home market correction
Biz Buzz; County homes sales decline in January 2007
San Luis Obispo County home sales and the median price continued on a downward slide in January, which is typically a slow month for real estate activity.
The Tribune found at http://www.sanluisobispo.com
Sales of existing, single-family homes fell 11.4 percent compared with the same month a year ago, while the median price was $569,080, down 4 percent from January 2006 when the median price registered at $592,590, according to the California Association of Realtors. The median is the statistical point where half of homes sell for more and half for less.
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While lower on a year-to-year basis, January’s median home price was the highest reported since September.
Lenny Jones, a real estate agent and broker at Jones Goodell & Associates in Arroyo Grande, said the January figures are not surprising given that the "market is still in a correction period." Not only are sales and prices declining, but it’s taking longer for houses to sell. The average number of days a home is on the market is 117, up from 84 at this time last year, Jones said.
home market correction "It all depends on who you talk to ... people have different opinions,’’ he said. "But I believe we will see a continued decrease in the number of sales and a continued decline in home values. We don’t know how much. But in order for sellers to sell their houses, they will keep adjusting their home values downward.’’
Statewide, home sales activity was slightly lower in January, said Colleen Badagliacco, president of the California Association of Realtors. In California, sales decreased 12.6 percent in January, compared with the same period a year ago. The median price of an existing home increased 1.9 percent.
"On a regional basis, sales fell an average of 13 percent, while median prices declined in all areas except Los Angeles, the San Francisco Bay Area and Riverside/San Bernardino,’’ she said.
California Association of Realtors figures are one gauge of sales and median price activity in the county. According to DataQuick, a real estate research firm that tracks sales and median price of single-family homes and condominiums, home sales in the county dipped 15.4 percent last month compared with the previous year. The firm reported a median home price last month of $537,500, down 1.7 percent from January 2006.
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