Residential Report
Well, the real estate year ended with a bang here in McCall, but the numbers ( % percentages ) must be tempered as we are comparing to the 2008 meltdown ! For the 4th quarter in a row we saw significant increases in sold properties. In the McCall real estate market, the months of October, November and December resulted in 59 sold properties compared to 26 sold properties for the same period in 2008, for a 128% increase .
A total of 192 properties sold in 2009 compared to 114 sold in 2008, for a 68% increase. Of the 192 properties sold in 2009 in the McCall real estate market , 60% ( 115 ) were priced under $300,000. 23% ( 43 ) of solds closed between $300,000 and $500,000. 6 % ( 11 ) properties sold between $500,000 and $900,000. Ten properties sold between $1 million and $2 million ( 5 % ) . The median price for all solds for 2009 was $250,000, with an average of 138 days on the market . At the end of the fourth quarter ending December 31, 2009 there are 14 pending properties (sold but not closed. Of these, 9 were listed under $300,000.
Current active inventory of the McCall real estate market (not including New Meadows and Donnelly) stands at 253 single family and condominium listings. This represents a 28% decrease in inventory from the previous quarter ending September 30, 2009, indicating that absorption levels are increasing and sellers have some optimism for the winter.
The prices in the distressed property market has been the dominate driving psychology for buyers in 2009. Most of the more appealing distressed properties, in terms of condition and location, were sold in the first half of the year at significant discounts. The remaining short sale/ REO properties remaining on the market appear to be in poor condition or are in inferior locations . Out of the 253 current active listings in McCall only 36 or 14% of the total are short sale opportunities ( market value is less than the mortgage owed ” Short ” ) .
Sellers of non distressed properties who have the ability to weather the storm are holding off placing their properties on the market until prices stablize. This is typical for the McCall real estate market where properties are not listed for sale during the winter months until the summer selling season. As a result, buyers looking at non-distressed properties at this time are not finding the options and if their finances allow, they are turning toward building lots as there are some great locations to choose from and building costs are very attractive .
Here’s a link to the detailed McCall Real Estate fourth quarter Residential market report.
McCall Residential 4thQuarter2009 Report
Lots and Land Report
For the year 2009 lots and land sales in the McCall real estate market showed a modest 22% increase with 43 closings vs 35 for 2008. The low overall numbers reflect the buyers comparing the discounted pricing of ” existing distressed built product ‘ against buying a lot and developing .
This was especially true more in the first half of the year as there was “ better conditioned/located “ distressed inventory to choose from . In the 2nd half of 2009 as the inventorydwindled for better distressed property , we have seen buyers turn toward the plentiful lot inventory , and opt to create value from lower land/building cost.
Here is a link to detailed McCall Real Estate 4th Qtr. Land/Lot Market Report
