Sales of single family homes and condominiums picked up considerably during the second quarter of 2010 but while the number of closings increased by nearly 33% compared to second quarter 2009, the median price decreased to $195,000 from $230,000.
In the second quarter, buyer interest has remained keen on distressed properties – short sales and REO (bank owned) properties, primarily under $300,000; and on those non distressed properties priced to sell to compete in this very price sensitive, buyer’s market. The home buyer’s tax credit which expired April 30 drove a more motivated group of buyers into this market through April, but in May and June buying activity decreased significantly. Two factors: the buyer pool shrank having had purchased previously; bad weather, even for McCall delayed travel here to look at available inventory.
WHAT HAPPENS NEXT, as we progress into a more traditional selling season: the weather is good, buyers are waking up and looking at property, even at the high end, and interest rates are lower than we have ever seen them. A local McCall bank was quoting 4.4% on the 30 year fixed, conventional rate mortgage loan with a half a point; and the jumbo rates on loans over $414,000 are showing only a very modest differential at 4.7% on a 30 year fixed rate loan with a point. Those rates should make things happen, even at the affluent end of the market, why pay cash when rates are this low?
Buyer mentality remains firm on pricing but those well located, well designed and well maintained scarce properties that are well priced are being shown and the astute buyers - at any end of the market - especially those who have been looking for just the right property, are negotiating and exercising reasonable flexibility.
It is difficult to imagine better buying conditions in this McCall real estate market and we are recommending to our buyers to negotiate with common sense so as not to miss a good buying opportunity. Stalemates have become too commonplace in this market – we are seeing buyers missing out by not exercising flexibility when they find the right property. 
McCall Residential 2ndQuarter2010 Report
Land and Lots Market Report Second Quarter 2010
The second Quarer of 2010 saw a large 720 % increase in sold lots over the same period last year as developers of distressed subdivisions have discounted significantly to attract builders acquiring multiple properties to land bank for current and future construction. New construction build to suit under $275,000 including the lot has drawn alot of interest as quality re-sales in this price range are becoming difficult to identify, and buyers become increasingly frustrated with the short sale and REO process for marginal properties.
Inventory remains high with 423 properties for sale in and around McCall, but the fundamentals remain that in-town scarce view, lakefront or public access properties continue to hold their value .
