What the figures show for April of this year is that residential sales are about the same number as it was for April of last year. However, we’ve had a further decline in medium residential home prices of minus 23 percent. Here are the stats for sales in Nevada County.
There were 67 residential properties sold in April 2009 compared to 62 residential sales in April 2008. Total residential sales from January to the end of April 2009 were 191 sales compared to the same period last year of 203 sales.
The medium price for April 2009 was $299,000 compared to April 2008 of $387,500 a decline in market price of 23 percent. There were 1,165 residential properties listed for sale at the end of April, which based on the number of sales from January to April 2009 equals about 1.6 years supply of residential property for sale, assuming sales continue at the same rate.
There were 20 land sales from January to April in 2009 with a 45 month supply of land at the end of April. Last year there were 45 land sales with a 49 month supply of land.
I’ve noticed a pickup in pending sales, which I post on this website daily for those that are interested, and it seems that the pending sales are up. They have been hovering in the 200 pending sales starting within the last month. However, this is for all sales, not just residential sales.
Where are we with future sales? It’s anyone’s guess, Fannie Mae and Freddie Mac asked lenders to forestall any more foreclosures until March 6, 2009. What they are doing now that the agreement date has expired? Some circles say we are in for a tsunami of foreclosures. The following banks had agreed to the government’s request and their expiration dates of the agreement.
JP Morgan Chase – New Owner-Occupied residential loans that are owned and serviced by JPMorgan Chase. As with Fannie Mae, the moratorium of foreclosures end date, March 6th.
Citigroup – All Citi-owned first mortgage loans that are principal residence and on loans for which understandings with investors have been reached. Moratorium end date – March 12th.
Bank of America (also Countrywide now renamed Bank of America Home Loans) – Delay foreclosures sales on owner occupied properties whose mortgage loans are owned and serviced by B of A or Countrywide – Through March 6th.
Wells Fargo (also Wachovia) – For Loans it holds. The moratorium is expected to remain in place until the government’s foreclosure prevention plan is announced. The majority of Wells Fargo’s mortgage loans are serviced by it and owned by other investors.