bank permission to sell the property for less than what is owed. I’ll go into more of that next week. The point I want to make this week is that this trend is an important one to watch. Real Estate tends to act like an oil freighter when compared to other investments like the stock market, which can behave more like a jet boat. For home investors this may be a “Buy” signal. The market needs product, a shortage in supply creates a demand. So Buyers be on your toes there are more investment opportunities on the way. More on “Short Sales” next 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. MLS # Original Price Area Sold Price Address DOM 20071962 $746,900 03G-LIME KILN RD $500,000 13627 KINCAID FLAT 146 Real Estate in Jamestown, CA 20072110 $299,900 01P-VOLPONI/FAIRWAY $225,000 18899 North Drive 129 Real Estate in Jamestown, CA 20072217 $199,999 05C-L CRYSTAL FALLS $186,000 22011 Feather River Drive 116 Real Estate in Sonora, CA 20080205 $185,000 06N-WILLOW SPRINGS $185,000 20759 Caylor Drive 25 Real Estate in Soulsbyville, CA 20072065 $422,000 08E-TUOLUMNE $280,000 17967 APPLE COLONY RD. 140 Real Estate in Tuolumne, CA * Amended 3/12/08 20080055 $174,500 10S-SOUTH FORK $165,000 22808 SUNNYBROOK DR 52 Real Estate in Twain Harte, CA 20071419 $346,500 11D-MI WUK VILLAGE $305,000 20765 Hekeke Lane 234 Real Estate in Mi Wuk, CA This information is deemed reliable but not guaranteed. * These figures are based on homes with 3br, 2ba, 2 car garages and 1200 to 1800 SQFT |
