The following information is from the local MLS database, as of January 1, 2013 and is compared to (December 1, 2012). The market here is dominated by short sales, REO's and Flips. Short sales that have an offer are now Pending Short Lender Approval. There are much fewer homes available to show that even the short sales are getting multiple offers. We have seen more and more of equity sellers and many "Flips". Interest rates are dropping slightly with 30 yr fixed at 3.35% and 15 year at 2.65%.
The market is still effected by REO and Short Sales. Financial institutions are marketing properties after foreclosures. The supply of foreclosed properties has slowed as banks seem to be holding off on foreclosures or reselling them. The average list to sale price is close to or over 100% of the list price in most areas now. The median price is stable and increasing in some areas. Listings and pendings are showing increased prices due to lower inventories

If you have been on the Fence about selling your home then NOW is the time to sell. If you are in need of counseling about the short sale process and how it effects your credit, please give us a call. Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com

Late last night, Congress reached a settlement in the “fiscal cliff” negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure. Now is the time to do a short sale if you need to!

 

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 30 (47)

# of REO (foreclosures): 7 (5)

# of Short Sales: 6 (10)

Average # of days on market: 123 (81)

The median price of all homes for sale in Tracy: $290,000 ($301,600)

The average price of all homes for sale in Tracy: $327,268 ($347,097)

Lowest priced home: 2br/966sqft. ft. /$117,000

Highest priced home: 5bd/3900 sqft. ft. /$900,000

PENDING Status

Number of properties currently under agreement: 222 (300)

# of REO: 17 (22)

# of Pending Short Lender Approval: 109 (161)

Average pending price: $253,344 ($249,407)

Median pending price: $249,975 ($240,000)

SOLD Status

Residential property sold over previous 30 days: 96 homes (90)

REO’s sold in the last month: 9 (7)

Short sales sold in the last month: 40 (40)

Average sale price: $274,130 ($272,188)

Median sale price: $269,000 ($250,000)

High: $600,000 (6bd/4757sq. ft. home)

Low: $97,000 (2bd/967 sq. ft. home)

 

 

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 6 (16)

# of REO (foreclosures): 1 (2)

# of Short Sales: 3 (2)

Average # of days on market: 37 (26)

The average price of all homes for sale in Mountain House: $445,000 ($356,443)

The median price of all homes for sale in Mountain House: $378,600 ($367,000)

Lowest priced home: 3bd/1932sq. ft. /$262,000

Highest priced home: 5bd/3664 sq. ft. /$445,000

PENDING Status

Number of properties currently under agreement: 65 (89)

# of REO: 5 (8)

# of Pending Short Lender Approval: 33 (48)

Median pending price: $342,000 ($309,450)

Average pending price: $305,226 ($301,391)

SOLD Status

Residential property sold over previous 30 days: 21 homes (29 homes)

REO’s sold in the last month: 5 (3)

Short sales sold in the last month: 5 (12)

Average sale price: $359,187 ($298,943)

Median sale price: $375,000 ($305,000)

High: $475,000 (5bd/3975sq. ft. homes

Low: $160,000(3bd/1452sq. ft. home)