| Tuolumne County Real Estate Weekly Update |
| Tuolumne County Real Estate Weekly Update for 9/11/08 The market has seen it's ups and downs this summer. This week was reminiscent of the bull market we saw in 2003 and 2004 with 20 homes entering into contract. A few months ago Sellers had begun to realize that the market has changed and pressure from Buyers to respond has caused them to lower their expectations. The number of bank owned properties has also added to the liquidity of our market. The lenders willingness to cut their losses quickly has given many buyers a reason to invest. The big news this week is the Federal Governments take over of "Fanny Mae" and "Freddie Mac". To refresh your memories, these agencies are the source of financing for the majority of homes purchased in this country. Their source of funds comes from bonds sold to investors. That is why we closely watch the 30 years treasuries to see what rates are doing. Our government now has direct control over this institution and with that has assumed it's billions of dollars in bad debt. The greedy and "I want it all, I want it now" members of our great country have created a burden that will certainly be felt by our great grand children. Homes in Tuolumne County slid from last week’s average price of $305,121 down to $304,340 for a 3 bedroom, 2 bath, 2 car garage home.* The number of days on the market (DOM) declined again. Currently Tuolumne County Homes* have an average market time of 153 days. Taking a look at the total picture and including homes of all shapes and sizes, inventory fell to 589 from last week’s 599. The median asking price remained unchanged at $349,900 with an average time of 156 days on the market. Tuolumne County Real Estate 214 Homes priced under $300k (Down 7 from last week) 243 priced between $300 and $500k, (Down 21 from last week) ... Way, way back in 2004, 15 Residential properties sold with an average price of $314,293 and 109 DOM In 2005, 16 sold with an average price of $400,272 and 69 DOM This week in 2006, 7 properties went into contract and 5 sold with an average price of $438,180 and 111 DOM. In the year 2007, 8 went into contract and 3 sold with an average price of $348,333 and 173 DOM............ In North Tuolumne County during the past 7 days, 20 Residential properties went into contract and 6 sold with an average price of $373,833 and 172 DOM. * These figures are based on homes with 3br, 2ba, 2 car garages and 1200 to 1800 SQFT, averaged over the previous 12 months. This information is deemed reliable but not guaranteed. |