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Clovis Real Estate News

August 31st, 2009

Clovis Real Estate’s August Market Report

Clovis Real Estate’s Home Sales August Market Report indicates that there are fewer Clovis homes for sale than a year ago, plus these homes are selling faster, and they cost less.

Fewer Clovis Homes for Sale

The number of Clovis homes for sale is shrinking. A year ago, there were 550 homes for sale in Clovis. Today, there are only 304.

This is a bit of bad news for Clovis buyers and good news for Clovis home sellers. A low inventory means fewer homes to go around and more buyers competing for the same properties. We’re now seeing multiple offers on well-priced Clovis homes, a positive sign if you’re thinking about selling your home.

Clovis Home Prices Drop Again

Clovis homes prices have decreased dramatically from a year ago, but have shown signs of life recently, increasing measurably in July (see charts below). It’s still too early to tell whether Clovis home prices have bottomed out, but any increase in sales prices is a positive sign for Clovis sellers. Now that the summer selling season is nearly over, we’ll be able to gauge whether the July price increase was seasonal or a legitimate indicator that the Clovis real estate market has hit bottom.

Real Estate Market Chart by Altos Research www.altosresearch.com

Real Estate Market Chart by Altos Research www.altosresearch.com
Clovis Homes Selling Faster

Clovis homes are starting to sell faster. On average, it takes just over 5 months to sell a Clovis home (down from 6 months a year ago). Nonetheless, bargain-priced Clovis homes continue to sell at a rapid pace. Most Clovis foreclosures sell in just a few days as buyers and investors swarm over these bargain-priced homes. Not surprisingly, with so much demand, Clovis foreclosures typically receive multiple-offers (some as many as 15 to 20 offers) and sell for above the asking price.

Real Estate Market Chart by Altos Research www.altosresearch.com

Clovis Real Estate Market Summary

Until prices begin to increase over several months, it’s still a strong buyer’s market. Nothing indicates this will change anytime soon, especially with the close of the summer selling season. Plus, banks are still holding onto a number of foreclosed properties and depending on when (and if) they release them, the Clovis real estate market will remain soft.

What does all of this mean to you? If you’re thinking of buying a Clovis home, low prices, great interest rates, and thousands of dollars in tax incentives still make this a great time to buy in Clovis. If find a Clovis home you love and it’s well-priced, our advice is to buy. These prices and low interest rates won’t last forever.

Selling your Clovis home is still a challenge, but if it’s priced right and marketed well there are plenty of Clovis buyers still out there. The number of non-foreclosed Clovis homes sold each month continues to prove that.

Let us know if you’re interested in selling or buying a Clovis home. We’ll help you reach your home goals.

Clovis Real Estate — “You’ll Love It Here!”

Clovis Real Estate − "The Clovis Home Experts"

This entry was posted on Monday, August 31st, 2009 at 7:34 AM and is filed under Clovis Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.