My New Blog

How many homes sold in Trilogy last year? Can you guess? The answer is 103. Yes, the total number of homes sold was 103. Of those, new homes led the list with 46. Foreclosures or bank owned properties (REOs) followed with 27. Regular sales came in third at 20 followed by 8 short sales and 2 probate sales.

Prices ranged from $120,000 for the smallest home sold, an Outrigger to $625,000 for a Yountville, the largest model sold with a golf course view.

In Rio Vista the average sales price was $245,690 in 2008, down from $355,189 in 2007 and down from $414,309 in 2006. The number of days it took to sell a home in Rio Vista in 2008 was 103, down from 113 in 2007 and 105 in 2006. Currently there are approximately 20 homes for sale in Trilogy, down from a high of over twice that. In California the home inventory is at 5.5 months, down from 11 months a year ago.

Supply is less. Why? 1) Because foreclosures sell very quickly. The last eight homes under $200,000 sold within days of coming on the market. 2) Many sellers are staying off of the market, waiting until price improves. As inventory decreases, prices may stabilize. With fewer homes for sale, demand may begin to outweigh supply. Once demand exceeds supply prices may finally begin to rise, although slowly.

Are we at bottom? What are the indicators? When a home comes on the market, sells immediately for the asking price and does not have to undergo a price decrease, one could call that price the bottom for that model in that price range. When a home comes on the market and solicits multiple bids, one can call the asking price a bottom for that model in that location.