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Are Clovis Home Prices Stabilizing?
September 2nd, 2009
Are Clovis Home Prices Stabilizing?
According to a new survey of real estate professionals, many Realtors think that home prices will remain the same for the next six months. What does this mean for Clovis?
According to the survey, more than 69% of the 1,100 practitioners surveyed said they were convinced that home prices have hit bottom. Is that true of Clovis? Below are the housing statistics for homes sold in Fresno County in July.
- Median home price for July ‘09: $146,707 (up from $140,263 in June ‘09)
- Change in home price vs previous month: +4.6% or $6,444
- Change in home price vs previous month: +4.6% or $6,444
- Median home price July ‘08: $200,719
- Change in home price vs. July ‘08: -26.9% or -$54,012
- Number of homes sold in Fresno County: +35.1% more sold than July of ‘08
- Number of homes sold in Fresno County in July vs. June: -2% less
What does all of this mean to Clovis home sellers and buyers? The results are mixed. The number of homes sold compared to July of last year has increased dramatically, but because the majority of these sales are foreclosures with rock bottom prices, the medium price of homes continues to fall. In other words, as long as there are foreclosures on the market, home prices in Fresno County and Clovis will continue to struggle.
Let us know what questions you have about the Clovis real estate market. We’ll be glad to share our knowledge.
Clovis Real Estate — “You’ll Love It Here!”
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