San Joaquin County Goes Negative, Median Price Down 4.6%
From the Stockton Record:
The median sales price dipped to $395,000 countywide last month, down from $424,000 the previous month, according to sales figures from the Coldwell Banker Grupe-TrendGraphix monthly sales report, based on Multiple Listing Service data. The median sales prices in Stockton slipped from $360,000 in July to $355,000 last month. This also is the first month that the median sales prices throughout San Joaquin County went in the red year-to-year...
...[M]edian sales prices were down across the board, from the Manteca/Lathrop/Ripon/Escalon area, down 3.4 percent year-to-year from $445,000 in August 2005 to $428,000 last month, to Stockton, down 5.3 percent year-to-year from $375,000 in August last year to $355,000 last month...
[See Chart-- Lodi: -3.8%, Tracy: -3.7%, County: -4.6%]
Art Godi of Art Godi Realtors in Stockton said price drops are the result of a summer of real estate brokers and agents "educating" sellers that the days of aggressive pricing are over in a very competitive market.
Not only are Bay Area buyers not in the market the way they used to be, he said, but home builders are offering so many incentives that new homes actually are competing with existing homes these days.
7 comments:
I went to the original article and was suprised to find that it took half of the article before the negative numbers were reported. The headline was "Flood of homes slows to a trickle" and the first half of the story was on how sales weren't so bad and how the inventory hadn't risen as much as it had recently. Now that is Journalism at its best.
My thoughts as well. The -4.6% was not even mentioned in the body of the article. You would think the first YOY decline would be bigger news.
It would be "bigger news", if every last nickel in ad revenue wasn't amazingly important to print publications these days.
Pity.
Ok, call me stupid, but isn't a drop from $424,000 to $395,000 MORE than a 4.6% drop? 4.6% of $425,000 is $19,550. The total drop was $29,000. Isn't that closer to a 7% drop?
Jul 06 v. Aug 06 (MOM): -6.8%
Aug 05 v. Aug 06 (YOY): -4.6%
That is a huge M-O-M drop. Can't wait for the winter months ahead!!!
Another valley area bites the dust! Now when will Fresno and Bakersfield join this party?
crispy&cole
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